Page:United States Statutes at Large Volume 106 Part 5.djvu/516

 106 STAT. 4154 PUBLIC LAW 102-554 —OCT. 28, 1992 "(iii) the cost of completing and processing the form is minimal; and "(iv) the form can be completed and processed in an expeditious manner.". SEC. 16. INVENTORY LEASE OR LEASE WITH OPTION TO PURCHASE. The fourth sentence of section 335(c)(l) (7 U.S.C. 1985(c)(l)) is amended— (1) by inserting "(A)" after "shall be"; and (2) by inserting before the period at the end the following: "or (B) leased to persons eligible for assistance under the provisions of any law administered by the Fanners Home Administration or the Rural Development Administration under an annual lease or a lease with an option to purchase, with a preference for sale". SEC. 17. TRANSFER OF INDIAN LANDS PLEDGED AS COLLATERAL FOR FmHALOANS. Section 335(e)(l) (7 U.S.C. 1985(e)(l)) is amended— (1) in subparagraph (D)(i), by striking "IT and inserting "Except as provided in subparagraph (G), iT; and (2) by adding at the end the following new subp£u:agraph: "(G)(i)If- "(I) the real property described in subparagraph (A)(i) is located within an Indian reservation; "(II) the borrower-owner is an Indian tribe that has jurisdiction over the reservation in which the real property is located or the borrower-owner is a member of an Indian tribe; "(III) the borrower-owner has obtained a lo€ui made, insured, or guaranteed under this title; and "(IV) the borrower-owner and the Secretary have exhausted all of the procedures provided for in this title to permit a borrower-owner to retain title to the real property, such that it is necessary for the borrower-owner to relinquish title, the Secretary shall dispose of or administer the property only as provided in subparagraph (D), as modified by this subparagraph. "(ii) The Secretary shall provide the borrower-owner of real property that is described in clause (i) with written notice of— "(I) the right of the borrower-owner to voluntarily convey the real property to the Secretary; and "(II) the fact that real property so conveyed will be placed in the inventory of the Secretary. "(iii) The Secretary shall provide the borrower-owner of the real property with written notice of the rights and protections provided under this title to the borrower-owner, and the Indian tribe that has jurisdiction over the reservation in which the real property is located, from foreclosure or Uquidation of the real property, including written notice of— "(I) the provisions of subparagraphs (C)(i), (C)(ii), and (D), this subparagraph, and subsection (g)(6); "(II) if the borrower-owner does not voluntarily convey the real property to the Secretary, that— "(aa) the Secretary may foreclose on the property; "(bb) in the event of foreclosure, the property will be offered for s€de; "(cc) the Secretary must offer a bid for the property that is equal to the fair market value of the property

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