Page:United States Statutes at Large Volume 106 Part 5.djvu/517

 PUBLIC LAW 102-554—OCT. 28, 1992 106 STAT. 4155 or the outstanding principal and interest of the loan, whichever is higher; "(dd) the property may be purchased by another party; and "(ee) if the property is purchased by another party, the property will not be placed in the inventory of the Secretary and the borrower-owner will forfeit the rights and protections provided under this title; and "(III) the opportunity of the borrower-owner to consult with the Indian tribe that has jurisdiction over the reservation in which the real property is located or counsel to determine if State or tribal law provides rights and protections that are more beneficial than those provided the borrower-owner under this title. "(ivXD Except as provided in subclause (II), the Secretary shall accept the voluntary conveyance of real property described in clause (i). "(II) If a hazardous substance (as defined in section 101(14) of the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 (42 U.S.C. 9601(14))) is located on the property and the Secretary takes remedial action to protect human health or the environment if the property is taken into inventory, the Secretary shall accept the voluntary conveyance of the property only if the Secretary determines that it is in the best interests of the Federal Government. "(v) If a borrower-owner does not voluntarily convey to the Secretary real property described in clause (i), at least 30 days before a foreclosure sale of the property, the Secretary shall provide written notice to the Indian tribe that has jurisdiction over the reservation in which the real property is located of— "(I) the sale; "(II) the fair market value of the property; and "(III) the requirements of this subparagraph. "(vi)(I) Except as provided in subclause (II), at a foreclosure sale of real property described in clause (i), the Secretary shall offer a bid for the property that is equal to the higher of— "(aa) the fair market value of the property; or "(bb) the outstanding principal and interest of the loan. "(II) If a hazardous substance (as defined in section 101(14) of the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 (42 U.S.C. 9601(14))) is located on the property and the Secretary takes remedial action to protect human health or the environment if the property is taken into inventory, subclause (I) shall apply only if the Secretary determines that it is in the best interests of the Federal Government.". SEC. 18. DEBT SERVICE MARGIN REQUIREMENTS; CERTIFIED LEND- ERS PROGRAM. Section 339 (7 U.S.C. 1989) is amended— (1) by striking "SEC. 339. The" and inserting the following: "SEC. 339. RULES AND REGULATIONS. "(a) IN GENERAL.— The"; and (2) by adding at the end the following new subsections: "(b) DEBT SERVICE MARGIN REQUIREMENTS. —Notwithstanding subsection (a), in providing farmer program loan guarantees under this title, the Secretary shall consider the income of the borrower

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