Page:United States Statutes at Large Volume 110 Part 1.djvu/1116

 110 STAT. 1092 PUBLIC LAW 104-127 —APR. 4, 1996 this subtitle or the Robert T. Stafford Disaster Relief and Emergency Assistance Act (42 U.S.C. 5121 et seq.).". SEC. 626. INSURANCE OF EMERGENCY LOANS. Section 328 of the Consolidated Farm and Rural Development Act (7 U.S.C. 1968) is repealed. Subtitle D—Administrative Provisions SEC. 631. TEMPORARY AUTHORITY TO ENTER INTO CONTRACTS. Section 331 of the Consolidated Farm and Rural Development Act (7 U.S.C. 1981) is amended by adding at the end the following: "(d) TEMPORARY AUTHORITY TO ENTER INTO CONTRACTS. — "(1) DEFINITIONS. —In this subsection: "(A) ELIGIBLE FINANCIAL INSTITUTION.—The term 'eligible financial institution' means a financial institution with substantial experience in farm, ranch, or aquaculture lending that is regulated by the Comptroller of the Currency, the Farm Credit Administration, or a similar regulatory body. "(B) PILOT PROJECT.— The term 'pilot project' includes services related to borrower loan documentation, financial information, credit history, and appraisals of real estate and chattel. "(2) AUTHORITY.— The Secretary may enter into a contract with an eligible financial institution for servicing a farmer program loan under this title, including 1 or more pilot projects. "(3) REPORT. — Not later than September 30, 1997, and September 30 of each year thereafter, the Secretary shall report to Congress on— "(A) the Secretary's experience in using contracts under paragraph (2); and "(B) recommendations for legislation related to this subsection, if any. "(4) SAVINGS CLAUSE. — Nothing in this subsection shall limit the authority of the Secretary or an eligible financial institution to contract for any services under this Act or any other law. "(5) SUNSET PROVISION.— T his subsection shall be effective until September 30, 2002.". SEC. 632. USE OF COLLECTION AGENCIES. Section 331 of the Consolidated Farm and Rural Development Act (7 U.S.C. 1981) (as amended by section 631) is amended by adding at the end the following: "(e) PRIVATE COLLECTION AGENCY.— The Secretary may use a private collection agency to collect a claim or obligation described in subsection (b)(5).". SEC. 633. NOTICE OF LOAN SERVICE PROGRAMS. Section 331D(a) of the Consolidated Farm and Rural Development Act (7 U.S.C. 1981d(a)) is amended by striking "180 days delinquent in" and inserting "90 days past due on".

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