Page:United States Statutes at Large Volume 110 Part 1.djvu/187

 PUBLIC LAW 104-105—FEB. 10, 1996 110 STAT. 163 Sec. 218. Oversight and regulatory actions by the Farm Credit System Insurance Corporation. Sec. 219. Farm Credit System Insurance Corporation board of directors. Sec. 220. Interest rate reduction program. Sec. 221. Liability for making criminal referrals. TITLE III—IMPLEMENTATION AND EFFECTIVE DATE Sec. 301. Implementation. Sec. 302. Effective date. TITLE I—AGRICULTURAL MORTGAGE SECONDARY MARKET SEC. 101. DEFINITION OF REAL ESTATE. Section 8.0(l)(B)(ii) of the Farm Credit Act of 1971 (12 U.S.C. 2279aa(l)(B)(ii)) is amended by striking "with a purchase price" and inserting ", excluding the land to which the dwelling is affixed, with a value". SEC. 102. DEFINITION OF CERTIFIED FACILITY. Section 8.0(3) of the Farm Credit Act of 1971 (12 U.S.C. 2279aa(3)) is amended— (1) in subparagraph (A), by striking "a secondary marketing agricultural loan" and inserting "an agricultural mortgage marketing"; and (2) in subparagraph (B), by striking ", but only" and all that follows through "(9)(B)". SEC. 103. DUTIES OF FEDERAL AGRICULTURAL MORTGAGE CORPORA- TION. Section 8.1(b) of the Farm Credit Act of 1971 (12 U.S.C. 2279aa- 1(b)) is amended— (1) in paragraph (2), by striking "and" at the end; (2) in paragraph (3), by striking the period at the end and inserting "; and"; and (3) by adding at the end the following: "(4) purchase qualified loans and issue securities representing interests in, or obligations backed by, the qualified loans, guaranteed for the timely repayment of principal and interest.". SEC. 104. POWERS OF THE CORPORATION. Section 8.3(c) of the Farm Credit Act of 1971 (12 U.S.C. 2279aa- 3(c)) is amended— (1) by redesignating paragraphs (13) and (14) as paragraphs (14) and (15), respectively; and (2) by inserting after paragraph (12) the following: "(13) To purchase, hold, sell, or assi^ a qualified loan, to issue a guaranteed security, representing an interest in, or an obligation backed by, the qualified loan, and to perform all the functions and responsibilities of an agricultural mortgage marketing facility operating as a certified facility under this title.". SEC. 105. FEDERAL RESERVE BANKS AS DEPOSITARIES AND FISCAL AGENTS. Section 8.3 of the Farm Credit Act of 1971 (12 U.S.C. 2279aa- 3) is amended— (1) in subsection (d), by striking "may act as depositories for, or" and inserting "shall act as depositories for, and"; and

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