Page:United States Statutes at Large Volume 116 Part 1.djvu/371

 PUBLIC LAW 107-171—MAY 13, 2002 116 STAT. 345 (b) CONFORMING AMENDMENT.— Section 321(a) of the Consolidated Farm and Rural Development Act (7 U.S.C. 1961(a)) is amended by striking "or joint operations" each place it appears and inserting "joint operations, trusts, or limited liability companies". SEC. 5303. DEBT SETTLEMENT. Section 331(b)(4) of the Consolidated Farm and Rural Development Act (7 U.S.C. 1981(b)(4)) is amended— (1) by striking "The Secretary may release" and inserting "After consultation with a local or area county committee, the Secretary may release"; and (2) by striking "carried out—" and all that follows through "(B) after" and inserting "carried out after". SEC. 5304. TEMPORARY AUTHORITY TO ENTER INTO CONTRACTS; PRI- VATE COLLECTION AGENCIES. (a) IN GENERAL.—Section 331 of the Consolidated Farm and Rural Development Act (7 U.S.C. 1981) is amended by striking subsections (d) and (e). (b) APPLICATION. — The amendment made by subsection (a) shall 7 USC 1981 note, not apply to a contract entered into before the effective date of this Act. SEC. 5305. INTEREST RATE OPTIONS FOR LOANS IN SERVICING. Section 33 IB of the Consolidated Farm and Rural Development Act (7 U.S.C. 1981b) is amended— (1) by striking "lower of (1) the" and inserting the following: "lowest of— "(1) the"; and (2) by striking "original loan or (2) the" and inserting the following: "original loan; "(2) the rate being charged by the Secretary for loans, other than guaranteed loans, of the same type at the time at which the borrower applies for a deferral, consolidation, rescheduling, or reamortization; or "(3) the". SEC. 5306. ELIMINATION OF REQUIREMENT THAT SECRETARY REQUIRE COUNTY COMMITTEES TO CERTIFY IN WRITING THAT CERTAIN LOAN REVIEWS HAVE BEEN CONDUCTED. Section 333(2) of the Consolidated Farm and Rural Development Act (7 U.S.C. 1983(2)) is amended to read as follows: "(2) except with respect to a loan under section 306, 310B, or 314^ "(A) an annual review of the credit history and business operation of the borrower; and "(B) an annual review of the continued eligibility of the borrower for the loan;". SEC. 5307. SIMPLIFIED LOAN GUARANTEE APPLICATION AVAILABLE FOR LOANS OF GREATER AMOUNTS. Section 333A(g)(l) of the Consolidated Farm and Rural Development Act (7 U.S.C. 1983a(g)(l)) is amended by striking "$50,000" and inserting "$125,000". SEC. 5308. INVENTORY PROPERTY. Section 335(c) of the Consolidated Farm and Rural Development Act (7 U.S.C. 1985(c)) is amended—

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