Page:United States Statutes at Large Volume 116 Part 1.djvu/373

 PUBLIC LAW 107-171—MAY 13, 2002 116 STAT. 347 "(i) $205,000,000 shall be for farm ownership loans under subtitle A; and "(ii) $565,000,000 shall be for operating loans under subtitle B; and "(B) $3,026,000,000 shall be for guaranteed loans, of which— "(i) $1,000,000,000 shall be for guarantees of farm ownership loans under subtitle A; and "(ii) $2,026,000,000 shall be for guarantees of operating loans under subtitle B.". SEC. 5312. RESERVATION OF FUNDS FOR DIRECT OPERATING LOANS FOR BEGINNING FARMERS AND RANCHERS. Section 346(b)(2)(A)(ii)(III) of the Consolidated Farm and Rural Development Act (7 U.S.C. 1994(b)(2)(A)(ii)(III)) is amended by striking "2000 through 2002" and inserting "2003 through 2007". SEC. 5313. INTEREST RATE REDUCTION PROGRAM. Section 351 of the Consolidated Farm and Rural Development Act (7 U.S.C. 1999) is amended— (1) in subsection (a)— (A) by striking "PROGRAM.— " and all that follows through "The Secretary" and inserting "PROGRAM.— The Secretary"; and (B) by striking paragraph (2); and (2) in subsection (e), by striking paragraph (2) and inserting the following: "(2) MAXIMUM AMOUNT OF FUNDS. — "(A) IN GENERAL.— The total amount of funds used by the Secretary to carry out this section for a fiscal year shall not exceed $750,000,000. "(B) BEGINNING FARMERS AND RANCHERS.— "(i) IN GENERAL. —The Secretary shall reserve not less than 15 percent of the funds used by the Secretary under subparagraph (A) to make payments for guaranteed loans made to beginning farmers and ranchers. "(ii) DURATION OF RESERVATION OF FUNDS. —Funds reserved for beginning farmers or ranchers under clause (i) for a fiscal year shall be reserved only until March 1 of the fiscal year.". SEC. 5314. REAMORTIZATION OF RECAPTURE PAYMENTS. Section 353(e)(7) of the Consolidated Farm and Rural Development Act (7 U.S.C. 2001(e)(7)) is amended by adding at the end the following: " (D) REAMORTIZATION.— "(i) IN GENERAL.—The Secretary may modify the amortization of a recapture pa5anent referred to in subparagraph (A) of this paragraph on which a pay- ment has become delinquent by using loan service tools under section 343(b)(3) if— "(I) the default is due to circumstances beyond the control of the borrower; and "(II) the borrower acted in good faith (as determined by the Secretary) in attempting to repay the recapture amount, "(ii) LIMITATIONS.—

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