Page:United States Statutes at Large Volume 122.djvu/1176

 12 2 STA T . 11 53PUBLIC LA W 11 0– 23 4—M A Y 22, 200 8andi n sert in g‘ ‘ $4,2 2 6, 0 00,000 fo rea ch of fisca ly ears 200 8 thro u gh 20 1 2 ’ ’ and ( 2 ) in su bp aragraph ( A ) — (A) in the m atter preceding clause (i), by stri k ing ‘‘$ 7 70,000,000’’ and inserting ‘‘$1,200,000,000’’; ( B ) in clause (i), by striking ‘‘$20 5 ,000,000’’ and inserting ‘‘$ 3 50,000,000’’; and ( C ) in clause (ii), by striking ‘‘$565,000,000’’ and inserting ‘‘$850,000,000’’ .SEC.5304 . TRAN S I TI O NTO P RI V ATE CO M MERCIA L OR OT H ER SO U RCES O F CRE D IT. S ubtitle D of the Consolidated F arm and R ural De v elopment Act (7 U .S.C. 1 9 81 – 2008r) is amended by inserting after section 344 the follo w ing

‘SEC. 345. TRANSITION TO PRIVATE COMMERCIAL OR OTHER SOURCES OF CREDIT. ‘‘(a) INGE NE RAL .—In making or insuring a farm loan under subtitle A or B, the Secretary shall establish a plan and promulgate regulations (including performance criteria) that promote the goal of transitioning borrowers to private commercial credit and other sources of credit in the shortest period of time practicable. ‘‘(b) C O OR DI NA T ION.—In carrying out this section, the Secretary shall integrate and coordinate the transition policy described in subsection (a) with— ‘‘(1) the borrower training program established by section 359; ‘‘(2) the loan assessment process established by section 360; ‘‘(3) the supervised credit re q uirement established by sec - tion 361; ‘‘(4) the market placement program established by section 362; and ‘‘(5) other appropriate programs and authorities, as deter- mined by the Secretary.’’. SEC. 5305. E X TENSION OF THE RI G HT OF FIRST REFUSAL TO REAC Q UIRE HOMESTEAD PROPERT Y TO IMMEDIATE FAMILY MEM B ERS OF BORRO W ER - OWNER. Section 352(c)(4)(B) of the Consolidated Farm and Rural Development Act (7 U.S.C. 2000(c)(4)(B)) is amended— (1) in the 1st sentence, by striking ‘‘, the borrower-owner’’ inserting ‘‘of a borrower-owner who is a socially disadvantaged farmer or rancher (as defined in section 355(e)(2)), the borrower- owner or a member of the immediate family of the borrower- owner’’; and (2) in the 2nd sentence, by inserting ‘‘or immediate family member, as the case may be,’’ before ‘‘from’’. SEC. 530 6 . RURAL DEVELOPMENT AND FARM LOAN PROGRAM ACTIVI- TIES. Subtitle D of the Consolidated Farm and Rural Development Act (7 U.S.C. 1981–2008r) is amended by inserting after section 364 the following: Plan.Regu la tio n s . Cr iteria. 7US C 19 9 3.

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