12 2 STA T . 1 9 1 5PUBLIC LA W 11 0– 2 46—J U NE 1 8, 2008 SEC.530 5.E XT E N S IO NO F T H E R I G HT OF FIRST REF U S AL TO REAC Q UIRE HO M ESTEA DP ROPERT Y TO IMMEDIATE FAMILY MEM B ERS OF BORRO W ER - OWNER. Section352( c ) ( 4 )( B )o f t h e C on s o l i da ted F a rm and Ru ral D e v elo p ment A ct( 7U. S.C. 2 0 00(c)(4)(B)) is amended — ( 1 ) in the 1st sentence ,by stri k in g‘ ‘, the borro w er - 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 DE V ELOPMENT AND FARM LOAN PROGRAM ACTIVI- TIES. Subtitle D of the Consolidated Farm and Rural Development Act (7 U.S.C. 1 98 1 – 2008r) is amended by inserting after section 3 6 4 the following
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‘SEC. 365. RURAL DEVELOPMENT AND FARM LOAN PROGRAM ACTIVI- TIES. ‘‘ T he Secretary may not complete a study of, or enter into a contract with a private party to carry out, without specific authori z ation in a subse q uent Act of Congress, a competitive sourcing activity of the Secretary, including support personnel of the Department of Agriculture, relating to rural development or farm loan programs.’’. Subti t leE—FarmC re d it SEC. 5 4 0 1 . FARM CREDIT SYSTEM INSURANCE CORPORATION. (a) INGE NE RAL .—Section 1.12(b) of the Farm Credit Act of 1971 (12 U.S.C. 2020(b)) is amended— (1) in the first sentence, by striking ‘‘ E ach Farm’’ and inserting the following; ‘‘(1) IN G ENERAL.—Each Farm’’; and (2) by striking the second sentence and inserting the fol- lowing: ‘‘(2) C OMPUT AT I ON.—The assessment on any association or other financing institution described in paragraph (1) for any period shall be computed in an equitable manner, as determined by the Corporation.’’. (b) RULE S AN D REGULATIONS.—Section 5.58(10) of such Act (12 U.S.C. 2277a-7(10)) is amended by inserting ‘‘and section 1.12(b)’’ after ‘‘part’’. SEC. 540 2 . TECHNICAL CORRECTION. Section 3.3(b) of the Farm Credit Act of 1971 (12 U.S.C. 2124(b)) is amended in the first sentence by striking ‘‘per’’ and inserting ‘‘par’’. SEC. 5403. BAN K FOR COOPERATIVES VOTING STOCK. (a) IN GENERAL.—Section 3.3(c) of the Farm Credit Act of 1971 (12 U.S.C. 2124(c)) is amended by striking ‘‘and (ii)’’ and inserting ‘‘(ii) other categories of persons and entities described in sections 3.7 and 3.8 eligible to borrow from the bank, as deter- mined by the bank’s board of directors; and (iii)’’. 7USC20 0 8.
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