12 2 STA T . 1 9 22 PUBLIC LA W 11 0– 2 46—J U NE 1 8, 2008 loan-m a ki n gp o wers o f a F arm C re d i tSy stem asso c iation u nder section 7. 7. ‘ ‘ (B)A mendments descri b ed in subparagrap h (A) to the charters of an association and the related Farm Credit Bank shall be appro v ed by the Farm Credit Administration , sub j ect to any conditions of approval imposed, by not later than 30 days after the date on which the Farm Credit Administration receives all approvals re q uired by section 7.7(a)( 2 ). ’ ’. (c) C ONF O RMI N G AM E N D MEN TS . — ( 1 ) Section 5 .17(a)(2) of the Farm Credit Act of 1 9 71 (12 U .S.C. 2252(a)(2)) is amended— (A) by striking ‘‘(2)(A)’’ and inserting ‘‘(2)’’
and (B) by striking subparagraphs (B) and (C). (2) SE C TION 4 10OFT H E 1987A CT.—Section 410(e)(1)(A)(iii) of the Agricultural Credit Act of 19 8 7 (12 U.S.C. 2011 note; P ublic L aw 100 – 233) is amended by inserting ‘‘(e x cept section 7.7 of that Act)’’ after ‘‘(12 U.S.C. 2001 et seq.)’’. (3) SECTION 401 OF THE 199 2 ACT.—Section 401(b) of the Farm Credit Banks and Associations Safety and Soundness Act of 1992 (12 U.S.C. 2011 note; Public Law 102–552) is amended— (A) by inserting ‘‘(except section 7.7 of the Farm Credit Act of 1971)’’ after ‘‘provision of law’’; and (B) by striking ‘‘, subject to such limitations’’ and all that follows through the end of the paragraph and inserting a period. (d) E FFECTI V E D ATE.— T he amendments made by this section take effect on J anuary 1, 2010. Subti t leF—M i sc ell an e o us SEC.5 5 01 . LOAN S T O PUR C H ASERS O F H IG HL Y FRACTIONE D LAND. The first section of Public Law 91–229 (25 U.S.C. 488) is amended— (1) by striking ‘‘That the Secretary’’ and inserting the fol- lowing
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‘SECTION 1. LOANS TO PURCHASERS OF HIGHLY FRACTIONED LAND. ‘‘(a) I N G ENERA L .—The Secretary’’; and (2) by adding at the end the following: ‘‘(b) H IGHL Y FRACTIONATED LAND.— ‘‘(1) IN GENERAL.—Subject to paragraph (2), the Secretary of Agriculture may make and insure loans in accordance with section 309 of the Consolidated Farm and R ural Development Act (7 U.S.C. 1929) to eligible purchasers of highly fractionated land pursuant to section 205(c) of the Indian Land Consolida- tion Act (25 U.S.C. 2204(c)). ‘‘(2) E X CL U SION.—Section 4 shall not apply to trust land, restricted tribal land, or tribal corporation land that is mort- gaged in accordance with paragraph (1).’’. 12USC 22 5 2 note.
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