Page:United States Statutes at Large Volume 104 Part 5.djvu/507

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PUBLIC LAW 101-624—NOV. 28, 1990 104 STAT. 3829 7 USC 2006a. Government contracts. "(o) LIQUIDATION OF ASSETS.— The Secretary may not use the authority provided by this section to reduce or terminate any portion of the debt of the borrower that the borrower could pay through the liquidation of assets (or through the payment of the loan value of the assets, if the loan value is greater than the liquidation value) described in subsection (c)(2)(A)(ii). " (p) LIFETIME LIMITATION ON DEBT FORGIVENESS PER BORROWER. — The Secretary may provide not more than $300,000 in principal and interest forgiveness under this section per borrower.". SEC. 1817. DISTRIBUTION OF FUNDS ON INDIAN RESERVATIONS. Section 355(b) (7 U.S.C. 355(b)) is amended by adding at the end ^ USC 2003. the following new paragraph: "(3) INDIAN RESERVATIONS. —In distributing loan funds in counties within the boundaries of an Indian reservation, the Secretary shall allocate the funds on a reservation-wide basis.". SEC. 1818. BORROWER TRAINING. (a) IN GENERAL. —Subtitle D (7 U.S.C. 1981 et seq.) is amended by adding at the end the following new section: "SEC. 359. BORROWER TRAINING. "(a) IN GENERAL.— The Secretary shall enter into contracts to provide educational training to all borrowers of farmer program direct and guaranteed loans made under this title in financial and farm management concepts associated with commercial farming. " (b) CONTRACT. — "(1) IN GENERAL.— The Secretary may contract with State or private providers of farm management and credit counseling services (including a community college, the extension service of a State, a State department of agriculture, or a nonprofit organization) to carry out this section. "(2) CONSULTATION. — The Secretary may consult with the chief executive officer of a State concerning the identity of the contracting organization and the process for contracting. " (c) ELIGIBILITY FOR LOANS.— "(1) IN GENERAL.—Subject to paragraph (2), to be eligible to obtain a direct or guaranteed loan under this title, a borrower must obtain management assistance under this section, appropriate to the management ability of the borrower (as determined by the appropriate county committee established pursuant to section 332, during the determination of eligibility for the loan). "(2) LOAN CONDITIONS. — The need of a borrower who satisfies the criteria set out in section 302(a)(2) or 311(a)(2) for management assistance under this section shall not be cause for denial of eligibility of the borrower for a direct or guaranteed loan under this title. "(d) GUIDELINES AND CURRICULUM.—The Secretary shall issue Regulations. regulations establishing guidelines and curriculum for the borrower training program established under this section. "(e) PAYMENT.—A borrower shall pay for training received under this section, and may use funds from operating loans made under subtitle B to pay for the training. "(f) WAIVERS.— The Secretary may waive the requirements of this section for an individual borrower on a determination by the county