Page:United States Statutes at Large Volume 116 Part 1.djvu/374

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116 STAT. 348 PUBLIC LAW 107-171—MAY 13, 2002 "(I) TERM OF REAMORTIZATION. —The term of a reamortization under this subparagraph may not exceed 25 years from the date of the original amortization agreement. "(II) No REDUCTION OR PRINCIPAL OR UNPAID INTEREST DUE. —^A reamortization of a recapture payment under this subparagraph may not provide for reducing the outstanding principal or unpaid interest due on the recapture payment. SEC. 5315. ALLOCATION OF CERTAIN FUNDS FOR SOCIALLY DISADVAN- TAGED FARMERS AND RANCHERS. The last sentence of section 355(c)(2) of the Consolidated Farm and Rural Development Act (7 U.S.C. 2003(c)(2)) is amended to read as follows: "Any funds reserved and allocated under this paragraph but not used within a State shall, to the extent necessary to satisfy pending applications under this title, be available for use by socially disadvantaged farmers and ranchers in other States, as determined by the Secretary, and any remaining funds shall be reallocated within the State.". SEC. 5316. WAIVER OF BORROWER TRAINING CERTIFICATION REQUIREMENT. Section 359 of the Consolidated Farm and Rural Development Act (7 U.S.C. 2006a) is amended by striking subsection (f) and inserting the following: "(f) WAIVERS.— "(1) IN GENERAL.—The Secretary may waive the requirements of this section for an individual borrower if the Secretary determines that the borrower demonstrates adequate knowledge in areas described in this section. "(2) CRITERIA. — The Secretary shall establish criteria providing for the application of paragraph (1) consistently in all counties nationwide.". SEC. 5317. TIMING OF LOAN ASSESSMENTS. Section 360(a) of the Consolidated Farm and Rural Development Act (7 U.S.C. 2006b(a)) is amended by striking "After an applicant is determined eligible for assistance under this title by the appropriate county committee established pursuant to section 332, the" and inserting "The". SEC. 5318. ANNUAL REVIEW OF BORROWERS. Section 360(d)(1) of the Consolidated Farm and Rural Development Act (7 U.S.C. 2006b(d)(l)) is amended by striking "biannual" and inserting "annual". SEC. 5319. LOAN ELIGIBILITY FOR BORROWERS WITH PRIOR DEBT FORGIVENESS. Section 373(b)(2)(A) of the Consolidated Farm and Rural Development Act (7 U.S.C. 2008h(b)(2)(A)) is amended— (1) in clause (i), by striking "or"; (2) in clause (ii), by striking the period and inserting "; or"; and (3) by adding at the end the following: "(iii) received debt forgiveness on not more than 1 occasion resulting directly and primarily from a