12 2 STA T . 11 8 2 PUBLIC LA W 11 0– 2 34—M A Y 22 , 2008 (j)AUTHORIZA TIO N O F A P PROPRIATION S.—Section38 3 N ( a )o f t h e C on s o l i d ated F a rm and Ru ral D e v elo p ment Act (as redesi g nated by subsection (c)( 1 )(A)) is amended by stri k ing ‘ ‘ 20 02 through 200 7’ ’ and inserting ‘‘2008 through 2012’’. (k) TE R M INATION OF AUTHORIT Y .—Section 383 O of the Consoli - dated Farm and Rural Development Act (as redesignated by sub- section (c)(1)(A)) is amended by striking ‘‘2007’’ and inserting ‘‘2012’’. SEC.6027 . RU R ALB US IN ESS IN V ES TM ENT P R OG RAM. (a) I SSUAN C EAN DG UARANTEE OF TRUST CERTIFICATES.—Sec- tion 38 4 F(b)(3)(A) of the Consolidated Farm and Rural Development Act (7 U .S.C. 200 9 cc –5 (b)(3)(A)) is amended by striking ‘‘In the event’’ and inserting the follo w ing
‘‘(i) AUTHORITY TO PREPAY.—A debenture may be prepaid at any time without penalty. ‘‘(ii) REDUCTION OF G UARANTEE.—Subject to clause (i) , if’’. (b) FEES.—Section 384G of the Consolidated Farm and Rural Development Act (7 U.S.C. 2009cc– 6 ) is amended— (1) in subsection (a), by striking ‘‘such fees as the Secretary considers appropriate’’ and inserting ‘‘a fee that does not e x ceed $ 500’’
(2) in subsection (b), by striking ‘‘approved by the Sec- retary’’ and inserting ‘‘that does not exceed $500’’; and (3) in subsection (c)— (A) in paragraph (1), by striking ‘‘The’’ and inserting ‘‘ E xcept as provided in paragraph (3), the’’; ( B ) in paragraph (2)— (i) in subparagraph (A), by striking ‘‘and’’ at the end; (ii) in subparagraph (B), by striking the period at the end and inserting ‘‘; and’’; and (iii) by adding at the end the following: ‘‘(C) shall not exceed $500 for any fee collected under this subsection.’’; and (C) by adding at the end the following: ‘‘(3) P ROHI B ITION ON CO L LECTION OF CERTAIN FEES.—In the case of a license described in paragraph (1) that was approved before J uly 1, 2007, the Secretary shall not collect any fees due on or after the date of enactment of this paragraph.’’. (c) RURAL BUSINESS IN V ESTMENT COMPANIES.—Section 384I(c) of the Consolidated Farm and Rural Development Act (7 U.S.C. 2009cc–8(c)) is amended— (1) by redesignating paragraph (3) as paragraph (4); and (2) by inserting after paragraph (2) the following: ‘‘(3) TIME FRAME.—Each rural business investment com- pany shall have a period of 2 years to meet the capital re q uire- ments of this subsection.’’. (d) FINANCIAL INSTITUTION INVESTMENTS.—Section 384J of the Consolidated Farm and Rural Development Act (7 U.S.C. 2009cc– 9) is amended— (1) in subsection (a)(1), by inserting ‘‘, including an invest- ment pool created entirely by such bank or savings association’’ before the period at the end; and (2) in subsection (c), by striking ‘‘15’’ and inserting ‘‘25’’. 7USC20 0 9b b –13. 7 USC 2009bb–12.
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