12 2 STA T . 1 94 4 PUBLIC LA W 11 0– 24 6—J U NE 1 8, 2008 ‘ ‘ (C)shal l notexc ee d$50 0 f o r an y fee collected u nder th i ssu b section .’ ’
and (C) by addin g at the end the follo w ing
‘‘( 3 ) PROHIB I T IO N ON C O L L E CTION O F CERT A IN FEE S . —I n the case of a license described in p aragraph ( 1 ) that was appro v ed before J uly 1 ,2 00 7 , the S ecretary shall not collect any fees due on or after the date of enact m ent of this paragraph.’’. (c) RU RAL B USINESS IN V EST M ENT COM P ANIES.—Section 3 84 I(c) of the Consolidated F arm and Rural D evelopment A ct (7 U .S.C. 200 9 cc – 8(c)) is amended— (1) by redesignating paragraph (3) as paragraph (4); and (2) by inserting after paragraph (2) the following: ‘‘(3) T IME FRAME.— E ach 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 ban k or savings association’’ before the period at the end; and (2) in subsection (c), by striking ‘‘15’’ and inserting ‘‘25’’. (e) CONTRACTIN G OF FUNCTIONS.—Section 384 Q of the Consoli- dated Farm and Rural Development Act (7 U.S.C. 2009cc–1 6 )is repealed. (f) FUN D ING.—The Consolidated Farm and Rural Development Act is amended by striking section 384S (7 U.S.C. 2009cc–18) and inserting the following: ‘ ‘ SEC.384 S. AUTHORIZ ATIO N O F A P PROPRIATIONS. ‘‘There is authori z ed to be appropriated to carry out this subtitle $50,000,000 for the period of fiscal years 2008 through 2012.’’. SEC. 602 8. RURA L COLLA B ORATI V E INVEST M ENT PRO G RAM. Subtitle I of the Consolidated Farm and Rural Development Act (7 U.S.C. 2009dd et seq.) is amended to read as follows: ‘ ‘ Subti t leI—R u ra l Co llaborati v e I n ve s t m ent P ro g ram ‘‘SEC. 38 5 A. PURPOSE. ‘‘The purpose of this subtitle is to establish a regional rural collaborative investment program— ‘‘(1) to provide rural regions with a flexible investment vehicle, allowing for local control with Federal oversight, assist- ance, and accountability; ‘‘(2) to provide rural regions with incentives and resources to develop and implement comprehensive strategies for achieving regional competitiveness, innovation, and prosperity; ‘‘(3) to foster multisector community and economic develop- ment collaborations that will optimize the asset-based competi- tive advantages of rural regions with particular emphasis on innovation, entrepreneurship, and the creation of quality j obs; ‘‘(4) to foster collaborations necessary to provide the profes- sional technical expertise, institutional capacity, and economies 7USC20 0 9d d –1. 7 USC 2009 c c–1 8 .
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