Fiscal year 1996: Regular annual acts, continuing acts, and supple- 889 Recapitulation Tables: Table 2. Appropriations recap by act 1015 Table 3. Recap of mandatory and discretionary scoring by act 1017 Table 4. Appropriations for fiscal year 1996 by agency 1029 Table 5. Appropriations arranged by agency and fiscal year 1043 Table 6. Actions on appropriations for fiscal year 1995 and 1996, 104th 1053 Table 7. Historical comparison by sessions of Congress 1057 1067 .... Supporting Tables: Table 9. Rescissions and deferrals considered, arranged by agency and fiscal 1077 Table 10. OMB cumulative reports on rescissions and deferrals 1091 Table 11. Liquidation of contract authorization carried in appropriations acts 1103 AGRICULTURE ACTS Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE; TABLE OF CONTENTS. (a) SHORT TITLE.-This Act may be cited as the "Farm Credit Sec. 101. Definition of real estate. Sec. 102. Definition of certified facility. Sec. 103. Duties of Federal Agricultural Mortgage Corporation. Sec. 104. Powers of the Corporation. Sec. 105. Federal reserve banks as depositaries and fiscal agents. Sec. 106. Certification of agricultural mortgage marketing facilities. Sec. 111. Definition of an affiliate. Sec. 112. State usury laws superseded. Sec. 113. Extension of capital transition period. Sec. 114. Minimum capital level. Sec. 115. Critical capital level. Sec. 117. Recapitalization of the Corporation. Sec. 118. Liquidation of the Federal Agricultural Mortgage Corporation. Sec. 201. Compensation of association personnel. Sec. 202. Use of private mortgage insurance. Sec. 203. Removal of certain borrower reporting requirement. Sec. 204. Reform of regulatory limitations on dividend, member business, and vot- ing practices of eligible farmer-owned cooperatives. Sec. 205. Removal of Federal Government certification requirement for certain pri- Sec. 207. Disclosure relating to adjustable rate loans. Sec. 209. Formation of administrative service entities. Sec. 210. Joint management agreements. Sec. 211. Dissemination of quarterly reports. Sec. 213. Examination of farm credit system institutions. Sec. 214. Conservatorships and receiverships. Sec. 215. Farm Credit Insurance Fund operations. Sec. 216. Examinations by the Farm Credit System Insurance Corporation. Sec. 217. Powers with respect to troubled insured System banks. PUBLIC LAW 104-105-FEB. 10, 1996 Sec. 218. Oversight and regulatory actions by the Farm Credit System Insurance Corporation. Sec. 219. Farm Credit System Insurance Corporation board of directors. Sec. 220. Interest rate reduction program. Sec. 221. Liability for making criminal referrals. TITLE III-IMPLEMENTATION AND EFFECTIVE DATE Sec. 301. Implementation. Sec. 302. Effective date. TITLE I-AGRICULTURAL MORTGAGE SECONDARY MARKET SEC. 101. DEFINITION OF REAL ESTATE. Section 8.0(1)(B)(ii) of the Farm Credit Act of 1971 (12 U.S.C. 2279aa(1)(B)(ii)) is amended by striking "with a purchase price" and inserting ", excluding the land to which the dwelling is affixed, with a value". SEC. 102. DEFINITION OF CERTIFIED FACILITY. Section 8.0(3) of the Farm Credit Act of 1971 (12 U.S.C. 2279aa(3)) is amended (1) in subparagraph (A), by striking "a secondary marketing agricultural loan" and inserting "an agricultural mortgage marketing"; and (2) in subparagraph (B), by striking ", but only" and all that follows through "(9)(B)". SEC. 103. DUTIES OF FEDERAL AGRICULTURAL MORTGAGE CORPORA TION. Section 8.1(b) of the Farm Credit Act of 1971 (12 U.S.C. 2279aa1(b)) is amended— (1) in paragraph (2), by striking "and" at the end; (2) in paragraph (3), by striking the period at the end and inserting "; and"; and (3) by adding at the end the following: "(4) purchase qualified loans and issue securities representing interests in, or obligations backed by, the qualified loans, guaranteed for the timely repayment of principal and interest.". SEC. 104. POWERS OF THE CORPORATION. Section 8.3(c) of the Farm Credit Act of 1971 (12 U.S.C. 2279aa3(c)) is amended (1) by redesignating paragraphs (13) and (14) as paragraphs (14) and (15), respectively; and (2) by inserting after paragraph (12) the following: "(13) To purchase, hold, sell, or assign a qualified loan, to issue a guaranteed security, representing an interest in, or an obligation backed by, the qualified loan, and to perform all the functions and responsibilities of an agricultural mortgage marketing facility operating as a certified facility under this title.". SEC. 105. FEDERAL RESERVE BANKS AS DEPOSITARIES AND FISCAL AGENTS. Section 8.3 of the Farm Credit Act of 1971 (12 U.S.C. 2279aa3) is amended (1) in subsection (d), by striking "may act as depositories for, or" and inserting "shall act as depositories for, and"; and (2) in subsection (e), by striking "Secretary of the Treasury may authorize the Corporation to use" and inserting "Corporation shall have access to". PUBLIC LAW 104-105-FEB. 10, 1996 SEC. 106. CERTIFICATION OF AGRICULTURAL MORTGAGE MARKETING FACILITIES. Section 8.5 of the Farm Credit Act of 1971 (12 U.S.C. 2279aa5) is amended (1) in subsection (a)— (A) in paragraph (1), by inserting "(other than the Corporation)" after "agricultural mortgage marketing facilities"; and (B) in paragraph (2), by inserting "(other than the Corporation)" after "agricultural mortgage marketing facility"; and (2) in subsection (e)(1), by striking "(other than the Corporation)". SEC. 107. GUARANTEE OF QUALIFIED LOANS. Section 8.6 of the Farm Credit Act of 1971 (12 U.S.C. 2279aa6) is amended (1) in subsection (a)(1)— (A) by striking "Corporation shall guarantee" and inserting the following: "Corporation "(A) shall guarantee"; (B) by striking the period at the end and inserting "; and"; and (C) by adding at the end the following: "(B) may issue a security, guaranteed as to the timely payment of principal and interest, that represents an interest solely in, or an obligation fully backed by, a pool consisting of qualified loans that (i) meet the standards established under section 8.8; and “(ii) have been purchased and held by the Corporation."; (2) in subsection (d)— (A) by striking paragraph (4); and (B) by redesignating paragraphs (5), (6), and (7) as paragraphs (4), (5), and (6), respectively; and (3) in subsection (g)(2), by striking "section 8.0(9)(B))" and inserting "section 8.0(9))". SEC. 108. MANDATORY RESERVES AND SUBORDINATED PARTICIPATION INTERESTS ELIMINATED. (a) GUARANTEE OF QUALIFIED LOANS.-Section 8.6 of the Farm Credit Act of 1971 (12 U.S.C. 2279aa-6) is amended by striking subsection (b). (b) RESERVES AND SUBORDINATED PARTICIPATION INTERESTS.Section 8.7 of the Farm Credit Act of 1971 (12 U.S.C. 2279aa7) is repealed. (c) CONFORMING AMENDMENTS.— (1) Section 8.0(9)(B)(i) of the Farm Credit Act of 1971 (12 U.S.C. 2279aa(9)(B)(i)) is amended by striking "8.7, 8.8," and inserting "8.8". (2) Section 8.6(a)(2) of the Farm Credit Act of 1971 (12 U.S.C. 2279aa-6(a)(2)) is amended by striking "subject to the provisions of subsection (b)". SEC. 109. STANDARDS REQUIRING DIVERSIFIED POOLS. (a) IN GENERAL.-Section 8.6 of the Farm Credit Act of 1971 (12 U.S.C. 2279aa-6) (as amended by section 108) is amended— (1) by striking subsection (c); and (2) by redesignating subsections (d) through (g) as subsections (b) through (e), respectively. (b) CONFORMING AMENDMENTS. (1) Section 8.0(9)(B)(i) of the Farm Credit Act of 1971 (12 U.S.C. 2279aa(9)(B)(i)) is amended by striking “(f)” and inserting "(d)". |