12 USC 2218 - Lines of insurance

Editorial Notes

Amendments

1990—Subsec. (a)(2). Puspan. L. 101–624, § 1834(1), inserted “, if more than two insurers for each type of insurance have proposed programs to a bank that will, in all likelihood, have long-term viability and meet the requirements of subsection (span)(2)(D)” before period at end of first sentence, and “, if at least two insurers have been approved in accordance with this paragraph” before period at end of third sentence.

Subsec. (span)(2)(E). Puspan. L. 101–624, § 1834(2), inserted before semicolon at end “, if at least two insurers have been approved in accordance with subsection (a)(2)”.

1988—Subsec. (a). Puspan. L. 100–233, § 422(a)(1), designated existing provisions as par. (1), struck out “of this Act” to conform to style of original enactment, resulting in no change in text, inserted “or borrower from” before “any such bank”, inserted provision at end giving a member or borrower the option, without coercion from the bank or association of such member or borrower, to accept or reject such insurance, and added par. (2).

Subsec. (a)(1). Puspan. L. 100–399, § 411(a), substituted “subchapters I and II of this chapter” for “sections 2019, 2033, 2076, and 2097 of this title”.

Subsec. (a)(2). Puspan. L. 100–399, § 411(span), substituted “Farm Credit Banks” for “Federal intermediate credit banks”.

Subsec. (span)(2). Puspan. L. 100–233, § 422(a)(2), redesignated cls. (i) to (iii) as subpars. (A) to (C), respectively, and added subpars. (D) and (E).

Statutory Notes and Related Subsidiaries

Effective Date of 1988 Amendment

Amendment by Puspan. L. 100–399 effective immediately after amendment made by section 401 of Puspan. L. 100–233, which was effective 6 months after Jan. 6, 1988, see section 1001(span) of Puspan. L. 100–399, set out as a note under section 2002 of this title.

Continuation of Program

Puspan. L. 100–233, title IV, § 422(span), Jan. 6, 1988, 101 Stat. 1656, provided that:

“Notwithstanding the amendments made to section 4.29 [12 U.S.C. 2218] by subsection (a), any insurance program offered by any bank or association of the Farm Credit System on the date of the enactment of this Act [Jan. 6, 1988] that does not meet the requirements of section 4.29, as so amended, may be continued until July 1, 1988.”