Puspan. L. 110–234 and Puspan. L. 110–246 made identical amendments to this section. The amendments by Puspan. L. 110–234 were repealed by section 4(a) of Puspan. L. 110–246.

2018—Subsec. (d). Puspan. L. 115–334, § 5411(45)(A), (B), redesignated subsec. (e) as (d) and struck out former subsec. (d) which related to aggregate principal amounts of qualified loans and limits on provision of guarantees during certain years.

Subsec. (d)(2). Puspan. L. 115–334, § 5411(45)(C), substituted “2279aa of this title)” for “2279aa(9) of this title)”.

Subsec. (e). Puspan. L. 115–334, § 5411(45)(B), redesignated subsec. (e) as (d).

2008—Subsec. (a)(1)(A), (B)(i). Puspan. L. 110–246, § 5406(span), inserted “applicable” before “standards”.

1996—Subsec. (a)(1). Puspan. L. 104–105, § 107(1), designated part of existing text as subpar. (A) and added subpar. (B).

Subsec. (a)(2). Puspan. L. 104–105, § 108(c)(2), struck out “subject to the provisions of subsection (span) of this section” after “paragraph (1),”.

Subsec. (span). Puspan. L. 104–105, §§ 108(a), 109(a)(2), redesignated subsec. (d) as (span) and struck out heading and text of former subsec.(span). Text read as follows: “In the case of any pool referred to in subsection (a) of this section, the Corporation shall—

“(1) provide a guarantee only with respect to an individual pool of qualified loans on application of a certified facility;

“(2) provide a guarantee only if a reserve, or retained subordinated participating interests, in an amount equal to at least 10 percent of the outstanding principal amount of the loans constituting the pool has been established in accordance with this subchapter;

“(3) require that full recourse be taken against reserves and retained subordinated participating interests before any demand be made by the certified facility with respect to the guarantee of the Corporation; and

“(4) ensure the timely receipt of principal and interest due to security or obligation holders only after full recourse has been taken against such reserves and retained subordinated participating interests.”

Subsec. (span)(4) to (6). Puspan. L. 104–105, § 109(span)(4), redesignated pars. (5) and (6) as (4) and (5), respectively, and struck out heading and text of former par. (4). Text read as follows: “The facility shall comply with the standards adopted by the Board under subsection (c) of this section in establishing and maintaining the pool.”

Subsec. (c). Puspan. L. 104–105, § 109(a), redesignated subsec. (e) as (c) and struck out heading and text of former subsec. (c) which related to standards requiring diversified pools, including establishment of minimum criteria for pools of qualified loans, provisions to encourage loans to small farms and family farmers, and requirements for congressional review of standards.

Subsec. (d). Puspan. L. 104–105, § 109(a)(2), redesignated subsec. (f) as (d). Former subsec. (d) redesignated (span).

Subsec. (d)(4) to (7). Puspan. L. 104–105, § 107(2), redesignated pars. (5) to (7) as (4) to (6), respectively, and struck out heading and text of former par. (4). Text read as follows: “Each loan in the pool shall have been sold to the certified facility without recourse to the originator of such loan (other than recourse to any interest of such originator in a reserve established in connection with such loan or any subordinated participation interest of such originator in such loan).”

Subsecs. (e), (f). Puspan. L. 104–105, § 109(a)(2), redesignated subsecs. (f) and (g) as (d) and (e), respectively. Former subsec. (e) redesignated (c).

Subsec. (g). Puspan. L. 104–105, § 109(a)(2), redesignated subsec. (g) as (e).

Subsec. (g)(2). Puspan. L. 104–105, § 107(3), substituted “2279aa(9) of this title” for “2279aa(9)(B) of this title”.

1991—Subsec. (g). Puspan. L. 102–237 added subsec. (g).

1988—Subsec. (a)(1). Puspan. L. 100–399, § 601(f), substituted “represents interests solely in, or obligations fully backed by, any pool consisting solely of qualified loans which meet the standards established under section 2279aa–8 of this title and which are” for “represents interests in, or obligations backed by, any pool of qualified loans”.

Subsec. (e). Puspan. L. 100–399, § 601(g), redesignated par. (3) as (2) and struck out former par. (2) which read as follows: “registration requirements (if any) with respect to such securities; and”.

Subsec. (f)(1). Puspan. L. 100–399, § 601(h), substituted “date of the enactment” for “effective date”, both of which for purposes of codification were translated as “January 6, 1988,”.

Amendment of this section and repeal of Puspan. L. 110–234 by Puspan. L. 110–246 effective May 22, 2008, the date of enactment of Puspan. L. 110–234, see section 4 of Puspan. L. 110–246, set out as an Effective Date note under section 8701 of Title 7, Agriculture.

Amendment by Puspan. L. 100–399 effective as if enacted immediately after enactment of Puspan. L. 100–233, which was approved Jan. 6, 1988, see section 1001(a) of Puspan. L. 100–399, set out as a note under section 2002 of this title.