826 
‘‘(5) the total amount of unpaid principal and 
interest on all loans at the end of the summary pe-
riod; 
‘‘(6) any delinquency in the repayment of any 
loan; 
‘‘(7) a schedule of the amount and date of pay-
ments due on each loan; and 
‘‘(8) the procedure the borrower may use to ob-
tain more information concerning the status of the 
loans. 
‘‘SEC. 3909. CERTIFIED LENDERS PROGRAM. 
‘‘(a) CERTIFIED LENDERS PROGRAM.— 
‘‘(1) IN GENERAL.—The Secretary shall estab-
lish a program under which the Secretary shall 
guarantee loans under this title that are made by 
lending institutions certified by the Secretary. 
‘‘(2) 
CERTIFICATION
REQUIREMENTS.—The 
Secretary shall certify a lending institution that 
meets such criteria as the Secretary may prescribe 
in regulations, including the ability of the institution 
to properly make, service, and liquidate the loans of 
the institution. 
‘‘(3) CONDITION OF CERTIFICATION.— 
‘‘(A) IN GENERAL.—As a condition of the 
certification, the Secretary shall require the in-
VerDate Mar 15 2010 
23:29 Jul 08, 2013
Jkt 029200
PO 00000
Frm 00826
Fmt 6652
Sfmt 6201
E:\BILLS\H2498.IH
H2498
sroberts on DSK5SPTVN1PROD with BILLS
827 
stitution to undertake to service the loans guar-
anteed by the Secretary under this section, 
using standards that are not less stringent than 
generally accepted banking standards con-
cerning loan servicing employed by prudent 
commercial or cooperative lenders. 
‘‘(B) MONITORING.—The Secretary shall, 
at least annually, monitor the performance of 
each certified lender to ensure that the condi-
tions of the certification are being met. 
‘‘(4) EFFECT
OF
CERTIFICATION.—Notwith-
standing any other provision of law: 
‘‘(A) AMOUNT OF LOAN GUARANTEE.—In 
the case of a loan made or guaranteed under 
subtitle A, the Secretary shall guarantee not 
more than 80 percent of a loan made under this 
section by a certified lending institution as de-
scribed in paragraph (1), subject to a deter-
mination that the borrower of the loan meets 
the eligibility requirements and such other cri-
teria as may be applicable to loans guaranteed 
by the Secretary under other provisions of this 
title. 
‘‘(B) CERTIFICATIONS BY LENDING INSTI-
TUTIONS.—In the case of loans to be guaran-
VerDate Mar 15 2010 
23:29 Jul 08, 2013
Jkt 029200
PO 00000
Frm 00827
Fmt 6652
Sfmt 6201
E:\BILLS\H2498.IH
H2498
sroberts on DSK5SPTVN1PROD with BILLS
828 
teed by the Secretary under this section, the 
Secretary shall permit certified lending institu-
tions to make appropriate certifications (as pro-
vided by regulations issued by the Secretary)— 
‘‘(i) relating to issues such as credit-
worthiness, repayment ability, adequacy of 
collateral, and feasibility of farm operation; 
and 
‘‘(ii) that the borrower is in compli-
ance with all requirements of law, includ-
ing regulations issued by the Secretary. 
‘‘(C) APPROVAL PROCESS.— 
‘‘(i) IN
GENERAL.—The Secretary 
shall approve or disapprove a guarantee 
not later than 14 days after the date that 
the lending institution applies to the Sec-
retary for the guarantee. 
‘‘(ii) DISAPPROVAL.—If the Secretary 
disapproves the loan application during the 
14-day period, the Secretary shall state, in 
writing, all of the reasons the application 
was disapproved. 
‘‘(5) RELATIONSHIP
TO
OTHER
REQUIRE-
MENTS.—Nothing in this section affects the respon-
sibility of the Secretary to certify eligibility, review 
VerDate Mar 15 2010 
23:29 Jul 08, 2013
Jkt 029200
PO 00000
Frm 00828
Fmt 6652
Sfmt 6201
E:\BILLS\H2498.IH
H2498
sroberts on DSK5SPTVN1PROD with BILLS