EFFECTIVE DATES.

SEC. 1861. EFFECTIVE DATES. (a) In General.— Except as otherwise provided in this title, this title and the amendments made by this title shall become effective on the date of enactment of this Act. (b) Notice of Debt Settlement Programs.— The amendment made by section 1807(1) of this Act shall become effective 120 days after the date of enactment of this Act. (c) Debt Restructuring and Loan Servicing.— (1) In general.— Except as provided in section 353(c)(6)(A)(ii) of the Consolidated Farm and Rural Development Act (as added by section 1816(f) of this Act) and in paragraph (3) of this subsection, section 1816 of this Act and the amendments made by such section 1816 shall apply to new applications submitted under section 353 of the Consolidated Farm and Rural Development Act (7 U.S.C. 2001) on or after the date of enactment of this Act. (2) Definition of new application.— As used in paragraph (1), the term “new application” means an application submitted by a borrower to initiate a debt restructuring consideration and104 STAT. 3838 not an application reconsidered after an appeal or revision of the original application. (3) Liquidation of assets.— Section 353(o) of the Consolidated Farm and Rural Development Act (as added by section 1816(h) of this Act) shall not apply until the Secretary of Agriculture has issued final regulations to carry out such section 353(o). (d) Restoration of First Lien on Stock.— The amendment made by section 1833 of this Act shall be effective as of January 7, 1988. (e) Regulations.— As soon as practicable after the date of enactment of this Act— (1) the Secretary of Agriculture shall issue such regulations as are necessary to carry out subtitles A and C of this Act and the amendments made by such subtitles; and (2) the Farm Credit Administration shall issue such regulations as are necessary to carry out subtitle B of this Act and the amendments made by such subtitle.