BORROWERS TO DETERMINE AMORTIZATION PERIOD FOR INSURED TELEPHONE LOANS.

SEC. 2360. BORROWERS TO DETERMINE AMORTIZATION PERIOD FOR INSURED TELEPHONE LOANS. Section 309 (7 U.S.C. 940) is amended— (1) by striking “Sec. 309. Loan Terms and Conditions.—Loans made from or” and inserting the following: “SEC. 309. LOAN TERMS AND CONDITIONS. “(a) In General.— Loans made from or”; and (2) by adding at the end the following new subsection: “(b) Telephone Loans Under This Title.— The term of any telephone loan made under this title shall be determined by the borrower at the time the loan application is submitted.”.