TIME FOR PAYMENT.

SEC. 12007. TIME FOR PAYMENT. Section 508 of the Federal Crop Insurance Act (7 U.S.C. 1508) is amended—(1) in subsection (b)(5)(C), by striking “the date that premium” and inserting “the same date on which the premium”;(2) in subsection (c)(10), by adding at the end the following:“(C) Time for payment.—Subsection (b)(5)(C) shall apply with respect to the collection date for the administrative fee.”; and(3) in subsection (d), by adding at the end the following:“(4) Billing date for premiums.—Effective beginning with the 2012 reinsurance year, the Corporation shall establish August 15 as the billing date for premiums.”.