RURAL BUSINESS INVESTMENT PROGRAM.

SEC. 6027. RURAL BUSINESS INVESTMENT PROGRAM.(a) Issuance and Guarantee of Trust Certificates.—Section 384F(b)(3)(A) of the Consolidated Farm and Rural Development Act (7 U.S.C. 2009cc–5(b)(3)(A)) is amended by striking “In the event” and inserting the following:“(i) Authority to prepay.—A debenture may be prepaid at any time without penalty.“(ii) Reduction of guarantee.—Subject to clause (i), if”.(b) Fees.—Section 384G of the Consolidated Farm and Rural Development Act (7 U.S.C. 2009cc–6) is amended—(1) in subsection (a), by striking “such fees as the Secretary considers appropriate” and inserting “a fee that does not exceed $500”;(2) in subsection (b), by striking “approved by the Secretary” and inserting “that does not exceed $500”; and(3) in subsection (c)—(A) in paragraph (1), by striking “The” and inserting “Except as provided in paragraph (3), the”;(B) in paragraph (2)—(i) in subparagraph (A), by striking “and” at the end;(ii) in subparagraph (B), by striking the period at the end and inserting “; and”; and(iii) by adding at the end the following:122 STAT. 1944 “(C) shall not exceed $500 for any fee collected under this subsection.”; and(C) by adding at the end the following:“(3) Prohibition on collection of certain fees.—In the case of a license described in paragraph (1) that was approved before July 1, 2007, the Secretary shall not collect any fees due on or after the date of enactment of this paragraph.”.(c) Rural Business Investment Companies.—Section 384I(c) of the Consolidated Farm and Rural Development Act (7 U.S.C. 2009cc–8(c)) is amended—(1) by redesignating paragraph (3) as paragraph (4); and(2) by inserting after paragraph (2) the following:“(3) Time frame.—Each rural business investment company shall have a period of 2 years to meet the capital requirements of this subsection.”.(d) Financial Institution Investments.—Section 384J of the Consolidated Farm and Rural Development Act (7 U.S.C. 2009cc–9) is amended—(1) in subsection (a)(1), by inserting “, including an investment pool created entirely by such bank or savings association” before the period at the end; and(2) in subsection (c), by striking “15” and inserting “25”.(e) Contracting of Functions.—Section 384Q of the Consolidated Farm and Rural Development Act (7 U.S.C. 2009cc–16) is repealed.(f) Funding.—The Consolidated Farm and Rural Development Act is amended by striking section 384S (7 U.S.C. 2009cc–18) and inserting the following:“SEC. 384S. AUTHORIZATION OF APPROPRIATIONS. “There is authorized to be appropriated to carry out this subtitle $50,000,000 for the period of fiscal years 2008 through 2012.” .