106 STAT. 4154 PUBLIC LAW 102-554—OCT. 28, 1992

"(iii) the cost of completing and processing the form
is miniif*"ilj and

"(iv) the form can be completed and processed in an
expeditious manner.".

SEC. 16. INVENTORY LEASE OR LEASE WITH OPTION TO PURCHASE.

The fourth sentence of section 335(cXD (7 U.S.C. 1985(cXD)
is amended—

(1) by inserting W after "shall be"; and

(2) by inserting before the period at the end the following:
"or (B) leased to persons eligible for assistance under the provi-
sions of any law administered by the Farmers Home Adminis-
tration or the Rural Development Administration under an
annual lease or a lease with an option to purchase, with a
preference for sale".

SEC. 17. TRANSFER OF INDIAN LANDS PLEDGED AS COLLATERAL FOR
FmHA LOANS.

Section 335(eXD (7 U.S.C. 1985(eXD) is amended—

(1) in subparagraph (DXi), by striking "IT and inserting
"Except as provided in subparagraph (G), ir; and

(2) by adding at the end the following new subparagraph:
"(GXi)If-

"(I) the real property described in subparagraph (AXi) is
located within an Indian reservation;

"(II) the borrower-owner is an Indian tribe that has jurisdic-
tion over the reservation in which the real property is located
or the borrower-owner is a member of an Indian tribe;

"(III) the borrower-owner has obtained a loan made,
insured, or guaranteed under this title; and

"(IV) the borrower-owner and the Secretary have exhausted

all of the procedures provided for in this title to permit a

borrower-owner to retain title to the real property, such that

it is necessary for title borrower-owner to relinquish title,

the Secretary shall dispose of or administer the property only as

provided in subparagraph (D), as modified by this subparagraph.

"(ii) The Secretary shall provide the borrower-owner of real

property that is described in clause (i) with written notice of—

"(I) the right of the borrower-owner to voluntarily convey

the real property to the Secretary; and

"(II) the fact that real property so conveyed will be placed
in the inventory of the Secretary.

"(iii) The Secretary shall provide the borrower-owner of the
real property with written notice of the rights and protections
provided under this title to the borrower-owner, and the Indian
tribe that has jurisdiction over the reservation in which the real
property is located, from foreclosure or liquidation of the real prop-
erty, including written notice of—

"(I) the provisions of subparagraphs (CXi), (CXii), and (D),
this subparagraph, and subsection (gX6);

"(II) if the borrower-owner does not voluntarily convey the
real property to the Secretary, that—

"(aa) the Secretary may foreclose on the property;
"(bb) in the event of foreclosure, the property will be
offered for sale;

"(cc) the Secretary must offer a bid for the property
that is equal to the fair market value of the property