Identification of holders of substantial interests

(a) In general Section 506(m) of the Federal Crop Insurance Act (7 U.S.C. 1506(m)) is amended— (1) by striking paragraph (3) and inserting the following: (3) Identification of holders of substantial interests (A) In general Subject to subparagraph (B), the Manager of the Corporation may require each policyholder to provide to the Manager, at such times and in such manner as the Manager may prescribe, the name of each individual or other entity that acquires or holds a substantial beneficial interest in such policyholder. (B) Extension available (i) In general Except as provided in clause (ii), the Manager of the Corporation shall allow a policyholder that does not provide to the Manager any information required pursuant to subparagraph (A) at the time prescribed by the Manager to provide that information to the Manager at any time during the applicable crop year. (ii) Exception Clause (i) shall not apply to a policyholder that an approved insurance provider determines— (I) would receive a disproportionate benefit under a crop insurance program as a result of failing to provide to the Manager of the Corporation information required pursuant to subparagraph (A) at the time prescribed by the Manager; or (II) failed to provide such information to avoid an obligation or requirement under an applicable Federal or State law.; and (2) in paragraph (4), by striking 5 percent and inserting 10 percent. (b) Technical corrections Section 506 of the Federal Crop Insurance Act (7 U.S.C. 1506) is amended— (1) in subsection (d), in the first sentence, by striking section 508(j)(2)(A), the Corporation, subject to the provisions of section 508(j), may and inserting section 508(j), the Corporation may; and (2) in subsection (m) (as amended by subsection (a))— (A) in paragraph (1), by striking 205(c)(2)(C)(iii) and inserting 205(c)(2)(C)(iv); and (B) by redesignating paragraphs (1) through (4) as paragraphs (2), (3), (4), and (1), respectively, and moving the paragraphs so as to appear in numerical order.