2011 US Code
Title 12 - Banks and Banking
Chapter 40 - INTERNATIONAL LENDING SUPERVISION (§§ 3901 - 3912)
Section 3905 - Accounting for fees on international loans
View Metadata| Publication Title | United States Code, 2006 Edition, Supplement 5, Title 12 - BANKS AND BANKING |
| Category | Bills and Statutes |
| Collection | United States Code |
| SuDoc Class Number | Y 1.2/5: |
| Contained Within | Title 12 - BANKS AND BANKING CHAPTER 40 - INTERNATIONAL LENDING SUPERVISION Sec. 3905 - Accounting for fees on international loans |
| Contains | section 3905 |
| Date | 2011 |
| Laws in Effect as of Date | January 3, 2012 |
| Positive Law | No |
| Disposition | standard |
| Source Credit | Pub. L. 98-181, title IX, §906, Nov. 30, 1983, 97 Stat. 1279. |
| Statutes at Large Reference | 97 Stat. 1279 |
| Public Law Reference | Public Law 98-181 |
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(a)(1) In order to avoid excessive debt service burdens on debtor countries, no banking institution shall charge, in connection with the restructuring of an international loan, any fee exceeding the administrative cost of the restructuring unless it amortizes such fee over the effective life of each such loan.
(2)(A) Each appropriate Federal banking agency shall promulgate such regulations as are necessary to further carry out the provisions of this subsection.
(B) The requirement of paragraph (1) shall take effect on November 30, 1983.
(b)(1) Subject to subsection (a) of this section, the appropriate Federal banking agencies shall promulgate regulations for accounting for agency, commitment, management and other fees charged by a banking institution in connection with an international loan.
(2) Such regulations shall establish the accounting treatment of such fees for regulatory, supervisory, and disclosure purposes to assure that the appropriate portion of such fees is accrued in income over the effective life of each such loan.
(3) The appropriate Federal banking agencies shall promulgate regulations or orders necessary to implement this subsection within one hundred and twenty days after November 30, 1983.
(Pub. L. 98–181, title IX, §906, Nov. 30, 1983, 97 Stat. 1279.)
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