2017 US Code
Title 12 - Banks and Banking
Chapter 23 - Farm Credit System
Subchapter IV - Provisions Applicable to Two or More Classes of Institutions of the System
Part C - Rights of Borrowers; Loan Restructuring
Sec. 2201 - Notice of action on application
| 12 U.S.C. § 2201 (2017) |
| §2201. Notice of action on application |
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(a) Loan applications
Each qualified lender to which a person has applied for a loan shall provide the person with prompt written notice of— (1) the action on the application; (2) if the loan applied for is reduced or denied, the reasons for such action; and (3) the applicant's right to review under section 2202 of this title. Each qualified lender that has a distressed loan outstanding that is subject to restructuring requirements under this chapter shall provide, in accordance with regulations prescribed by the Farm Credit Administration, the borrower with prompt written notice of— (1) any action taken with respect to restructuring the loan under section 2202a of this title; (2) if restructuring is denied, the reasons for such action; and (3) the borrower's right to review under section 2202 of this title. |
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(Pub. L. 92–181, title IV, §4.13B, formerly §4.13, Dec. 10, 1971, 85 Stat. 613, renumbered §4.13B and amended Pub. L. 99–205, title III, §§301(a), 302, Dec. 23, 1985, 99 Stat. 1707, 1708; Pub. L. 100–233, title I, §105, Jan. 6, 1988, 101 Stat. 1579.) |
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AMENDMENTS
1988—Pub. L. 100–233 amended section generally. Prior to amendment, section read as follows: "Every applicant for a loan from an institution of the System shall be entitled to prompt written notice of action on his application, and, if the loan applied for is reduced or denied, the reason for such action, and of the applicant's right to review under section 2202 of this title." 1985—Pub. L. 99–205, §302, provided for a "written" notice and for the applicant's right to review under section 2202 of this title. EFFECTIVE DATE OF 1985 AMENDMENTAmendment by Pub. L. 99–205 effective thirty days after Dec. 23, 1985, see section 401 of Pub. L. 99–205, set out as a note under section 2001 of this title. |
| United States Code, 2012 Edition, Supplement 5, Title 12 - BANKS AND BANKING |
| Bills and Statutes |
| United States Code |
| Y 1.2/5: |
| Title 12 - BANKS AND BANKING CHAPTER 23 - FARM CREDIT SYSTEM SUBCHAPTER IV - PROVISIONS APPLICABLE TO TWO OR MORE CLASSES OF INSTITUTIONS OF THE SYSTEM Part C - Rights of Borrowers; Loan Restructuring Sec. 2201 - Notice of action on application |
| section 2201 |
| 2017 |
| January 12, 2018 |
| No |
| standard |
| 85 Stat. 613 99 Stat. 1707 101 Stat. 1579 |
| Public Law 92-181, Public Law 99-205, Public Law 100-233 |
