12-U.S.C.-2201
§2201 – Notice of Action On Application
Pathway
Title 12 > Chapter 23 > Subchapter IV > Part C > Section 2201
Details
- Reference: Section 2201
- Legend: §2201 – Notice of Action On Application
- USCode Year: 2013
Provision Content
(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 applicants right to review under section 2202 of this title.
(b) Distressed loans
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 borrowers right to review under section 2202 of this title.
(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.)
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 applicants right to review under section 2202 of this title.
1985—Pub. L. 99–205, §302, provided for a written notice and for the applicants right to review under section 2202 of this title.
Effective Date of 1985 Amendment
Amendment 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.
U.S. Encyclopedia of Law Coverage
Part C – Rights of Borrowers; Loan Restructuring in the Legal Encyclopedia: Banking Law
In this entry about Part C – Rights of Borrowers; Loan Restructuring, find legal reference material, bibliographies and premiere content related to banking law in the American Encyclopedia of Law, presenting a comprehensive view of the United States banking law-specific issues, written by authorities in the field.
12-U.S.C.-1445 in the Legal Encyclopedia: Loans
In this entry about 12-U.S.C.-1445, find legal reference material, bibliographies and premiere content related to loans in the American Encyclopedia of Law, presenting a comprehensive view of the United States loans-specific issues, written by authorities in the field.
Part A – Funding in the Legal Encyclopedia: Farm Credit System
In this entry about Part A – Funding, find legal reference material, bibliographies and premiere content related to farm credit system in the American Encyclopedia of Law, presenting a comprehensive view of the United States farm credit system-specific issues, written by authorities in the field.
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