12 U.S.C. § 2201 — Notice of action on application

submitted 55 years ago by Pub. L. 92-181 to r/title-12-BANKS-AND-BANKING · 140 words · no verdicts yet

in plain englishAI-generated · not legal advice

Notice of action on application is governed by the rules in this section. It requires or permits the actions and conditions stated below, including the listed exceptions. (a) Loan applications Each qualified lender to which a person has applied for a loan must 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.

(a) Loan applications Each qualified lender to which a person has applied for a loan must 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. (b) Distressed loans Each qualified lender that has a distressed loan outstanding that is subject to restructuring requirements under this chapter must 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.

the actual law source: uscode.house.gov ↗public domain

(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.

(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 borrower’s right to review under section 2202 of this title.

Source credit: (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.)

history & why it existsrecord from the source credit

1971Enacted · Pub. L. 92-181 · 85 Stat. 613
1988Amended · Pub. L. 100-233 · 101 Stat. 1579

A history note hasn’t been published yet. The record shows enactment by Pub. L. 92-181 on 1971-12-10.

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