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
A translation hasn’t been published for this section yet. The official text below is complete and authoritative.
Each qualified lender* to which a person* has applied for a loan shall provide the person with prompt written notice of—
the action on the application;
if the loan applied for is reduced or denied, the reasons for such action; and
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—
any action taken with respect to restructuring the loan under section 2202a of this title;
if restructuring is denied, the reasons for such action; and
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.)
- 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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