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12 U.S.C. § 2202 — Access to documents and information
Federal law — U.S. Code and appendices · legal_authorities
In accordance with regulations of the Farm Credit Administration, qualified lenders shall provide their borrowers, at the time of execution of loans, copies of all documents signed by the borrower and at any time thereafter, on a borrower’s request, copies of all documents signed or delivered by the borrower and at any time, on request, a copy of the institution’s articles of incorporation or charter and bylaws and copies of each appraisal of the borrower’s assets made or used by the qualified lender.
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Source file: Laws/federal/codes/united-states-code/title-12/section-2202-access-to-documents-and-information--f6dd619be3.md
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Source location: Title 12, Chapter 23, § 2202; chapter-023-farm-credit-system.md
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In accordance with regulations of the Farm Credit Administration, qualified lenders shall provide their borrowers, at the time of execution of loans, copies of all documents signed by the borrower and at any time thereafter, on a borrower’s request, copies of all documents signed or delivered by the borrower and at any time, on request, a copy of the institution’s articles of incorporation or charter and bylaws and copies of each appraisal of the borrower’s assets made or used by the qualified lender.
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Federal law — U.S. Code and appendices · legal_authorities
### Statutory Notes
Section, Pub. L. 92–181, title VIII, § 8.38, as added Pub. L. 104–105, title I, § 117, Feb. 10, 1996, 110 Stat. 168, related to recapitalization of Corporation.
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Federal law — U.S. Code and appendices · legal_authorities
**(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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2202&num=0&edition=prelim).
**(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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2202a&num=0&edition=prelim);
(2) if restructuring is denied, the reasons for such action; and
(3) the borrower’s right to review under [section 2202 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2202&num=0&edition=prelim).
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Definitions** As used in this part and [section 2219a of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2219a&num=0&edition=prelim):
(1) **Application for restructuring** — The term “application for restructuring” means a written request—
(A) from a borrower for the restructuring of a distressed loan in accordance with a preliminary restructuring plan proposed by the borrower as a part of the application;
(B) submitted on the appropriate forms prescribed by the qualified lender; and
(C) accompanied by sufficient financial information and repayment projections, where appropriate, as required by the qualified lender to support a sound credit decision.
(2) **Cost of foreclosure** — The term “cost of foreclosure” includes—
(A) the difference between the outstanding balance due on a loan made by a qualified lender and the liquidation value of the loan, taking into consideration the borrower’s repayment capacity and the liquidation value of the collateral used to secure the loan;
(B) the estimated cost of maintaining a loan as a nonperforming asset;
(C) the estimated cost of administrative and legal actions necessary to foreclose a loan and dispose of property acquired as the result of the foreclosure, including attorneys’ fees and court costs;
(D) the estimated cost of changes in the value of collateral used to secure a loan during the period beginning on the date of the initiation of an action to foreclose or liquidate the loan and ending on the date of the disposition of the collateral; and
(E) all other costs incurred as the result of the foreclosure or liquidation of a loan.
(3) **Distressed loan** — The term “distressed loan” means a loan that the borrower does not have the financial capacity to p
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Foreclosure prohibited** A qualified lender may not foreclose on any loan because of the failure of the borrower thereof to post additional collateral, if the borrower has made all accrued payments of principal, interest, and penalties with respect to the loan.
**(b) Prohibition against required principal reduction** A qualified lender may not require any borrower to reduce the outstanding principal balance of any loan made to the borrower by any amount that exceeds the regularly scheduled principal installment payment (when due and payable), unless—
(1) the borrower sells or otherwise disposes of part or all of the collateral; or
(2) the parties agree otherwise in a written agreement entered into by the parties.
**(c) Nonenforcement** After a borrower has made all accrued payments of principal, interest, and penalties with respect to a loan made by a qualified lender, the lender shall not enforce acceleration of the borrower’s repayment schedule due to the borrower having not timely made one or more principal or interest payments.
**(d) Placing loans in nonaccrual status**
(1) **Notification** — If a qualified lender places any loan in nonaccrual status, the lender shall document such change of status and promptly notify the borrower thereof in writing of such action and the reasons therefor.
(2) **Review of denial** — If the borrower was not delinquent in any principal or interest payment under the loan at the time of such action and the borrower’s request to have the loan placed back into accrual status is denied, the borrower may obtain a review of such denial before the appropriate credit review committee under [section 2202 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2202&num=0&edition=prelim).
(3) **App
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Federal law — U.S. Code and appendices · legal_authorities
Page 1334
TITLE 12—BANKS AND BANKING
§ 2201
1707; amended Pub. L. 100–233, title I, § 104, Jan.
6, 1988, 101 Stat. 1579.)
Editorial Notes
AMENDMENTS
1988—Pub. L. 100–233 substituted ‘‘qualified lenders’’
for ‘‘System institutions’’ and inserted ‘‘and copies of
each appraisal of the borrower’s assets made or used by
the qualified lender’’ before period at end.
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE
Section effective thirty days after Dec. 23, 1985, see
section 401 of Pub. L. 99–205, set out as an Effective
Date of 1985 Amendment note under section 2001 of this
title.
§ 2201. Notice of action on application
(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 de-
nied, the reasons for such action; and
(3) the applicant’s right to review under sec-
tion 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 restruc-
turing 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 sec-
tion 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.)
Editorial Notes
AMENDMENTS
19
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