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12 U.S.C. § 2202a — Notice of action on application

Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 2202a — 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 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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Source location: Title 12, Chapter 23, § 2202a; chapter-023-farm-credit-system.md

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 2202 — Access to documents and information

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

12 U.S.C. § 2001 — Repealed. Pub. L. 115–334, title V, § 5411(51), Dec. 20, 2018, 132 Stat. 4685

### 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

12 U.S.C. § 2202d — Effect of restructuring on borrower stock

**(a) Farm Credit Bank** If a Farm Credit Bank forgives and writes off, under [section 2202a of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2202a&num=0&edition=prelim), any of the principal outstanding on a loan made to any borrower, the Federal land bank association of which the borrower is a member and stockholder shall cancel the same dollar amount of borrower stock held by the borrower in respect of the loan, up to the total amount of such stock, and, to the extent provided for in the bylaws of the bank relating to its capitalization, the bank shall retire an equal amount of stock owned by the Federal land bank association. **(b) Production credit association** If a production credit association forgives and writes off, under [section 2202a of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2202a&num=0&edition=prelim), any of the principal outstanding on a loan made to any borrower, the association shall cancel the same dollar amount of borrower stock held by the borrower in respect of the loan, up to the total amount of such stock. **(c) Retention of stock** Notwithstanding subsections (a) and (b), the borrower shall be entitled to retain at least one share of stock to maintain the borrower’s membership and voting interest in the association.

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 2202a — Restructuring distressed loans

Page 1335 TITLE 12—BANKS AND BANKING § 2202a (4) Additional collateral An independent appraisal shall be permitted if additional collateral for a loan is demanded by the qualified lender when determining whether to restructure the loan. (e) Notification of applicant Promptly after a review by the credit review committee, the committee shall notify the ap- plicant or borrower, as the case may be, in writ- ing of the decision of the committee and the rea- sons for the decision. (Pub. L. 92–181, title IV, § 4.14, Dec. 10, 1971, 85 Stat. 613; Pub. L. 99–205, title III, § 303, Dec. 23, 1985, 99 Stat. 1708; Pub. L. 100–233, title I, § 106, title VIII, § 805(s), Jan. 6, 1988, 101 Stat. 1580, 1716; Pub. L. 100–399, title I, § 103, title VII, § 702(b), Aug. 17, 1988, 102 Stat. 990, 1006.) Editorial Notes AMENDMENTS 1988—Pub. L. 100–233, § 805(s), which directed amend- ment of this section by substituting ‘‘committees’’ for ‘‘committee(s)’’, ‘‘2201’’ for ‘‘2199’’, and ‘‘review’’ for ‘‘reviews’’, was repealed by Pub. L. 100–399, § 702(b). See Construction of 1988 Amendment note below. Pub. L. 100–233, § 106, amended section generally. Prior to amendment, section read as follows: ‘‘The board of directors of each Farm Credit System institu- tion shall establish one or more credit review com- mittee(s), which shall include farmer board respresentation. [sic] Any loan applicant who has re- ceived written notice, under section 2199 of this title, of a decision to deny or reduce the loan applied for, if the applicant so requests in writing within thirty days after receiving such notice, may obtain a review of such decision in person before the credit review com- mittee. When a loan applicant requests review of an ad- verse credit decision, a majority of p

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