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12 U.S.C. § 2201 — Disclosure
Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** In accordance with regulations of the Farm Credit Administration, qualified lenders shall provide to borrowers, for all loans that are not subject to the Truth in Lending Act ([15 U.S.C. 1601](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1601&num=0&edition=prelim) et seq.), meaningful and timely disclosure not later than the time of the loan closing, of—
(1) the current rate of interest on the loan;
(2) in the case of an adjustable or variable rate loan, the amount and frequency by which the interest rate can be increased during the term of the loan or, if there are no such limitations, a statement to that effect, and the factors (including the cost of funds, operating expenses, and provision for loan losses) that will be taken into account by the qualified lender in determining adjustments to the interest rate;
(3) the effect, as shown by a representative example or examples, of any loan origination charges or purchases of stock or participation certificates on the effective rate of interest;
(4) any change in the interest rate applicable to the borrower’s loan, and notice to the borrower of a change in the interest rate applicable to the loan of the borrower may be made within a reasonable time after the effective date of an increase or decrease in the interest rate;
(5) except with respect to stock guaranteed under [section 2162 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2162&num=0&edition=prelim), a statement indicating that stock that is purchased is at risk; and
(6) a statement indicating the various types of loan options available to borrowers, with an explanation of the terms and borrowers’ rights that apply to each type of loan.
**(b) Differential interest r
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Source location: Title 12, Chapter 23, § 2201; chapter-023-farm-credit-system.md
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**(a) In general** In accordance with regulations of the Farm Credit Administration, qualified lenders shall provide to borrowers, for all loans that are not subject to the Truth in Lending Act ([15 U.S.C. 1601](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1601&num=0&edition=prelim) et seq.), meaningful and timely disclosure not later than the time of the loan closing, of—
(1) the current rate of interest on the loan;
(2) in the case of an adjustable or variable rate loan, the amount and frequency by which the interest rate can be increased during the term of the loan or, if there are no such limitations, a statement to that effect, and the factors (including the cost of funds, operating expenses, and provision for loan losses) that will be taken into account by the qualified lender in determining adjustments to the interest rate;
(3) the effect, as shown by a representative example or examples, of any loan origination charges or purchases of stock or participation certificates on the effective rate of interest;
(4) any change in the interest rate applicable to the borrower’s loan, and notice to the borrower of a change in the interest rate applicable to the loan of the borrower may be made within a reasonable time after the effective date of an increase or decrease in the interest rate;
(5) except with respect to stock guaranteed under [section 2162 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2162&num=0&edition=prelim), a statement indicating that stock that is purchased is at risk; and
(6) a statement indicating the various types of loan options available to borrowers, with an explanation of the terms and borrowers’ rights that apply to each type of loan.
**(b) Differential interest rates** A qualified lender offering more than one rate of interest to borrowers shall, at the request of a borrower of a loan—
(1) provide a review of the loan to determine if the proper interest rate has been established;
(2) explain to the borrower in writing the basis for the interest rate charged; and
(3) explain to the borrower in writing how the credit status of the borrower may be improved to receive a lower interest rate on the loan.
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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) Informed use of credit** The Congress finds that economic stabilization would be enhanced and the competition among the various financial institutions and other firms engaged in the extension of consumer credit would be strengthened by the informed use of credit. The informed use of credit results from an awareness of the cost thereof by consumers. It is the purpose of this subchapter to assure a meaningful disclosure of credit terms so that the consumer will be able to compare more readily the various credit terms available to him and avoid the uninformed use of credit, and to protect the consumer against inaccurate and unfair credit billing and credit card practices.
**(b) Terms of personal property leases** The Congress also finds that there has been a recent trend toward leasing automobiles and other durable goods for consumer use as an alternative to installment credit sales and that these leases have been offered without adequate cost disclosures. It is the purpose of this subchapter to assure a meaningful disclosure of the terms of leases of personal property for personal, family, or household purposes so as to enable the lessee to compare more readily the various lease terms available to him, limit balloon payments in consumer leasing, enable comparison of lease terms with credit terms where appropriate, and to assure meaningful and accurate disclosures of lease terms in advertisements.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Establishment** There is hereby established the Federal Farm Credit Banks Funding Corporation (hereinafter in this section referred to as the “Corporation”), which shall be an institution of the Farm Credit System.
**(b) Duties** The Corporation—
(1) shall issue, market, and handle the obligations of the banks of the Farm Credit System, and interbank or intersystem flow of funds as may from time to time be required;
(2) acting for the banks of the Farm Credit System, subject to approval of the Farm Credit Administration, shall determine the amount, maturities, rates of interest, terms, and conditions of participation by the several banks in each issue of joint, consolidated, or System-wide obligations; and
(3) shall exercise such other powers as were provided to the predecessor Federal Farm Credit Banks Funding Corporation in accordance with its charter issued under [section 2211 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2211&num=0&edition=prelim), in effect immediately before January 6, 1988.
**(c) Officers and committees**
(1) **Designation** — The board of directors may designate such officers and committees for such terms and such purposes as may be agreed on by the board.
(2) **Issuance of obligations** — When appropriate to the board’s functions under this section, a committee of the board of directors of the Corporation, or representatives thereof, may act on behalf of the board in connection with the issuance of joint, consolidated, and System-wide obligations.
**(d) Board of directors**
(1) **Composition** — The board of directors shall be composed of nine voting members and one nonvoting member, as follows:
(A) Four voting members shall be current or former directors of the System banks elected
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Federal law — U.S. Code and appendices · legal_authorities
**(a)** It is declared to be the policy of the Congress, recognizing that a prosperous, productive agriculture is essential to a free nation and recognizing the growing need for credit in rural areas, that the farmer-owned cooperative Farm Credit System be designed to accomplish the objective of improving the income and well-being of American farmers and ranchers by furnishing sound, adequate, and constructive credit and closely related services to them, their cooperatives, and to selected farm-related businesses necessary for efficient farm operations.
**(b)** It is the objective of this chapter to continue to encourage farmer- and rancher-borrowers participation in the management, control, and ownership of a permanent system of credit for agriculture which will be responsive to the credit needs of all types of agricultural producers having a basis for credit, and to modernize and improve the authorizations and means for furnishing such credit and credit for housing in rural areas made available through the institutions constituting the Farm Credit System as herein provided.
**(c)** It is declared to be the policy of Congress that the credit needs of farmers, ranchers, and their cooperatives are best served if the institutions of the Farm Credit System provide equitable and competitive interest rates to eligible borrowers, taking into consideration the creditworthiness and access to alternative sources of credit for borrowers, the cost of funds, the operating costs of the institution, including the costs of any loan loss amortization under section 2254(b)11 See References in Text note below. of this title, the cost of servicing loans, the need to retain earnings to protect borrowers’ stock, and the volume of net new borrowing. Further, it is declared to be the policy
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Credit review committees**
(1) **In general** — The board of directors of each qualified lender shall establish one or more credit review committees, which shall include farmer board representation.
(2) **Membership** — In no case shall a loan officer involved in the initial decision on a loan serve on the credit review committee when the committee reviews such loan.
**(b) Review of decisions**
(1) **Denials or reductions** — Any applicant for a loan from a qualified lender that has received a written notice issued under [section 2201 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2201&num=0&edition=prelim) of a decision to deny or reduce the loan applied for may submit a written request, not later than 30 days after receiving a notice denying or reducing the amount of the loan application, to obtain a review of the decision before the credit review committee.
(2) **Denials of restructuring** — A borrower of a loan from a qualified lender that has received notice, under [section 2201 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2201&num=0&edition=prelim), of a decision to deny loan restructuring with respect to a loan made to the borrower, if the borrower so requests in writing within 7 days after receiving such notice, may obtain a review of such decision in person before the credit review committee.
**(c) Personal appearance** An applicant for a loan or for restructuring, who is entitled to and has requested a review under this section, may appear in person before the credit review committee, and may be accompanied by counsel or by any other representative of such person’s choice, to seek a reversal of the decision on the application under review.
**(d) Independent a
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Federal law — U.S. Code and appendices · legal_authorities
### Statutory Notes
Section 741, acts July 17, 1916, ch. 245, title I, § 9, 39 Stat. 368; Ex. Ord. No. 6084, Mar. 27, 1933; Aug. 18, 1959, Pub. L. 86–168, title I, § 104(h), 73 Stat. 387, covered members’ rights to loans. See [section 2201 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2201&num=0&edition=prelim).
Section 742, acts July 17, 1916, ch. 245, title I, § 9, 39 Stat. 368; Aug. 18, 1959, Pub. L. 86–168, title I, § 102(a), 73 Stat. 384, covered payments for stock from proceeds of member’s mortgage loan. See [section 2033 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2033&num=0&edition=prelim).
Section 743, acts July 17, 1916, ch. 245, title I, § 9, 39 Stat. 368; Ex. Ord. No. 6084, Mar. 27, 1933; Aug. 18, 1959, Pub. L. 86–168, title I, § 104(h), 73 Stat. 387, authorized retention of commissions on interest payments. See [section 2033 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2033&num=0&edition=prelim).
Section 744, acts July 17, 1916, ch. 245, title I, § 9, 39 Stat. 368; Aug. 18, 1959, Pub. L. 86–168, title I, § 104(h), 73 Stat. 387, provided for individual liability of shareholders.
Section 744a, acts June 16, 1933, ch. 98, title VII, § 72, 48 Stat. 271; Aug. 18, 1959, Pub. L. 86–168, title I, § 104(h), 73 Stat. 387, relieved shareholders of land bank associations of personal liability for contracts, debts, and engagements entered into after June 16, 1933.
Section 745, acts July 17, 1916, ch. 245, title I, § 9, 39 Stat. 368; June 3, 1935, ch. 164, 20, 49 Stat. 319; Aug. 19, 1937, ch. 704, § 24, 50 Stat. 710; June 30, 1945, ch. 204, § 1(b), 59 Stat. 266; Aug. 18, 1959, Pub. L. 86–168, title I, § 104(h), (i), 73 Stat. 387,
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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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Federal law — U.S. Code and appendices · legal_authorities
Page 1452
TITLE 15—COMMERCE AND TRADE
§ 1601
Sec.
1679f.
Noncompliance with this subchapter.
1679g.
Civil liability.
1679h.
Administrative enforcement.
1679i.
Statute of limitations.
1679j.
Relation to State law.
SUBCHAPTER III—CREDIT REPORTING AGENCIES
1681.
Congressional findings and statement of pur-
pose.
1681a.
Definitions; rules of construction.
1681b.
Permissible purposes of consumer reports.
1681c.
Requirements relating to information con-
tained in consumer reports.
1681c–1.
Identity theft prevention; fraud alerts and ac-
tive duty alerts.
1681c–2.
Block of information resulting from identity
theft.
1681c–3.
Adverse information in cases of trafficking.
1681d.
Disclosure of investigative consumer reports.
1681e.
Compliance procedures.
1681f.
Disclosures to governmental agencies.
1681g.
Disclosures to consumers.
1681h.
Conditions and form of disclosure to con-
sumers.
1681i.
Procedure in case of disputed accuracy.
1681j.
Charges for certain disclosures.
1681k.
Public record information for employment
purposes.
1681l.
Restrictions on investigative consumer re-
ports.
1681m.
Requirements on users of consumer reports.
1681n.
Civil liability for willful noncompliance.
1681o.
Civil liability for negligent noncompliance.
1681p.
Jurisdiction of courts; limitation of actions.
1681q.
Obtaining information under false pretenses.
1681r.
Unauthorized disclosures by officers or em-
ployees.
1681s.
Administrative enforcement.
1681s–1.
Information on overdue child support obliga-
tions.
1681s–2.
Responsibilities of furnishers of information
to consumer reporting agencies.
1681s–3.
Affiliate sharing.
1681t.
Relation to State laws.
1681u.
Disclosures to FBI for counterintelligence
purposes.
1681v.
Disclosure
Source: Supplied 2024 U.S. Code historical extraction · 15 U.S.C. § 1601
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