12 U.S.C. § 2202e — Waiver of mediation rights by borrowers

Page 1339 TITLE 12—BANKS AND BANKING § 2205 (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 ac- crual status is denied, the borrower may ob- tain a review of such denial before the appro- priate credit review committee under section 2202 of this title. (3) Application This subsection shall only apply if a loan being placed in nonaccrual status results in an adverse action being taken against the bor- rower. (Pub. L. 92–181, title IV, § 4.14D, as added Pub. L. 100–233, title I, § 107, Jan. 6, 1988, 101 Stat. 1581.) § 2202e. Waiver of mediation rights by borrowers No System institution may make a loan se- cured by a mortgage or lien on agricultural property to a borrower on the condition that the borrower waive any right under the mediation program of any State. (Pub. L. 92–181, title IV, § 4.14E, as added Pub. L. 100–233, title V, § 511, Jan. 6, 1988, 101 Stat. 1664; amended Pub. L. 103–354, title II, § 282(f)(2), Oct. 13, 1994, 108 Stat. 3235.) Editorial Notes AMENDMENTS 1994—Pub. L. 103–354 struck out ‘‘agricultural loan’’ before ‘‘mediation program’’. PART D—ACTIVITIES OF INSTITUTIONS OF THE SYSTEM Editorial Notes CODIFICATION Pub. L. 100–233, title VIII, § 805(t)(1), Jan. 6, 1988, 101 Stat. 1716, added part D heading. § 2203. Nomination of association directors; rep- resentative selection of nominees Each production credit association and each Federal land bank association shall elect a nominating committee by vote of the stock- holders at the annual meeting to serve for the following year. Each nominating committee shall review lists of farmers from the associa- tion territory, determine their willingness to serve, and submit for election a slate of eligible candidates which shall include at least two nominees for each elective office to be filled. In doing so, the committee shall endeavor to as- sure representation to all sections of the asso- ciation territory and as nearly as possible to all types of agriculture practiced within the area. Employees of the association shall not be eligi- ble to be nominated, elected, or serve as a mem- ber of the board. Nominations shall also be ac- cepted from the floor. Members of the board are not eligible to serve on the nominating com- mittee. Regulations of the Farm Credit Admin- istration governing the election of bank direc- tors shall similarly assure a choice of two nomi- nees for each elective office to be filled and that the bank board represent as nearly as possible all types of agriculture in the district. (Pub. L. 92–181, title IV, § 4.15, Dec. 10, 1971, 85 Stat. 613; Pub. L. 100–399, title IX, § 901(g), Aug. 17, 1988, 102 Stat. 1007.) Editorial Notes AMENDMENTS 1988—Pub. L. 100–399 substituted ‘‘bank directors’’ for ‘‘district directors’’ and ‘‘bank board’’ for ‘‘district board’’. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 1988 AMENDMENT Amendment by Pub. L. 100–399 effective as if enacted immediately after enactment of Pub. L. 100–233, which was approved Jan. 6, 1988, see section 1001(a) of Pub. L. 100–399, set out as a note under section 2002 of this title. § 2204. Repealed. Pub. L. 102–552, title V, § 508, Oct. 28, 1992, 106 Stat. 4132 Section, Pub. L. 92–181, title IV, § 4.16, Dec. 10, 1971, 85 Stat. 613, prohibited tax-exempt guarantees. § 2205. Interest rates Interest rates on loans from institutions of the Farm Credit System shall not be subject to any interest rate limitation imposed by any State constitution or statute or other laws. Such limi- tation is preempted for purposes of this chapter. Interest rates on loans made by agricultural credit corporations organized in conjunction with cooperative associations for the purpose of financing the ordinary crop operations of the members of such associations or other producers and eligible to discount with the Farm Credit Banks shall be exempt from any interest rate limitation imposed by any State constitution or statute or other laws which are hereby pre- empted for purposes of this chapter. (Pub. L. 92–181, title IV, § 4.17, as added Pub. L. 96–592, title IV, § 403, Dec. 24, 1980, 94 Stat. 3446; amended Pub. L. 99–205, title II, § 205(f)(6), Dec. 23, 1985, 99 Stat. 1706; Pub. L. 99–509, title I, § 1035, Oct. 21, 1986, 100 Stat. 1878; Pub. L. 100–399, title IX, § 901(h), Aug. 17, 1988, 102 Stat. 1007; Pub. L. 115–334, title V, § 5411(24), Dec. 20, 2018, 132 Stat. 4682.) Editorial Notes AMENDMENTS 2018—Pub. L. 115–334 struck out ‘‘Federal inter- mediate credit banks and’’ before ‘‘Farm Credit Banks’’. 1988—Pub. L. 100–399 substituted ‘‘and Farm Credit Banks’’ for ‘‘pursuant to section 2074 of this title’’. 1986—Pub. L. 99–509 substituted first two sentences for former first sentence which read as follows: ‘‘Inter- est rates on loans from institutions of the Farm Credit System shall be determined with the approval of, as provided in section 2252(a)(5) of this title, the Farm Credit Administration as provided in this chapter, not- withstanding any interest rate limitation imposed by any State constitution or statute or other laws which are hereby preempted for purposes of this chapter.’’ 1985—Pub. L. 99–205 inserted ‘‘, as provided in section 2252(a)(5) of this title,’’ after ‘‘with the approval of’’ in first sentence. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 1988 AMENDMENT Amendment by Pub. L. 100–399 effective immediately after amendment made by section 401 of Pub. L. 100–233,