12 U.S. Code § 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—
(3) the applicant’s right to review under section 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 restructuring the loan under section 2202a of this title;
(3) the borrower’s right to review under section 2202 of this title.
Source(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.)
1988—Pub. L. 100–233amended section generally. Prior to amendment, section read as follows: “Every applicant for a loan from an institution of the System shall be entitled to prompt written notice of action on his application, and, if the loan applied for is reduced or denied, the reason for such action, and of the applicant’s right to review under section 2202 of this title.”
1985—Pub. L. 99–205, § 302, provided for a “written” notice and for the applicant’s right to review under section 2202 of this title.
Effective Date of 1985 Amendment
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