The Secretary shall provide notice by certified mail to each borrower who is at least 90 days past due on the payment of principal or interest on a loan made or insured under this chapter.
The notice required under subsection (a) of this section shall—
(1)include a summary of all primary loan service programs, preservation loan service programs, debt settlement programs, and appeal procedures, including the eligibility criteria, and terms and conditions of such programs and procedures;
(2)include a summary of the manner in which the borrower may apply, and be considered, for all such programs, except that the Secretary shall not require the borrower to select among such programs or waive any right in order to be considered for any program carried out by the Secretary;
(3)advise the borrower regarding all filing requirements and any deadlines that must be met for requesting loan servicing;
(4)provide any relevant forms, including applicable response forms;
(5)advise the borrower that a copy of regulations is available on request; and
(6)be designed to be readable and understandable by the borrower.
(c) Contained in regulations
All notices required by this section shall be contained in the regulations implementing this chapter.
The notice described in subsection (b) of this section shall be provided—
(1)at the time an application is made for participation in a loan service program;
(2)on written request of the borrower; and
(3)before the earliest of—
(A)initiating any liquidation;
(B)requesting the conveyance of security property;
(C)accelerating the loan;
(E)foreclosing on property; or
(F)taking any other collection action.
(e) Consideration of borrowers for loan service programs
The Secretary shall consider a farmer program borrower for all loan service programs if, within 60 days after receipt of the notice required in this section or, in extraordinary circumstances as determined by the applicable State director, after the 60-day period, the borrower requests such consideration in writing. In considering a borrower for loan service programs, the Secretary shall place the highest priority on the preservation of the borrower’s farming operations.
For definition of “this chapter”, referred to in subsecs. (a) and (c), see note set out under section
1921 of this title.
1996—Subsec. (a). Pub. L. 104–127substituted “90 days past due on” for “180 days delinquent in”.
1992—Subsec. (e). Pub. L. 102–554, which directed the insertion of “or, in extraordinary circumstances as determined by the applicable State director, after the 60-day period” after “not later than 60 days after receipt of the notice required in this section”, was executed by making the insertion after “within 60 days after receipt of the notice required in this section” to reflect the probable intent of Congress.
1990—Subsec. (b)(1). Pub. L. 101–624, § 1807(1), inserted “debt settlement programs,” after “preservation loan service programs”.
Subsec. (e). Pub. L. 101–624, § 1807(2), substituted “60 days” for “45 days”.
Amendment by section 1807(1) ofPub. L. 101–624effective 120 days after Nov. 28, 1990, see section 1861(b) ofPub. L. 101–624, set out as a note under section
2001 of this title.
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The most recent Classification Table update that we have noticed was Tuesday, August 13, 2013
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Statutes at Large
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