Statute: 1971 ACT AS AMENDED
Title: Title IV Provisions Applicable to Two or More Classes of Institutions of the System
Part: Part C Rights of Borrowers; Loan Restructuring
U.S. Code Citation: 12 U.S.C. 2201
12 U.S.C. 2201 SEC. 4.13B. 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 4.14.
(b) DISTRESSED LOANS. Each qualified lender that has a distressed loan outstanding that is subject to restructuring requirements under this Act 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 4.14A;
(2) if restructuring is denied, the reasons for such action; and
(3) the borrower's right to review under section 4.14.
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