FEDERAL · 12 U.S.C. · Chapter SUBCHAPTER IV—PROVISIONS APPLICABLE TO TWO OR MORE CLASSES OF INSTITUTIONS OF THE SYSTEM
Notice of action on application
12 U.S.C. § 2201
Title12 — Banks and Banking
ChapterSUBCHAPTER IV—PROVISIONS APPLICABLE TO TWO OR MORE CLASSES OF INSTITUTIONS OF THE SYSTEM
PartC
This text of 12 U.S.C. § 2201 (Notice of action on application) is published on Counsel Stack Legal Research, covering United States primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Bluebook
12 U.S.C. § 2201.
Text
(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 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;
(2)if restructuring is denied, the reasons for such action; and
(3)the borrower's right to
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Related
Harper v. Federal Land Bank of Spokane
878 F.2d 1172 (Ninth Circuit, 1989)
Yankton Production Credit Ass'n v. Jensen
416 N.W.2d 860 (South Dakota Supreme Court, 1987)
Donald E. Redd and Mary A. Redd v. Federal Land Bank of St. Louis, Federal Land Bank Association of Northeast Missouri and Doug Browne, Trustee
851 F.2d 219 (Eighth Circuit, 1988)
Farm Credit Bank of St. Paul v. Huether
454 N.W.2d 710 (North Dakota Supreme Court, 1990)
Jon E. Saltzman and Paul E. Saltzman v. Farm Credit Services of Mid-America, Aca
950 F.2d 466 (Seventh Circuit, 1991)
Raymond P. Zajac and Helen Ann Zajac v. Federal Land Bank of St. Paul
887 F.2d 844 (Eighth Circuit, 1989)
Farm Credit Bank of Spokane v. Hill
879 P.2d 1158 (Montana Supreme Court, 1993)
Hartman v. Farmers Production Credit Ass'n
628 F. Supp. 218 (S.D. Indiana, 1983)
Federal Land Bank of Wichita v. Read
703 P.2d 777 (Supreme Court of Kansas, 1985)
Federal Land Bank of St. Louis v. Hopmann
658 F. Supp. 92 (E.D. Arkansas, 1987)
In Re Nelson
123 B.R. 993 (D. South Dakota, 1991)
Matter of Kramer
107 B.R. 668 (D. Nebraska, 1989)
Source Credit
History
(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
Editorial Notes
Amendments
1988—Pub. L. 100–233 amended 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.
Statutory Notes and Related Subsidiaries
Effective Date of 1985 Amendment
Amendment by Pub. L. 99–205 effective thirty days after Dec. 23, 1985, see section 401 of Pub. L. 99–205, set out as a note under section 2001 of this title.
Amendments
1988—Pub. L. 100–233 amended 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.
Statutory Notes and Related Subsidiaries
Effective Date of 1985 Amendment
Amendment by Pub. L. 99–205 effective thirty days after Dec. 23, 1985, see section 401 of Pub. L. 99–205, set out as a note under section 2001 of this title.
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Bluebook (online)
12 U.S.C. § 2201, Counsel Stack Legal Research, https://law.counselstack.com/usc/12/2201.