U.S. Code » Title 12 » Chapter CHAPTER 23— FARM CREDIT SYSTEM › Subchapter SUBCHAPTER IV— PROVISIONS APPLICABLE TO TWO OR MORE CLASSES OF INSTITUTIONS OF THE SYSTEM › Part Part C— Rights of Borrowers; Loan Restructuring

12 U.S.C. § 2201

Notice of action on application

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(a) Loan applicationsEach 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 loansEach 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 review under section 2202 of this title.(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 NotesAmendments

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 SubsidiariesEffective 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.

Notes of Decisions
Cited in 13 cases, 1983–1993 · leading case: Farm Credit Bank of St. Paul v. Huether, 454 N.W.2d 710 (N.D. 1990).
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Farm Credit Bank of St. Paul v. Huether, 454 N.W.2d 710 (N.D. 1990). · cites it 4× “" *717 12 U.S.C. § 2201 (b). The Act also provides that: "[W]hen a system lender determines that a loan is or has become distressed, the lender must provide written notice to the borrower that the loan may be suitable for restructuring.”
Yankton Prod. Credit Ass'n v. Jensen, 416 N.W.2d 860 (S.D. 1987). · cites it 2× “They argue that even the cases that hold that the FCA does not grant a private right of action make an exception as to 12 U.S.C. §§ 2201 and 2202 and counsel states in his brief: "The trial court in the present case clearly determined that the PCA had violated 12 U.”
Raymond P. Zajac & Helen Ann Zajac v. Fed. Land Bank of St. Paul, 909 F.2d 1181 (8th Cir. 1990). “12 U.S.C. § 2201 (b). (b) That not later than 45 days before a lender begins foreclosure proceedings, the lender shall notify the borrower that the loan may be suitable for restructuring.”
Donald E. Redd & Mary A. Redd v. Fed. Land Bank of St. Louis, Fed. Land Bank Ass'n of Ne. Missouri & Doug Browne, Tr., 851 F.2d 219 (8th Cir. 1988). “Section 302 amended 12 U.S.C.A. § 2201 to require written notice of action on an application, including reasons for denial or reduction of the requested loan.”
Jon E. Saltzman & Paul E. Saltzman v. Farm Credit Servs. of Mid-Am., Aca, 950 F.2d 466 (7th Cir. 1991). “In addition, the Act provides for extensive enforcement powers by the Farm Credit Administration (e.”
Harper v. Fed. Land Bank of Spokane, 878 F.2d 1172 (9th Cir. 1989). · cites it 2× “12 U.S.C. § 2201 (a). If a loan application or loan restructuring proposal is denied, the applicant/borrower is entitled to learn the reason for the denial and to receive notice of the applicant’s/borrower’s right to seek review of the adverse decision.”
Raymond P. Zajac & Helen Ann Zajac v. Fed. Land Bank of St. Paul, 887 F.2d 844 (8th Cir. 1989). “12 U.S.C. § 2201 (b). (b) That not later than 45 days before a lender begins foreclosure proceedings, the lender shall notify the borrower that the loan may be suitable for restructuring.”
Farm Credit Bank of Spokane v. Hill, 879 P.2d 1158 (Mont. 1993). “Specifically, the Hills refer *263 the Court to 12 U.S.C. § 2201 (b), 2202(a), 2202a - 2202d of the Farm Credit Act of 1971 (amended 1985, 1988).”
Hartman v. Farmers Prod. Credit Ass'n, 628 F. Supp. 218 (S.D. Ind. 1983). “See, 12 U.S.C. §§ 2201 and 2202. Moreover, 12 U.”
Fed. Land Bank of Wichita v. Read, 703 P.2d 777 (Kan. 1985). “4441 (1985) are patterned after 12 U.S.C. §§ 2201 and 2202. They provide: “§ 614.”
In Re Nelson, 123 B.R. 993 (Bankr. D.S.D. 1991). “§ 1981 , 12 U.S.C. § 2201 , et seq., 7 C.F.R. § 1951 , and 11 U.”
Fed. Land Bank of St. Louis v. Hopmann, 658 F. Supp. 92 (E.D. Ark. 1987). “The law is well settled that the regulations of the Farm Credit Act do not create any affirmative duties or prohibitions.”
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