United States Code
USC most recently checked for updates: Sep 23, 2023
Notice of action on application
Each qualified lender to which a person has applied for a loan shall provide the person with prompt written notice of—
the action on the application;
if the loan applied for is reduced or denied, the reasons for such action; and
the applicant’s right to review under section 2202 of this title.
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—
any action taken with respect to restructuring the loan under section 2202a of this title;
if restructuring is denied, the reasons for such action; and
the borrower’s right to review under section 2202 of this title.
cite as: 12 USC 2201