U.S. Code > Title 12 Banks and Banking > CHAPTER 23—FARM CREDIT SYSTEM (§§ 2001—2279cc) > SUBCHAPTER IV—PROVISIONS APPLICABLE TO TWO OR MORE CLASSES OF INSTITUTIONS OF THE SYSTEM (§§ 2151—2219e) > Part C—Rights of Borrowers; Loan Restructuring (§§ 2199—2202e) > § 2201. Notice of action on application

§ 2201. 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 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 review under section 2202 of this title.