§ 2199. Disclosure

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1. 1985

   Farm Credit Act of 1971

   Pub. L. 92–181 title IV § 4 · 85 Stat. 583

   Enacted · 12 U.S.C. § 2199

   Pub. L. 92–181, title IV, § 4.13, as added Pub. L. 99–205, title III, § 301(b), Dec. 23, 1985, 99 Stat. 1707

   Source evidence

   Code source credit
   Pub. L. 92–181, title IV, § 4.13, as added Pub. L. 99–205, title III, § 301(b), Dec. 23, 1985, 99 Stat. 1707

   Enacted provision · exact public law section
   (4) Sue and be sued.

2. 1988

   Agricultural Credit Act of 1987

   Pub. L. 100–233 § 109 · 101 Stat. 1568

   1. Amended · 12 U.S.C. § 2199

      Pub. L. 100–233, § 109, designated existing provisions as subsec. (a)

   2. Inserted · 12 U.S.C. § 2199

      Pub. L. 100–233, § 109, inserted heading

   3. Added · 12 U.S.C. § 2199

      Pub. L. 100–233, § 109, added subsec. (b)

   Source evidence

   Code amendment note
   Pub. L. 100–233, § 109, designated existing provisions as subsec. (a), inserted heading, and added subsec. (b).

   Enacted provision · exact public law section
   SEC. 109. DIFFERENTIAL INTEREST RATES. 12 USC 2199. Section 4.13 (12 U.S.C. 2201) (as amended by section 103(a) of this Act) is further amended— (1) by striking out “In” and inserting in lieu thereof “(a) In General.—In”; and (2) by adding at the end thereof the following new subsection: “(b) Differential Interest Rates.— A qualified lender offering more than one rate of interest to borrowers shall, at the request of a borrower of a loan— “(1) provide a review of the loan to determine if the proper interest rate has been established; “(2) explain to the borrower in writing the basis for the interest rate charged; and “(3) explain to the borrower in writing how the credit status of the borrower may be improved to receive a lower interest rate on the loan.”.

3. 1988

   Agricultural Credit Act of 1987

   Pub. L. 100–233 § 103 · 101 Stat. 1568

   1. Amended · 12 U.S.C. § 2199

      Pub. L. 100–233, § 103, amended section generally

   2. Substituted · 12 U.S.C. § 2199

      Pub. L. 100–233, § 103, substituting introductory provisions and cls. (1) to (6) for former subsecs. (a) and (b)

   Target inherited from the preceding amendment note.

   Source evidence

   Code amendment note
   Pub. L. 100–233, § 103, amended section generally, substituting introductory provisions and cls. (1) to (6) for former subsecs. (a) and (b).

   Enacted provision · exact public law section
   SEC. 103. DISCLOSURE BY BANKS AND ASSOCIATIONS. Section 4.13 (12 U.S.C. 2199) is amended to read as follows: “SEC. 4.13. DISCLOSURE. “In accordance with regulations of the Farm Credit Administration, qualified lenders shall provide to borrowers, for all loans that are not subject to the Truth in Lending Act (15 U.S.C. 1601 et seq.), meaningful and timely disclosure not later than the time of the loan closing, of— “(1) the current rate of interest on the loan; “(2) in the case of an adjustable or variable rate loan, the amount and frequency by which the interest rate can be increased during the term of the loan or, if there are no such limitations, a statement to that effect, and the factors (including the cost of funds, operating expenses, and provision for loan losses) that will be taken into account by the qualified lender in determining adjustments to the interest rate; “(3) the effect, as shown by a representative example or examples, of any loan origination charges or purchases of stock or participation certificates on the effective rate of interest; “(4) any change in the interest rate applicable to the borrower’s loan; “(5) except with respect to stock guaranteed under section 4.9A, a statement indicating that stock that is purchased is at risk; and “(6) a statement indicating the various types of loan options available to borrowers, with an explanation of the terms and borrowers’ rights that apply to each type of loan.”.

4. 1996

   Farm Credit System Reform Act of 1996

   Pub. L. 104–105 title II § 207 · 110 Stat. 162

   Inserted · 12 U.S.C. § 2199(a)(4)

   Pub. L. 104–105 inserted before semicolon at end “, and notice to the borrower of a change in the interest rate applicable to the loan of the borrower may be made within a reasonable time after the effective date of an increase or decrease in the interest rate”

   Source evidence

   Code amendment note
   Subsec. (a)(4). Pub. L. 104–105 inserted before semicolon at end “, and notice to the borrower of a change in the interest rate applicable to the loan of the borrower may be made within a reasonable time after the effective date of an increase or decrease in the interest rate”.

   Enacted provision · exact public law section
   SEC. 207. DISCLOSURE RELATING TO ADJUSTABLE RATE LOANS. Section 4.13(a)(4) of the Farm Credit Act of 1971 (12 U.S.C. 2199(a)(4)) is amended by inserting before the semicolon at the end the following: “, and notice to the borrower of a change in the interest rate applicable to the loan of the borrower may be made within a reasonable time after the effective date of an increase or decrease in the interest rate”.

7 of 7 references resolved to an enrolled provision