§ 2202. Reconsideration of actions

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. 1971

   Farm Credit Act of 1971

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

   Enacted · 12 U.S.C. § 2202

   Pub. L. 92–181, title IV, § 4.14, Dec. 10, 1971, 85 Stat. 613

   Source evidence

   Code source credit
   Pub. L. 92–181, title IV, § 4.14, Dec. 10, 1971, 85 Stat. 613

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

2. 1985

   Farm Credit Amendments Act of 1985

   Pub. L. 99–205 title III § 303 · 99 Stat. 1678

   1. Changed · 12 U.S.C. § 2202

      Pub. L. 99–205, in amending section generally

   2. Substituted · 12 U.S.C. § 2202

      Pub. L. 99–205, in substituted provisions respecting reconsideration of action on loan application for prior reconsideration provisions which read as follows: “Any applicant who has reason to believe that the action on his application by an association failed to take into account facts pertinent to his application, or has misinterpreted or failed to properly apply the applicable law or rules and regulations governing his application, may, if he so requests in writing within thirty days of the date of that notice, request an informal hearing on his application and the action of the association in reduction or denial thereof, or the reason for such action, in person before the loan committee or officer or employee thereof authorized to act on applications under section 2033(11) or 2093(18) of this title. Promptly after such a hearing, he shall be notified of the decision upon reconsideration and the reasons therefor.”

   Source evidence

   Code amendment note
   Pub. L. 99–205, in amending section generally, substituted provisions respecting reconsideration of action on loan application for prior reconsideration provisions which read as follows: “Any applicant who has reason to believe that the action on his application by an association failed to take into account facts pertinent to his application, or has misinterpreted or failed to properly apply the applicable law or rules and regulations governing his application, may, if he so requests in writing within thirty days of the date of that notice, request an informal hearing on his application and the action of the association in reduction or denial thereof, or the reason for such action, in person before the loan committee or officer or employee thereof authorized to act on applications under section 2033(11) or 2093(18) of this title. Promptly after such a hearing, he shall be notified of the decision upon reconsideration and the reasons therefor.”

   Enacted provision · exact public law section
   Sec. 303. reconsideration Section 4.14 of the Farm Credit Act of 1971 is amended to read as follows: “Sec. 4.14. Reconsideration of Action on Loan Application.— The board of directors of each Farm Credit System institution shall establish one or more credit review committees), which shall include farmer board respresentation. Any loan applicant who has Ante, p. 1707. received written notice, under section 4.13, of a decision to deny or reduce the loan applied for, if the applicant so requests in writing within thirty days after receiving such notice, may obtain a review of such decision in person before the credit review committee. When a loan applicant requests review of an adverse credit decision, a majority of persons serving on such reviews committee must be persons who were not involved in making the adverse decision. Promptly after any such review, the applicant shall be notified in writing of the credit review committee’s decision and the reasons therefor.”

3. 1988

   Agricultural Credit Act of 1987

   Pub. L. 100–233 § 805(s) · 101 Stat. 1568

   Repealed · 12 U.S.C. § 2202

   Pub. L. 100–233, § 805(s), which directed amendment of this section by substituting “committees” for “committee(s)”, “2201” for “2199”, and “review” for “reviews”, was repealed by Pub. L. 100–399, § 702(b). See Construction of 1988 Amendment note below

   Source evidence

   Code amendment note
   Pub. L. 100–233, § 805(s), which directed amendment of this section by substituting “committees” for “committee(s)”, “2201” for “2199”, and “review” for “reviews”, was repealed by Pub. L. 100–399, § 702(b). See Construction of 1988 Amendment note below.

   Enacted provision · exact public law section
   (s) 12 USC 2202. Section 4.14 is amended— (1) by striking out “committee(s)” and inserting in lieu thereof “committees”; (2) by striking out “4.13” and inserting in lieu thereof “4.13B”, and (3) by striking out “reviews” and inserting in lieu thereof “review”.

   Effective date note
   Amendment by Pub. L. 100–399 effective as if enacted immediately after enactment of Pub. L. 100–233, which was approved Jan. 6, 1988, see section 1001(a) of Pub. L. 100–399, set out as a note under section 2002 of this title.

4. 1988

   Agricultural Credit Act of 1987

   Pub. L. 100–233 § 106 · 101 Stat. 1568

   Amended · 12 U.S.C. § 2202

   Pub. L. 100–233, § 106, amended section generally. Prior to amendment, section read as follows: “The board of directors of each Farm Credit System institution shall establish one or more credit review committee(s), which shall include farmer board respresentation. [sic] Any loan applicant who has received written notice, under section 2199 of this title, of a decision to deny or reduce the loan applied for, if the applicant so requests in writing within thirty days after receiving such notice, may obtain a review of such decision in person before the credit review committee. When a loan applicant requests review of an adverse credit decision, a majority of persons serving on such reviews committee must be persons who were not involved in making the adverse decision. Promptly after any such review, the applicant shall be notified in writing of the credit review committee’s decision and the reasons therefor.”

   Target inherited from the preceding amendment note.

   Source evidence

   Code amendment note
   Pub. L. 100–233, § 106, amended section generally. Prior to amendment, section read as follows: “The board of directors of each Farm Credit System institution shall establish one or more credit review committee(s), which shall include farmer board respresentation. [sic] Any loan applicant who has received written notice, under section 2199 of this title, of a decision to deny or reduce the loan applied for, if the applicant so requests in writing within thirty days after receiving such notice, may obtain a review of such decision in person before the credit review committee. When a loan applicant requests review of an adverse credit decision, a majority of persons serving on such reviews committee must be persons who were not involved in making the adverse decision. Promptly after any such review, the applicant shall be notified in writing of the credit review committee’s decision and the reasons therefor.”

   Enacted provision · exact public law section
   SEC. 106. RECONSIDERATION OF ACTIONS. Section 4.14 (12 U.S.C. 2202) is amended to read as follows: “SEC. 4.14. RECONSIDERATION OF ACTIONS. “(a) Credit Review Committees.— “(1) In general.— The board of directors of each qualified lender shall establish one or more credit review committees, which shall include farmer board representation. “(2) Membership.— In no case shall a loan officer involved in the initial decision on a loan serve on the credit review committee when the committee reviews such loan. “(b) Review of Decisions.— “(1) Denials or reductions.— Any applicant for a loan from a qualified lender that has received a written notice issued under section 4.13B of a decision to deny or reduce the loan applied for may submit a written request, not later than 30 days after receiving a notice denying or reducing the amount of the loan application, to obtain a review of the decision by a credit review committee. “(2) Denials of restructuring.— A borrower of a loan from a qualified lender that has received notice, under section 4.13B, of a decision to deny loan restructuring with respect to a loan made to the borrower, if the borrower so requests in writing within 7 days after receiving such notice, may obtain a review of such decision in person before the credit review committee. “(c) Personal Appearance.— An applicant for a loan or for restructuring, who is entitled to and has requested a review under this section, may appear in person before the credit review committee, and may be accompanied by counsel or by any other representative of such person’s choice, to seek a reversal of the decision on the application under review. “(d) Independent Appraisal.— “(1) In general.— An appeal filed with a credit review committee under this section may include, as a part of the request for a review of the decision filed under subsection (b)(1), a request for an independent appraisal, by an accredited appraiser, of any interests in property securing the loan (other than the stock or participation certificates of the qualified lender held by the borrower). “(2) Arrangement and cost.— Within 30 days after a request for an appraisal under paragraph (1), the credit review committee shall present the borrower with a list of three appraisers approved by the appropriate qualified lender from which the borrower shall select an appraiser to conduct the appraisal the cost of which shall be borne by the borrower, and shall consider the results of such appraisal in any final determination with respect to the loan. “(3) Copy to borrower.— A copy of any appraisal made under this subsection shall be provided to the borrower. “(4) Additional collateral.— An independent appraisal shall be permitted if additional collateral for a loan is demanded by the qualified lender when determining whether to restructure the loan. “(e) Notification of Applicant.— Promptly after a review by the credit review committee, the committee shall notify the applicant or borrower, as the case may be, in writing of the decision of the committee and the reasons for the decision.”.

   Effective date note
   Amendment by Pub. L. 100–399 effective as if enacted immediately after enactment of Pub. L. 100–233, which was approved Jan. 6, 1988, see section 1001(a) of Pub. L. 100–399, set out as a note under section 2002 of this title.

5. 1988

   Agricultural Credit Technical Corrections Act of 1988

   Pub. L. 100–399 § 103(a) · 102 Stat. 989

   Substituted · 12 U.S.C. § 2202(b)(1)

   Pub. L. 100–399, § 103(a), substituted “before the” for “by a”

   Source evidence

   Code amendment note
   Subsec. (b)(1). Pub. L. 100–399, § 103(a), substituted “before the” for “by a”.

   Enacted provision · exact public law section
   (a) Section 4.14(b)(1) is amended by striking out “by a” and inserting in lieu thereof “before the”.

   Effective date note
   Amendment by Pub. L. 100–399 effective as if enacted immediately after enactment of Pub. L. 100–233, which was approved Jan. 6, 1988, see section 1001(a) of Pub. L. 100–399, set out as a note under section 2002 of this title.

6. 1988

   Agricultural Credit Technical Corrections Act of 1988

   Pub. L. 100–399 § 103(b) · 102 Stat. 989

   Inserted · 12 U.S.C. § 2202(d)(1)

   Pub. L. 100–399, § 103(b), inserted “or (2)”

   Source evidence

   Code amendment note
   Subsec. (d)(1). Pub. L. 100–399, § 103(b), inserted “or (2)”.

   Enacted provision · exact public law section
   (b) Section 4.14(d)(1) is amended by inserting “or (2)” after “(b)(1)”.

   Effective date note
   Amendment by Pub. L. 100–399 effective as if enacted immediately after enactment of Pub. L. 100–233, which was approved Jan. 6, 1988, see section 1001(a) of Pub. L. 100–399, set out as a note under section 2002 of this title.

7 of 7 references resolved to an enrolled provision