Page:United States Statutes at Large Volume 99 Part 2.djvu/598

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PUBLIC LAW 99-000—MMMM. DD, 1985

99 STAT. 1708

PUBLIC LAW 99-205—DEC. 23, 1985

institutions shall provide their borrowers, at the time of execution of loans, copies of all documents signed by the borrower and at any time thereafter, on a borrower's request, copies of all documents signed or delivered by the borrower and at any time, on request, a copy of the institution's articles of incorporation or charter and bylaws." NOTICE ON APPLICATIONS

Ante, p. 1707.

Infra.

SEC. 302. Section 4.13B of the Farm Credit Act of 1971, as so redesignated by section 301(a), is amended by (1) inserting "written" before "notice" and (2) inserting, before the period at the end thereof, the following: ", and of the applicant's right to review under section 4.14" RECONSIDERATION

12 USC 2202.

Ante, p. 1707.

SEC. 303. 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 committee(s), which shall include farmer board respresentation. Any loan applicant who has 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." NOTICE WITH RESPECT TO STOCKHOLDERS ON LOAN DEFAULT

12 USC 2034. 12 USC 2094.

SEC. 304. (a) The sixth sentence of section 1.16(a) of the Farm Credit Act of 1971 is amended by inserting, before the period at the end thereof, the following: "and on written notice to the stockholder" (b) Section 2.13(k) of the Farm Credit Act of 1971 is amended by inserting, before the period at the end thereof, the following: ", on written notice to the borrower and approval by the bank of such retirement" MINIMIZING THE ADVERSE EFFECT ON BORROWERS OF SYSTEM INSTITUTION INSOLVENCY

Regulations. Ante, p. 1679.

SEC. 305. (a) Section 4.12(a) of the Farm Credit Act of 1971 is amended by inserting, immediately after the first sentence, the following: "In the case of a voluntary liquidation of an association, such regulations, among other things, shall direct the supervising bank to institute such measures as it deems appropriate to minimize the adverse effect of the liquidation on those borrowers whose loans are purchased by or otherwise transferred to another System institution." (b) Section 4.12 of the Farm Credit Act of 1971 is amended by inserting after the subsection (b) added by section 102, the following: