PUBLIC LAW 100-233—JAN. 6, 1988
101 STAT. 1681
"(g) PREREQUISITES TO FORECLOSURE OR LIQUIDATION.—No foreclosure or other similar actions shall be taken to liquidate any loan determined to be ineligible for restructuring by the Secretary under this section— "(1) until the borrower has been given the opportunity to appeal such decision; and "(2) if the borrower appeals, the appeals process has been completed, and a determination has been made that the loan is ineligible for restructuring. "(h) TIME LIMITS FOR RESTRUCTURING.—Once an appeal has been filed under section 333B, a decision shall be made at each level in the appeals process within 45 days after the receipt of the appeal or request for further review.
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"(i) NOTICE OF INELIGIBILITY FOR RESTRUCTURING.—
"(1) IN GENERAL.—A notice of ineligibility for restructuring shall be sent to the borrower by registered or certified mail within 15 days after such determination. "(2) CONTENTS.—The notice required under paragraph (1) shall contain— "(A) the determination and the reasons for the determination; "(B) the computations used to make the determination, including the calculation of the recovery value of the collateral securing the loan; and "(C) a statement of the right of the borrower to appeal the decision to the appeals division, and to appear before a hearing officer, "(j) INDEPENDENT APPRAISALS.—An appeal filed with the appeals division under section 333B may include a request by the borrower for an independent appraisal of any property securing the loan. On such request, the appeals division shall present the borrower with a list of three appraisers approved by the county supervisor, from which the borrower shall select an appraiser to conduct the appraisal, the cost of which shall be borne by the borrower. The results of such appraisal shall be considered in any final determination concerning the loan. A copy of any appraisal made under this paragraph shall be provided to the borrower. "(k) FUTURE CREDITWORTHINESS OF BORROWER DETERMINED WITHOUT REGARD TO RESTRUCTURING.—The creditworthiness of, or the
adequacy of collateral offered by, any borrower whose loan obligations are restructured under this section shall be determined without regard to such restructuring.", (b) OTHER RESTRUCTURING PROVISIONS.— (1) OPTION TO RESTRUCTURE INTEREST RATES FOR CERTAIN WATER AND WASTE DISPOSAL AND COMMUNITY FACILITY BORROWERS.—
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(A) IN GENERAL.—The item designated "Loan Programs" under the subheading "Farmers Home Administration" in chapter I of title I of the Supplemental Appropriations Act, 1985 (7 U.S.C. 1927a; 99 Stat. 296) is amended— (i) by striking out "Effective November 12, 1983, and thereafter," and inserting in lieu thereof "Effective October 1, 1981, and thereafter, in the case of water and waste disposal and community facility borrowers, and effective November 12, 1983, and thereafter, in the case of housing and farm borrowers,"; and
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