Title 12 › Chapter 23— FARM CREDIT SYSTEM › Subchapter IV— PROVISIONS APPLICABLE TO TWO OR MORE CLASSES OF INSTITUTIONS OF THE SYSTEM › Part C— Rights of Borrowers; Loan Restructuring › § 2202
Each qualified lender must set up one or more credit review committees that include farmer board members. A loan officer who helped make the original loan decision cannot sit on a committee that reviews that same loan. If an applicant gets a written notice that a loan was denied or reduced, they can ask for a review in writing within 30 days. If a borrower is told a loan restructuring is denied, they can ask in writing within 7 days to have the committee review the decision in person. People who ask for a review may attend in person and bring a lawyer or another representative. The review can include a request for an independent appraisal of property used as loan collateral (but not the lender’s stock or participation certificates the borrower owns). Within 30 days of that request, the committee must give the borrower a list of three approved appraisers. The borrower picks one and pays for the appraisal, gets a copy, and the committee must consider it. After the committee finishes its review, it must quickly send the applicant or borrower a written decision and explain why.
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Banks and Banking — Source: USLM XML via OLRC
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Citation
12 U.S.C. § 2202
Title 12 — Banks and Banking
Last Updated
Apr 3, 2026
Release point: 119-73not60