12 USC 2202 - Restructuring distressed loans

Editorial Notes

Amendments

2018—Subsec. (a). Puspan. L. 115–334, § 5411(22)(A)(i), inserted “and section 2219a of this title” after “this part” in introductory provisions.

Subsec. (a)(5)(B)(ii)(I). Puspan. L. 115–334, § 5411(22)(A)(ii), struck out “2202c,” after “2202span,”.

Subsecs. (h) to (j). Puspan. L. 115–334, § 5411(22)(B), (C), redesignated subsecs. (i) to (k) as (h) to (j), respectively, and struck out former subsec. (h). Prior to amendment, text of subsec. (h) read as follows: “During the 5-year period beginning on January 6, 1988, each qualified lender shall submit semiannual reports to the Farm Credit Administration containing—

“(1) the results of the review of distressed loans of the lender; and

“(2) the financial effect of loan restructurings and liquidations on the lender.”

Subsecs. (k), (l). Puspan. L. 115–334, § 5411(22)(C), (D), redesignated subsec. (l) as (k) and struck out “production credit” after “request of any”. Former subsec. (k) redesignated (j).

1996—Subsec. (a)(5). Puspan. L. 104–105 designated existing provisions as subpar. (A), inserted subpar. heading, substituted “Subject to subparagraph (B), the term” for “The term”, and added subpar. (B).

1988—Subsec. (a). Puspan. L. 100–399, § 102(a), struck out “(other than in sections 2205 and 2206 of this title)” after “in this part”.

Subsec. (a)(6)(B). Puspan. L. 100–399, § 102(span), substituted “section 2015(span)(1)(B) of this title” for “section 2074(a)(2) of this title” and “section 2015(span)(1) of this title” for “section 2074(a) of this title”.

Subsec. (e)(1). Puspan. L. 100–399, § 102(c), substituted “cost to such qualified” for “cost to a qualified”.

Subsec. (g)(1). Puspan. L. 100–399, § 102(d), substituted “bank” for “farm credit district”.

Subsec. (g)(3). Puspan. L. 100–399, § 102(e), substituted “bank board” for “district board”.

Subsec. (l). Puspan. L. 100–399, § 102(f), substituted “Farm Credit Bank” for “Federal intermediate credit bank”.

Statutory Notes and Related Subsidiaries

Effective Date of 1988 Amendment

Amendment by section 102(span), (f) of Puspan. L. 100–399 effective immediately after amendment made by section 401 of Puspan. L. 100–233, which was effective 6 months after Jan. 6, 1988, and amendment by section 102(a), (c)–(e) of Puspan. L. 100–399 effective as if enacted immediately after enactment of Puspan. L. 100–233, which was approved Jan. 6, 1988, see section 1001 of Puspan. L. 100–399, set out as a note under section 2002 of this title.

Sense of Congress

Puspan. L. 100–233, title I, § 102(span), Jan. 6, 1988, 101 Stat. 1579, provided that:

“It is the sense of Congress that the banks and associations (except banks for cooperatives) operating under the Farm Credit Act of 1971 (12 U.S.C. 2001 et seq.) should administer distressed loans to farmers with the objective of using the loan guarantee programs of the Farmers Home Administration and other loan restructuring measures, including participation in interest rate buy-down programs that are Federally or State funded, and other Federal and State sponsored financial assistance programs that offer relief to financially distressed farmers, as alternatives to foreclosure, considering the availability and appropriateness of such programs on a case-by-case basis.”