View all text of Subchapter IV [§ 1981 - § 2008x]
§ 1981d. Notice of loan service programs
(a) Requirement
(b) ContentsThe notice required under subsection (a) shall—
(1) include a summary of all primary loan service programs, preservation loan service programs, debt settlement programs, and appeal procedures, including the eligibility criteria, and terms and conditions of such programs and procedures;
(2) include a summary of the manner in which the borrower may apply, and be considered, for all such programs, except that the Secretary shall not require the borrower to select among such programs or waive any right in order to be considered for any program carried out by the Secretary;
(3) advise the borrower regarding all filing requirements and any deadlines that must be met for requesting loan servicing;
(4) provide any relevant forms, including applicable response forms;
(5) advise the borrower that a copy of regulations is available on request; and
(6) be designed to be readable and understandable by the borrower.
(c) Contained in regulations
(d) TimingThe notice described in subsection (b) shall be provided—
(1) at the time an application is made for participation in a loan service program;
(2) on written request of the borrower; and
(3) before the earliest of—
(A) initiating any liquidation;
(B) requesting the conveyance of security property;
(C) accelerating the loan;
(D) repossessing property;
(E) foreclosing on property; or
(F) taking any other collection action.
(e) Consideration of borrowers for loan service programs
(Pub. L. 87–128, title III, § 331D, as added Pub. L. 100–233, title VI, § 605, Jan. 6, 1988, 101 Stat. 1666; amended Pub. L. 101–624, title XVIII, § 1807, Nov. 28, 1990, 104 Stat. 3819; Pub. L. 102–554, § 10, Oct. 28, 1992, 106 Stat. 4151; Pub. L. 104–127, title VI, § 633, Apr. 4, 1996, 110 Stat. 1092; Pub. L. 115–334, title V, § 5401(b)(1), Dec. 20, 2018, 132 Stat. 4674.)