§ 2279aa. — Definitions.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC2279aa-9]
TITLE 12--BANKS AND BANKING
CHAPTER 23--FARM CREDIT SYSTEM
SUBCHAPTER VIII--AGRICULTURAL MORTGAGE SECONDARY MARKET
Part A--Establishment and Activities of Federal Agricultural Mortgage
Corporation
Sec. 2279aa-9. Exemption from restructuring and borrowers rights
provisions for pooled loans
(a) Restructuring
Notwithstanding any other provision of law, sections 2202, 2202a,
2202b, 2202c, 2202d, and 2219a of this title shall not apply to any loan
included in a pool of qualified loans backing securities or obligations
for which the Corporation provides guarantee. The loan servicing
standards established by the Corporation shall be patterned after
similar standards adopted by other federally sponsored secondary market
facilities.
(b) Borrowers rights
At the time of application for a loan (as defined in section
2202a(a)(5) of this title), originators that are Farm Credit System
institutions shall give written notice to each applicant of the terms
and conditions of the loan, setting forth separately terms and
conditions for pooled loans and loans that are not pooled. This notice
shall include a statement, if applicable, that the loan may be pooled
and that, if pooled, sections 2202, 2202a, 2202b, 2202c, 2202d, and
2219a of this title shall not apply. This notice also shall inform the
applicant that he or she has the right not to have the loan pooled.
Within 3 days from the time of commitment, an applicant has the right to
refuse to allow the loan to be pooled, thereby retaining rights under
sections 2202, 2202a, 2202b, 2202c, 2202d, and 2219a of this title, if
applicable.
(Pub. L. 92-181, title VIII, Sec. 8.9, as added Pub. L. 100-233, title
VII, Sec. 702, Jan. 6, 1988, 101 Stat. 1701; amended Pub. L. 100-399,
title VI, Sec. 601(j), Aug. 17, 1988, 102 Stat. 1005; Pub. L. 104-105,
title II, Sec. 208(b), Feb. 10, 1996, 110 Stat. 174.)
Amendments
1996--Subsec. (b). Pub. L. 104-105 inserted ``(as defined in section
2202a(a)(5) of this title)'' after ``application for a loan''.
1988--Subsecs. (a), (b). Pub. L. 100-399 substituted ``2202d, and
2219a'' for ``and 2219b'' wherever appearing.
Effective Date of 1988 Amendment
Amendment by Pub. L. 100-399 effective as if enacted immediately
after enactment of Pub. L. 100-233, which was approved Jan. 6, 1988, see
section 1001(a) of Pub. L. 100-399, set out as a note under section 2002
of this title.
Section Referred to in Other Sections
This section is referred to in section 2279aa of this title.
