(a) Loan applications Each qualified lender to which a person has applied for a loan shall provide the person with prompt written notice of
(1) the action on the application;
(2) if the loan applied for is reduced or denied, the reasons for such action; and
(3) the applicants right to review under section
2202 of this title.
(b) Distressed loans Each qualified lender that has a distressed loan outstanding that is subject to restructuring requirements under this chapter shall provide, in accordance with regulations prescribed by the Farm Credit Administration, the borrower with prompt written notice of
(1) any action taken with respect to restructuring the loan under section
2202a of this title;
(2) if restructuring is denied, the reasons for such action; and
(3) the borrowers right to review under section
2202 of this title.
