§617.7200. What disclosures must a qualified lender make to a borrower on loans offered with more than one rate of interest?
12 C.F.R. § 617.7200
A qualified lender that offers more than one rate of interest to borrowers must notify each borrower of the right to request a review of the interest rate charged on his or her loan no later than the time of loan closing. At the request of a borrower, the lender must:
Provide a review of the loan to determine if the proper interest rate has been established;
Explain to the borrower in writing the basis for the interest rate charged; and
Explain to the borrower in writing how the credit status of the borrower may be improved to receive a lower interest rate on the loan.
Notes, amendments, and revision history
Amendments
[69 FR 16459, Mar. 30, 2004]
Authority
Authority: Secs. 4.13, 4.13A, 4.13B, 4.14, 4.14A, 4.14C, 4.14D, 4.14E, 4.36, 5.9, 5.17 of the Farm Credit Act (12 U.S.C. 2199, 2200, 2201, 2202, 2202a, 2202c, 2202d, 2202e, 2219a, 2243, 2252).
Source
Source: 69 FR 10907, 10908, Mar. 9, 2004, unless otherwise noted.
Amendments
[69 FR 16459, Mar. 30, 2004]