Sec. 617.7200 What disclosures must a qualified lender make to a borrower on loans offered with more than one rate of interest? Subpart C--Disclosure of Differential Interest Rates § 617.7200 -- What disclosures must a qualified lender make to a borrower on loans offered with more than one rate of interest? 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: (a) Provide a review of the loan to determine if the proper interest rate has been established; (b) Explain to the borrower in writing the basis for the interest rate charged; and (c) 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. Dated: March 23, 2004. Jeanette C. Brinkley, Secretary, Farm Credit Administration Board. [FR Doc. 04-6968 Filed 3-29-04; 8:45 am]; BILLING CODE 6705-01-P
Sec. 617.7200 What disclosures must a qualified lender make to a borrower on loans offered with more than one rate of interest? Subpart C--Disclosure of Differential Interest Rates § 617.7200 -- What disclosures must a qualified lender make to a borrower on loans offered with more than one rate of interest? 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: (a) Provide a review of the loan to determine if the proper interest rate has been established; (b) Explain to the borrower in writing the basis for the interest rate charged; and (c) 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. Dated: March 23, 2004. Jeanette C. Brinkley, Secretary, Farm Credit Administration Board. [FR Doc. 04-6968 Filed 3-29-04; 8:45 am]; BILLING CODE 6705-01-P