§ 614.4110. Transfer of direct lending authority to Federal land bank associations and agricultural credit associations.
158 words·~1 min read·
/us/cfr/t12/s§ 614.4110·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)Upon the transfer of authority to make and participate in long-term agricultural real estate mortgage loans by a Farm Credit Bank or agricultural credit bank to a Federal land bank association pursuant to section 7.6(a) of the Act and subpart E of part 611 of these regulations, the association shall be designated a Federal land credit association and shall have the powers set forth in § 614.4030.
(b)Upon the transfer of the authority to make and participate in long-term real estate loans by a Farm Credit Bank or agricultural credit bank to an agricultural credit association pursuant to section 7.6(d) of the Act, the association shall have all of the powers set forth in § 614.4050.
(c)An association to which such long-term lending authority is to be transferred shall have in place, prior to the transfer, policies and procedures guiding the extension and administration of credit within its territory. [55 FR 24883, June 19, 1990]