Page:United States Statutes at Large Volume 101 Part 3.djvu/286

 101 STAT. 1584

PUBLIC LAW 100-233—JAN. 6, 1988 certified mail, and the previous owner shall have 15 days after the receipt of such notice in which to agree to lease the property at such rate or under such terms and conditions. "(d) PuBuc OFFERINGS.— "(1) NOTIFICATION OF PREVIOUS OWNER.—If an institution of

the System elects to sell or lease acquired property or a portion "'-' thereof through a public auction, competitive bidding process, or other similar public offering, the institution shall notify the previous owner, by certified mail, of the availability of the « * property. Such notice shall contain the minimum amount, if any, required to qualify a bid as acceptable to the institution and any terms and conditions to which such sale or lease will be subject. "(2) PRIORITY.—If two or more qualified bids in the same • * amount are received by the institution under paragraph (1), such bids are the highest received, and one of the qualified bids is offered by the previous owner, the institution shall accept the offer by the previous owner. "(3) NONDISCRIMINATION.—No institution of the System may

discriminate against a previous owner in any public auction, competitive bidding process, or other similar public offering of property acquired by the institution from such person. "(e) TERM OR CONDITION.—For the purposes of this section, financing by a System institution shall not be considered to be a term or condition of a sale of acquired real estate. "(f) FINANCING.—Notwithstanding any other provision of this section, a System institution shall not be required to provide financing to the previous owner in connection with the sale of acquired real estate. "(g) MAIUNG OF NOTICE.—Notwithstanding any other provision of this section, each certified mail notice requirement in this section shall be fully satisfied by mailing one certified mail notice to the last known address of the former borrower. "(h) STATE LAWS.—The rights provided in this section shall not diminish any such right of first refusal under the law of the State in which the property is located. "(i) APPLICABILITY.—This section shall not apply to a bank for cooperatives.". SEC. 109. DIFFERENTIAL INTEREST RATES,

12 USC 2199.

Section 4.13 (12 U.S.C. 2201) (as amended by section 103(a) of this Act) is further amended— (1) by striking out "In" and inserting in lieu thereof "(a) I N GENERAL.—In"; and

(2) by adding at the end thereof the following new subsection: "(b) DIFFERENTIAL INTEREST RATES.—A qualified lender offering more than one rate of interest to borrowers shall, at the request of a borrower of a loan— "(1) provide a review of the loan to determine if the proper interest rate has been established; "(2) explain to the borrower in writing the basis for the interest rate charged; and "(3) explain to the borrower in writing how the credit status ar of the borrower may be improved to receive a lower interest Y'l rate on the loan.".

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