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U.S. Code as of:
01/19/04
Section 3905. Accounting for fees on international loans
(a)(1) In order to avoid excessive debt service burdens on debtor
countries, no banking institution shall charge, in connection with
the restructuring of an international loan, any fee exceeding the
administrative cost of the restructuring unless it amortizes such
fee over the effective life of each such loan.
(2)(A) Each appropriate Federal banking agency shall promulgate
such regulations as are necessary to further carry out the
provisions of this subsection.
(B) The requirement of paragraph (1) shall take effect on
November 30, 1983.
(b)(1) Subject to subsection (a) of this section, the appropriate
Federal banking agencies shall promulgate regulations for
accounting for agency, commitment, management and other fees
charged by a banking institution in connection with an
international loan.
(2) Such regulations shall establish the accounting treatment of
such fees for regulatory, supervisory, and disclosure purposes to
assure that the appropriate portion of such fees is accrued in
income over the effective life of each such loan.
(3) The appropriate Federal banking agencies shall promulgate
regulations or orders necessary to implement this subsection within
one hundred and twenty days after November 30, 1983.
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