((a)) ** Loan applications** Each qualified lender to which a person has applied for a loan shall provide the person with prompt written notice of—

((1)) the action on the application;

((2)) if the loan applied for is reduced or denied, the reasons for such action; and

((3)) the applicant’s right to review under .

((b)) ** Distressed loans** Each qualified lender that has a distressed loan outstanding that is subject to restructuring requirements under this chapter shall provide, in accordance with regulations prescribed by the Farm Credit Administration, the borrower with prompt written notice of—

((1)) any action taken with respect to restructuring the loan under ;

((2)) if restructuring is denied, the reasons for such action; and

((3)) the borrower’s right to review under .