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), 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. Pub. L. 98-181 title I [title IX, §906], Nov. 30, 1983, 97 Stat. 1279. - banking institution
- the term "banking institution" means-(A)(i) an insured bank as defined in section 1813(h) of this title or any subsidiary of an insured bank;(ii) an Edge Act corporation organized under section 25(a) 1 of the Federal Reserve Act [ 12 U.S.C. 611 et seq.]; and(iii) an Agreement Corporation operating under section 25 of the Federal Reserve Act [ 12 U.S.C. 601 et seq.]; and(B) to the extent determined by the appropriate Federal banking agency, any agency or branch of a foreign bank, and any commercial lending company owned or controlled by one or more foreign banks or companies that control a foreign bank as those terms are defined in the International Banking Act of 1978 [ 12 U.S.C. 3101 et seq.]. The term "banking institution" shall not include a foreign bank.1 See References in Text note below.