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Eligibility of Foreign Nationals to be a Borrower under the FCA

December 13, 2017

Table of Contents:

  1. Eligibility of Foreign Nationals to be a Borrower under the FCA
  2. Definition of a Person
  3. Permanent Residents
  4. Non-Immigrants (Visa holders)
  5. Ascertaining Admission, LPR Status, and Determination of Risk
  6. FCA Eligibility Flowchart for Non-US Citizens
  7. Other Work-Authorized Foreign Nationals as Persons under the FCA.

Eligibility of Foreign Nationals to be a Borrower under the FCA

Since 1976, FCA regulations have allowed certain foreign nationals to be a borrower.  These foreign nationals generally fall into two classes:  Lawful Permanent Residents and Temporary Visa Holders.  The Farm Credit Administration has noted in rulemaking that the Administration “rejects arguments that loans to foreign nationals are inherently unsafe and unsound.”  However, the agency does acknowledge that such loans “may expose System banks and associations to different risks,” lenders “should have the capability to identify and manage” those risks.  The following discussion is intended to help the association manage these risks.

Definition of a Person

The regulations under the Farm Credit Act, 12 CFR Part 613, provide a definition of a person eligible as a potential lendee under the FCA.  In pertinent part the definition of 12 CFR 613.3000(a)(3) provides:

(3) Person means a legal entity or an individual who is a citizen of the United
States or a foreign national who has been lawfully admitted into the United
States either for permanent residency pursuant to 8 U.S.C. 1101(a)(20)
or on a visa pursuant to a provision in 8 U.S.C. 1101(a)(15) that
authorizes such individual to own property or operate or manage a
business or a legal entity. 
(Emphasis added).

Read the full article here. 

David J. Garrett’s law practice helps businesses and people get where they need to go. He focuses on immigration-related matters and civil litigation, representing both individuals and companies. David is a member of the Firm's employment and labor and construction practice groups, and leads the firm's immigration practice.