Status of institutions. If a State is approved for participation under paragraph (1), each financial institu- tion with a participation agreement in effect with the participating State shall imme- diately be considered a participating xxxxx- cial institution. Reimbursements may be made under section 4747 1 of this title in con- nection with all contributions made to the reserve fund by the State in connection with lending that occurs on or after the date on which the Fund approves the State for par- ticipation.
Status of institutions. The relationships of the parties to each other will be that of independent contractors and not as agents, joint venturers or partners.
