Code of Federal Regulations (Last Updated: May 6, 2024) |
Title 7 - Agriculture |
Subtitle B - Regulations of the Department of Agriculture |
Chapter XVII - Rural Utilities Service, Department of Agriculture |
Part 1710 - General and Pre-Loan Policies and Procedures Common to Electric Loans and Guarantees |
Subpart J - Terms of Loans Common to Electric Loans and Guarantees |
§ 1710.605 - Rescission of loans.
Latest version.
-
§ 1710.605 Rescission of loans.
(a) A borrower may request rescission of a loan with respect to any funds unadvanced by submitting a letter signed by the General Manager, Board President or other individual authorized by the Board of Directors to request such rescission.
(b) RUS may rescind loans pursuant to § 1710.602(c).
(c) Borrowers who prepay RUS loans at a discounted present value pursuant to subpart F of 7 CFR part 1786 are required to rescind the unadvanced balance of all outstanding electric notes pursuant to 7 CFR 1786.158(j).