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Code of Federal Regulations (Last Updated: July 5, 2024) |
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Title 7 - Agriculture |
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Subtitle B - Regulations of the Department of Agriculture |
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Chapter XVIII - Rural Housing Service, Rural Business-Cooperative Service, Rural Utilities Service, and Farm Service Agency, Department of Agriculture |
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SubChapter H - Program Regulations |
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Part 1980 - General |
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Subpart I - Community Programs Guaranteed Loans |
§ 1980.855 - Review of requirements.
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(a) Immediately after reviewing the conditions and requirements in Form FmHA or its successor agency under Public Law 103-354 449-14, the lender and borrower should complete and sign the “Acceptance of Conditions,” and return a copy to the FmHA or its successor agency under Public Law 103-354 District Director. If certain conditions cannot be met, the lender and borrower may propose alternate conditions to FmHA or its successor agency under Public Law 103-354.
(b) If the lender indicates in the “Acceptance of Conditions” that it desires to obtain a Loan Note Guarantee (Form FmHA or its successor agency under Public Law 103-354 449-34), and subsequently decides at any time after receiving a conditional commitment that it no longer wants a guarantee, the lender will immediately advise the FmHA or its successor agency under Public Law 103-354 District Director.