[Federal Register Volume 63, Number 159 (Tuesday, August 18, 1998)]
[Proposed Rules]
[Page 44175]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-22022]
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Proposed Rules
Federal Register
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This section of the FEDERAL REGISTER contains notices to the public of
the proposed issuance of rules and regulations. The purpose of these
notices is to give interested persons an opportunity to participate in
the rule making prior to the adoption of the final rules.
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Federal Register / Vol. 63, No. 159 / Tuesday, August 18, 1998 /
Proposed Rules
[[Page 44175]]
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DEPARTMENT OF AGRICULTURE
Rural Telephone Bank
7 CFR Part 1610
Rural Utilities Service
7 CFR Part 1744
Review and Revision of Rural Utilities Service Telecommunications
Program and the Rural Telephone Bank Loan Documents
AGENCY: Rural Utilities Service and Rural Telephone Bank, USDA.
ACTION: Advance notice of proposed rulemaking.
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SUMMARY: The Rural Utilities Service (RUS) and Rural Telephone Bank
(RTB) are working on a project to update the form and content of the
mortgages and loan documents relating to telecommunications borrowers.
This project is part of the continuing effort to streamline and
simplify regulations and to reduce burdens on borrowers. Suggestions
are invited on these documents.
DATES: Comments must be received by RUS or carry a postmark or
equivalent by September 17, 1998.
ADDRESSES: Written comments should be addressed to F. Lamont Heppe,
Jr., Director, Program Development And Regulatory Analysis, U.S.
Department of Agriculture, Rural Utilities Service, 1400 Independence
Avenue, SW., Washington, DC 20250-1522. RUS requires a signed original
and 3 copies of all comments (7 CFR 1700.4).
FOR FURTHER INFORMATION CONTACT: F. Lamont Heppe, Jr., Director,
Program Development and Regulatory Analysis, U.S. Department of
Agriculture, Rural Utilities Service, Room 4034 South Bldg., 1400
Independence Avenue, SW., Washington, DC 20250-1522. Telephone: 202-
720-0736. FAX: 202-720-4120. E-mail: fheppe@rus.usda.gov
SUPPLEMENTARY INFORMATION: As part of their continuing effort to
streamline and simplify regulations and to reduce burdens on borrowers,
the Rural Utilities Service (RUS) and Rural Telephone Bank (RTB) intend
to revise and reform their loan contract and mortgage documents. The
reform initiative will have the following objectives:
1. Preserve and enhance RUS loan security;
2. Provide borrower flexibility into the 21st Century;
3. Improve RUS response to a rapidly changing competitive and
regulatory environment;
4. Streamline RUS controls and approvals;
5. Minimize the differences between RUS loan documents for cooperatives
and commercial entities;
6. Improve the ability of borrowers to respond to a changing
marketplace;
7. Reduce RUS processing delays and speed the release of funds;
8. Improve the use of the Automated Legal Practice System (ALPS) which
prepares most loan documents;
9. Where feasible and prudent, conform lending criteria with that of
private financial institutions;
10. Avoid the traditional principle of ``one size fits all.''
Comments are invited on this project, especially on the above
objectives. Target for completion and publication is early November.
Consequently, we have selected a relatively short period for receipt of
comments.
Dated: August 11, 1998.
Wally Beyer,
Administrator, Rural Utilities Service and Governor, Rural Telephone
Bank.
[FR Doc. 98-22022 Filed 8-17-98; 8:45 am]
BILLING CODE 3410-15-P
