Code of Federal Regulations · Section
§ 1951.242 — Servicing Delinquent Community Facility Loans
7 C.F.R. § 1951.242
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(a) For the purpose of this section, a loan is delinquent when a borrower fails to make all or part of a payment by the due date.
(b) The delinquent loan borrower and the Agency, at its discretion, may enter into a written workout agreement.
(c) For loans that are delinquent, the borrower must provide, monthly comparative financial statements in a format that is acceptable to the Agency by the 15th day of the following month. The Agency may waive this requirement if it would cause a hardship for the borrower or the borrower is actively marketing the security property.
Authorizing Statute
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Administrative offset31 U.S.C. § 3716
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Departmental regulations5 U.S.C. § 301
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Rules and regulations7 U.S.C. § 1989
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Administrative powers of Secretary42 U.S.C. § 1480