7 CFR 1717.612
§ 1717.612 RUS approval of borrower's bank or other depository.
United States · 7 CFR — Agriculture · Status: effective
Cite this
- Citation
- 7 CFR 1717.612, § 1717.612 RUS approval of borrower's bank or other depository, United States, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/27031
- Permanent ID
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Full text
If a borrower's mortgage or loan contract gives RUS the authority to approve the bank or other depositories used by the borrower, such approval is hereby granted. However, without the prior written approval of RUS, a borrower shall not deposit funds from loans made or guaranteed by RUS in any bank or other depository that is not insured by the Federal Deposit Insurance Corporation or other Federal agency acceptable to RUS, or in any account not so insured.
Legislative history
This is a federal regulation, adopted through agency rulemaking under the Administrative Procedure Act — not enacted by a recorded vote of Congress.