7 CFR 1951.242
§ 1951.242 Servicing delinquent Community Facility loans.
United States · 7 CFR — Agriculture · Status: effective
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- Citation
- 7 CFR 1951.242, § 1951.242 Servicing delinquent Community Facility loans, United States, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/29094
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Full text
(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.
Legislative history
This is a federal regulation, adopted through agency rulemaking under the Administrative Procedure Act — not enacted by a recorded vote of Congress.