7 CFR 3550.205
§ 3550.205 Delinquency workout agreements.
United States · 7 CFR — Agriculture · Status: effective
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- Citation
- 7 CFR 3550.205, § 3550.205 Delinquency workout agreements, United States, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/30292
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Full text
Borrowers with past due accounts may be offered the opportunity to avoid liquidation by entering into a delinquency workout agreement that specifies a plan for bringing the account current. To receive a delinquency workout agreement, the following requirements apply:
(a) A borrower who is able to do so will be required to pay the past-due amount in a single payment.
(b) A borrower who is unable to pay the past-due amount in a single payment must pay monthly all scheduled payments plus an agreed upon additional amount that brings the account current within 2 years or the remaining term of the loan, whichever is shorter.
(c) If a borrower becomes more than 30 days past due under the terms of a delinquency workout agreement, RHS may cancel the agreement.
Legislative history
This is a federal regulation, adopted through agency rulemaking under the Administrative Procedure Act — not enacted by a recorded vote of Congress.