7 CFR 3560.402
§ 3560.402 Loan payment processing.
United States · 7 CFR — Agriculture · Status: effective
Cite this
- Citation
- 7 CFR 3560.402, § 3560.402 Loan payment processing, United States, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/30497
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Full text
(a) Predetermined Amortization Schedule System (PASS) requirements. All loans, except the loans specified in paragraph (c) of this section, must be closed and serviced using the PASS.
(b) Required conversion to PASS. Borrowers with Daily Interest Accrual System (DIAS) accounts must convert to PASS with any loan servicing action.
(c) Exceptions. Seasonal farm labor housing loans and on-farm labor housing loans may be closed on DIAS, monthly, or annual payment schedules.
Legislative history
This is a federal regulation, adopted through agency rulemaking under the Administrative Procedure Act — not enacted by a recorded vote of Congress.