13 CFR 120.523
§ 120.523 What is the “earliest uncured payment default”?
United States · 13 CFR — Business Credit and Assistance · Status: effective
Cite this
- Citation
- 13 CFR 120.523, § 120.523 What is the “earliest uncured payment default”?, United States, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/52148
- Permanent ID
ys:prov:52148@1- SHA-256
8743c82785c7d1b983f44c79ff7146dd948f408615b1289537d1d485189afb92
The hash is SHA-256 of this version's text, with every run of whitespace collapsed to a single space and the ends trimmed. The ID always leads back here, and checking it says whether the text you cited is still the current version.
Full text
The earliest uncured payment default is the date of the earliest failure by a Borrower to pay a regular installment of principal and/or interest when due. Payments made by the Borrower before a Lender makes its request to SBA to purchase are applied to the earliest uncured payment default. If the installment is paid in full, the earliest uncured payment default date will advance to the next unpaid installment date. If a Borrower makes any payment after the Lender makes its request to SBA to purchase, the earliest uncured payment default date does not change because the Lender has already exercised its right to request purchase.
Legislative history
This is a federal regulation, adopted through agency rulemaking under the Administrative Procedure Act — not enacted by a recorded vote of Congress.