7 CFR 1779.75 - Defaults by borrower.

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There is 1 rule appearing in the Federal Register for 7 CFR 1779. View below or at eCFR (GPOAccess)
§ 1779.75 Defaults by borrower.
(a) Lender notification to Agency. The lender must notify the Agency when a borrower is 30 days past due on a payment, has not met its responsibilities of providing the required financial statements, or is otherwise in default. The lender will continue to keep the Agency informed on a bimonthly basis until such time as the loan is no longer in default. If a monetary default exceeds 60 days, the lender will arrange a meeting with the borrower to resolve the default. The lender will provide a summary of the meeting and any decisions or actions agreed upon.
(b) Servicing options. In considering servicing options, the prospects for providing a permanent cure without adversely affecting the risks to the Agency and the lender must be the paramount objective. Temporary curative actions (such as payment deferments or collateral subordination) must strengthen the loan and be in the best financial interest of the lender and the Agency. Some of these actions may require concurrence of the holder.
(c) Multi-note. If the loan was closed with the multi-note option, the lender may need to possess all notes to take some servicing actions. In those situations when the Agency is holder of some of the notes, the Agency may endorse the notes back to the lender, provided a proper receipt is received from the lender which defines the reason for the transfer. Under no circumstances will the Agency endorse the original Loan Note Guarantee to the lender.

Title 7 published on 2014-01-01

The following are only the Rules published in the Federal Register after the published date of Title 7.

For a complete list of all Rules, Proposed Rules, and Notices view the Rulemaking tab.

  • 2014-12-19; vol. 79 # 244 - Friday, December 19, 2014
    1. 79 FR 75872 - Federal Awarding Agency Regulatory Implementation of Office of Management and Budget's Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards
      GPO FDSys XML | Text
      DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT, AGENCY FOR INTERNATIONAL DEVELOPMENT, NATIONAL SCIENCE FOUNDATION, CORPORATION FOR NATIONAL AND COMMUNITY SERVICE, NATIONAL ARCHIVES AND RECORDS ADMINISTRATION, DEPARTMENT OF TREASURY, NATIONAL ENDOWMENT FOR THE ARTS, GULF COAST ECOSYSTEM RESTORATION COUNCIL, DEPARTMENT OF TRANSPORTATION, EXECUTIVE OFFICE OF THE PRESIDENT, DEPARTMENT OF HEALTH AND HUMAN SERVICES, DEPARTMENT OF LABOR, INSTITUTE OF MUSEUM AND LIBRARY SERVICES, ENVIRONMENTAL PROTECTION AGENCY, NATIONAL ENDOWMENT FOR THE HUMANITIES, DEPARTMENT OF DEFENSE, NATIONAL AERONAUTICS AND SPACE ADMINISTRATION, DEPARTMENT OF THE INTERIOR, DEPARTMENT OF COMMERCE, DEPARTMENT OF AGRICULTURE, DEPARTMENT OF ENERGY, DEPARTMENT OF HOMELAND SECURITY, SOCIAL SECURITY ADMINISTRATION, DEPARTMENT OF STATE, DEPARTMENT OF VETERANS AFFAIRS, DEPARTMENT OF EDUCATION, DEPARTMENT OF JUSTICE, SMALL BUSINESS ADMINISTRATION, National Institute of Food and Agriculture, Rural Utilities Service, Rural Housing Service, Office of the Chief Financial Officer, Farm Service Agency, Office of National Drug Control Policy, Office of Management and Budget, Commodity Credit Corporation, Rural Business-Cooperative Service, Federal Emergency Management Agency
      Interim final rule.
      Effective date: This interim final rule is effective on December 26, 2014. The incorporation by reference of certain publications listed in the rule is approved by the Director of the Federal Register as of December 26, 2014. Implementation dates: For grants authorized under the Robert T. Stafford Disaster Relief and Emergency Assistance Act, this rule is applicable for emergency or major disaster declarations issued on or after December 26, 2014. For non-Federal entities that are nonprofit organizations or institutions of higher education (IHEs), there is a one-year grace period for implementation of the procurement standards in 2 CFR 200.317 through 200.326. As will be detailed in the 2015 OMB Compliance Supplement, non-Federal entities choosing to delay implementation for the procurement standards will need to specify in their documented policies and procedures that they continue to comply with OMB circular A-110 for one additional fiscal year which begins after December 26, 2014. Comment date: To be assured of consideration, comments must be received by OMB electronically through www.regulations.gov no later than midnight Eastern Standard Time (E.S.T.) on February 17, 2015.
      2 CFR Parts 1, 25, 170, 180, and 200

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United States Code
U.S. Code: Title 7 - AGRICULTURE
U.S. Code: Title 16 - CONSERVATION

Title 7 published on 2014-01-01

The following are ALL rules, proposed rules, and notices (chronologically) published in the Federal Register relating to 7 CFR 1779 after this date.

  • 2014-12-19; vol. 79 # 244 - Friday, December 19, 2014
    1. 79 FR 75872 - Federal Awarding Agency Regulatory Implementation of Office of Management and Budget's Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards
      GPO FDSys XML | Text
      DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT, AGENCY FOR INTERNATIONAL DEVELOPMENT, NATIONAL SCIENCE FOUNDATION, CORPORATION FOR NATIONAL AND COMMUNITY SERVICE, NATIONAL ARCHIVES AND RECORDS ADMINISTRATION, DEPARTMENT OF TREASURY, NATIONAL ENDOWMENT FOR THE ARTS, GULF COAST ECOSYSTEM RESTORATION COUNCIL, DEPARTMENT OF TRANSPORTATION, EXECUTIVE OFFICE OF THE PRESIDENT, DEPARTMENT OF HEALTH AND HUMAN SERVICES, DEPARTMENT OF LABOR, INSTITUTE OF MUSEUM AND LIBRARY SERVICES, ENVIRONMENTAL PROTECTION AGENCY, NATIONAL ENDOWMENT FOR THE HUMANITIES, DEPARTMENT OF DEFENSE, NATIONAL AERONAUTICS AND SPACE ADMINISTRATION, DEPARTMENT OF THE INTERIOR, DEPARTMENT OF COMMERCE, DEPARTMENT OF AGRICULTURE, DEPARTMENT OF ENERGY, DEPARTMENT OF HOMELAND SECURITY, SOCIAL SECURITY ADMINISTRATION, DEPARTMENT OF STATE, DEPARTMENT OF VETERANS AFFAIRS, DEPARTMENT OF EDUCATION, DEPARTMENT OF JUSTICE, SMALL BUSINESS ADMINISTRATION, National Institute of Food and Agriculture, Rural Utilities Service, Rural Housing Service, Office of the Chief Financial Officer, Farm Service Agency, Office of National Drug Control Policy, Office of Management and Budget, Commodity Credit Corporation, Rural Business-Cooperative Service, Federal Emergency Management Agency
      Interim final rule.
      Effective date: This interim final rule is effective on December 26, 2014. The incorporation by reference of certain publications listed in the rule is approved by the Director of the Federal Register as of December 26, 2014. Implementation dates: For grants authorized under the Robert T. Stafford Disaster Relief and Emergency Assistance Act, this rule is applicable for emergency or major disaster declarations issued on or after December 26, 2014. For non-Federal entities that are nonprofit organizations or institutions of higher education (IHEs), there is a one-year grace period for implementation of the procurement standards in 2 CFR 200.317 through 200.326. As will be detailed in the 2015 OMB Compliance Supplement, non-Federal entities choosing to delay implementation for the procurement standards will need to specify in their documented policies and procedures that they continue to comply with OMB circular A-110 for one additional fiscal year which begins after December 26, 2014. Comment date: To be assured of consideration, comments must be received by OMB electronically through www.regulations.gov no later than midnight Eastern Standard Time (E.S.T.) on February 17, 2015.
      2 CFR Parts 1, 25, 170, 180, and 200