13 CFR 120.551 - Who is eligible for homestead protection?

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There are 4 Updates appearing in the Federal Register for 13 CFR Part 120. View below or at eCFR (GPOAccess)
§ 120.551 Who is eligible for homestead protection?

SBA must notify the Borrower in possession of the availability of these homestead protection rights within 30 days after SBA acquires the property. A farmer-Borrower must:

(a) Apply for the homestead occupancy to the SBA field office which serviced the loan within 90 days after SBA acquires the property;

(b) Provide evidence that the farm produces farm income reasonable for the area and economic conditions;

(c) Show that at least 60 percent of the Borrower and spouse's gross annual income came from farm or ranch operations in at least any two out of the last six calendar years;

(d) Have resided on the property during the previous six years; and

(e) Be personally liable for the debt.

This is a list of United States Code sections, Statutes at Large, Public Laws, and Presidential Documents, which provide rulemaking authority for this CFR Part.

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United States Code
Statutes at Large

Title 13 published on 2015-10-16

The following are ALL rules, proposed rules, and notices (chronologically) published in the Federal Register relating to 13 CFR Part 120 after this date.

  • 2016-08-09; vol. 81 # 153 - Tuesday, August 9, 2016
    1. 81 FR 52595 - Miscellaneous Amendments to Business Loan Programs and Surety Bond Guarantee Program
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      SMALL BUSINESS ADMINISTRATION
      Proposed rule.
      SBA must receive comments to the proposed rule on or before October 11, 2016.
      13 CFR Parts 115 and 120

Title 13 published on 2015-10-16.

The following are only the Rules published in the Federal Register after the published date of Title 13.

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

  • 2016-06-27; vol. 81 # 123 - Monday, June 27, 2016
    1. 81 FR 41423 - Affiliation for Business Loan Programs and Surety Bond Guarantee Program
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      SMALL BUSINESS ADMINISTRATION
      Final rule.
      This rule is effective July 27, 2016.
      13 CFR Parts 109, 115, 120, and 121