(a)Reportable event and information required. Advance notice is required for a loan default, as described in § 4043.34(a) (or that would be so described if “10 days” were substituted for “30 days” in § 4043.34(a)(1)). The notice shall include the information described in § 4043.34(b).
(b)Waivers. Notice is waived if the reportable default is cured, or the lender waives the default, within 10 days or, if later, by the end of any cure period.
(c)Extensions. The notice date is extended to the later of—
(1)10 days after default. 10 days after the default occurs (without regard to the time of any other conditions required for the default to be reportable); and
(2)One day after subsequent event. One day after—
(i) The applicable cure period provided in the loan agreement (in the case of a default described in § 4043.34(a)(1));
(ii) The date the loan is accelerated (in the case of a default described in § 4043.34(a)(2)); and
(iii) The date the debtor receives written notice of the default (in the case of a default described in § 4043.34(a)(3)).
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§ 4043.67 Loan default.
Advance notice is required for an acceleration of payment, a default, a waiver, or an agreement to an amendment with respect to a loan agreement described in § 4043.34(a).
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.