7 CFR § 1951.12 - Changes in the application of loan payments.

§ 1951.12 Changes in the application of loan payments.

(a) Authority to change payments. County Supervisors and Assistant County Supervisors are hereby authorized to approve requests for changes in the application of payments between loan accounts when payments have been applied in error and such requests conform to the policies expressed in this Subpart. However, no change will be made if the payment applied in error resulted in the payment in full of any Agency loan and the canceled note or notes have been returned to the borrower.

(b) Form RD 1951–7, “Request for Change in Application.” Requests for changes in application of payments will be made on Form RD 1951–7. For requests which County Supervisors or Assistant County Supervisors are authorized to approve, the County Supervisor or Assistant County Supervisor will sign the original of Form RD 1951–7 and forward it to the Finance Office. The Finance Office will send Form RD 451–26 to the County Office when the change is made on Finance Office records.

(c) Changes by the Finance Office in application of remittances.

(1) When reapplication of collection is made by the Finance Office Form RD 451–8, “Journal Voucher for Loan Account Adjustments,” will be prepared. Form RD 451–26 will be forwarded to the County Office to show the reapplication.

(2) When necessary, the Finance Office will correct Form RD 451–2 as prepared by the County Office.

[50 FR 45764, Nov. 1, 1985, as amended at 54 FR 18883, May 3, 1989]