7 CFR § 766.102 - Borrower application requirements.
(a) Except as provided in paragraph (e) of this section, an application for primary loan servicing, conservation contract, current market value buyout, homestead protection, or some combination of these options, must include the following to be considered complete:
(1) Completed acknowledgment form provided with the Agency notification and signed by all borrowers;
(3) Financial records for the 3 most recent years, including income tax returns;
(6) Verification of all non-farm income;
(7) A current financial statement and the operation's farm operating plan, including the projected cash flow budget reflecting production, income, expenses, and debt repayment plan. In the case of an entity, the entity and all entity members must provide current financial statements; and
(8) Verification of all debts and collateral.
(d) If a borrower who submitted a complete application while current or financially distressed is renotified as a result of becoming 90 days past due, the borrower must only submit a request for servicing in accordance with paragraph (a)(1) of this section, provided all other information is less than 90 days old and is based on the current production cycle. Any information 90 or more days old or not based on the current production cycle must be updated.
(1) The remaining individual submits a complete application in accordance with this section;
(2) Both parties have agreed in a divorce decree or property settlement that only the remaining individual will be responsible for all FLP loan payments;
(3) The withdrawing individual has conveyed all ownership interest in the security to the remaining individual; and
(4) The withdrawing individual does not have repayment ability and does not own any non-essential assets.
The following state regulations pages link to this page.