13 CFR 120.1716 - Required SBA approval of servicing actions.

Regulations last checked for updates: Feb 16, 2025

Title 13 - Business Credit and Assistance last revised: Jan 21, 2025

View all text of Subpart J [§ 120.1700 - § 120.1726]

§ 120.1716 - Required SBA approval of servicing actions.

Seller shall not, without prior written consent of SBA, take the following actions with respect to Seller's Pool Loan:

(a) Make or consent to any substantial alteration in the terms (“substantial” includes, but is not limited to, any changes to the principal amount or interest rate);

(b) Accelerate the maturity;

(d) Waive or release any claim. Guidance on other servicing actions, some of which may need prior SBA approval, is provided in the Guide.

authority: 15 U.S.C. 634(b) (6), (b) (7), (b) (14), (h), and note, 636(a), (h) and (m), 650, 687(f), 696(3) and (7), and 697(a) and (e); sec. 521, Pub. L. 114-113, 129 Stat. 2242; sec. 328(a), Pub. L. 116-260, 134 Stat. 1182

source: 61 FR 3235, Jan. 31, 1996, unless otherwise noted.

cite as: 13 CFR 120.1716