46 CFR 298.25 - Excess interest or other consideration.

Regulations last checked for updates: Oct 16, 2024

Title 46 - Shipping last revised: Sep 23, 2024

View all text of Subpart C [§ 298.20 - § 298.27]

§ 298.25 - Excess interest or other consideration.

We shall not execute Guarantees if any agreement in the Documentation directly or indirectly provides for:

(a) The payment to an Obligee of interest, or other compensation for services which have not been performed, in a manner that such compensation or payment is being provided as interest in excess of the rate approved by us; or

(b) Grants of security to an Obligee in addition to the Guarantees.

authority: 46 U.S.C. chapter 537; 49 CFR 1.93

source: 65 FR 45152, July 20, 2000, unless otherwise noted.

cite as: 46 CFR 298.25