25 USC 1485 - Sale or assignment of loans and underlying security

U.S Code last checked for updates: Nov 22, 2024

§ 1485.

Sale or assignment of loans and underlying security

(a)

In general

All or any portion of a loan guaranteed or insured under this subchapter, including the security given for the loan—

(1)

may be transferred by the lender by sale or assignment to any person; and

(2)

may be retransferred by the transferee.

(b)

Transfers of loans

With respect to a transfer described in subsection (a)—

(1)

the transfer shall be consistent with such regulations as the Secretary shall promulgate under subsection (h); and

(2)

the transferee shall give notice of the transfer to the Secretary.

(c)

Full faith and credit

(1)

In general

(2)

Validity

(d)

Damages

(e)

Fees

(1)

In general

(2)

Compensation of fiscal transfer agent

(f)

Central registration of loans

On promulgation of final regulations under subsection (h), the Secretary shall—

(1)

provide for a central registration of all guaranteed or insured loans transferred under this section; and

(2)

enter into 1 or more contracts with a fiscal transfer agent—

(A)

to act as the designee of the Secretary under this section; and

(B)

to carry out on behalf of the Secretary the central registration and fiscal transfer agent functions under this section.

(g)

Pooling of loans

(1)

In general

(2)

Regulations

(h)

Regulations

(Pub. L. 93–262, title II, § 205, Apr. 12, 1974, 88 Stat. 80; Pub. L. 100–442, § 2, Sept. 22, 1988, 102 Stat. 1763; Pub. L. 107–331, title I, § 103(b), Dec. 13, 2002, 116 Stat. 2836; Pub. L. 109–221, title IV, § 401(b), May 12, 2006, 120 Stat. 342.)

cite as: 25 USC 1485