7 USC 2006f - Rural development certified lenders program

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

§ 2006f.

Rural development certified lenders program

(a)

Certified lenders program

(1)

In general

(2)

Certification requirements

(3)

Condition of certification

(4)

Guarantee

(5)

Certifications

With respect to loans to be guaranteed, the Secretary may permit a certified lender to make appropriate certifications (as provided in regulations issued by the Secretary)—

(A)

relating to issues such as creditworthiness, repayment ability, adequacy of collateral, and feasibility of the operation; and

(B)

that the borrower is in compliance with all requirements of law, including regulations issued by the Secretary.

(6)

Relationship to other requirements

(b)

Preferred certified lenders program

(1)

In general

The Secretary may establish a preferred certified lenders program for lenders who establish their—

(A)

knowledge of, and experience under, the program established under subsection (a);

(B)

knowledge of the regulations concerning the particular guaranteed loan program; and

(C)

proficiency related to the certified lender program requirements.

(2)

Additional lending institutions

(3)

Revocation of designation

(4)

Condition of certification

(5)

Effect of preferred lender certification

Notwithstanding any other provision of law, the Secretary may—

(A)

guarantee not more than 80 percent of any approved loan made by a preferred certified lender as described in this subsection, if the borrower meets the eligibility requirements and such other criteria as may be applicable to loans guaranteed by the Secretary; and

(B)

permit preferred certified lenders to make all decisions, with respect to loans to be guaranteed by the Secretary under this subsection relating to creditworthiness, the closing, monitoring, collection, and liquidation of loans, and to accept appropriate certifications, as provided in regulations issued by the Secretary, that the borrower is in compliance with all requirements of law and regulations issued by the Secretary.

(Pub. L. 87–128, title III, § 364, as added Pub. L. 104–127, title VII, § 752, Apr. 4, 1996, 110 Stat. 1129.)

cite as: 7 USC 2006f