7 CFR § 1951.242

7 CFR · Agriculture

§ 1951.242 — Servicing delinquent Community Facility loans.

7 CFR § 1951.242

TitleTitle 7: Agriculture PartPart 1951: Servicing and Collections

SourceeCFR (current through Apr 13, 2026)

This text of 7 C.F.R. § 1951.242 (Servicing delinquent Community Facility loans.) is published on Counsel Stack Legal Research, covering United States primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

7 C.F.R. § 1951.242 (2026).

Text

§ 1951.242 Servicing delinquent Community Facility loans.

(a)For the purpose of this section, a loan is delinquent when a borrower fails to make all or part of a payment by the due date.

(b)The delinquent loan borrower and the Agency, at its discretion, may enter into a written workout agreement.

(c)For loans that are delinquent, the borrower must provide, monthly comparative financial statements in a format that is acceptable to the Agency by the 15th day of the following month. The Agency may waive this requirement if it would cause a hardship for the borrower or the borrower is actively marketing the security property. [69 FR 70884, Dec. 8, 2004]

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§ 1951.242 Servicing delinquent Community Facility loans.

(a) For the purpose of this section, a loan is delinquent when a borrower fails to make all or part of a payment by the due date.

(b) The delinquent loan borrower and the Agency, at its discretion, may enter into a written workout agreement.

(c) For loans that are delinquent, the borrower must provide, monthly comparative financial statements in a format that is acceptable to the Agency by the 15th day of the following month. The Agency may waive this requirement if it would cause a hardship for the borrower or the borrower is actively marketing the security property.

[69 FR 70884, Dec. 8, 2004]