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Code of Federal Regulations Title 7. Agriculture § 7.1737.21 The completed loan application

Current as of January 02, 2025 | Updated by Findlaw Staff

(a) The completed loan application consists of four parts:

(1) A completed RUS Form 490.

(2) A market survey called the Area Coverage Survey (ACS).

(3) The plan and associated costs for the proposed construction, called the Loan Design (LD).

(4) Various supplementary information specified in 7 CFR 1737.22.

(b) The RUS field representative assists the borrower in assembling this information. Certain information is required from initial loan applicants but usually not from borrowers seeking subsequent loans. Borrowers are to submit all information in paragraph (a) of this section to their RUS field representatives, who will review and then forward the packages to RUS headquarters.

(c) RUS will make a determination of completeness of the application package and will notify the borrower of this determination within 10 working days of receipt of the information at RUS headquarters. If the application package is not complete, RUS will notify the borrower of what information is needed in order to complete the application package. If the information required to complete the application package is not received by RUS within 90 working days from the date the borrower was notified of the information needed, RUS may return the application package to the borrower. Returned applications are without prejudice and borrowers may resubmit the completed application.

(Approved by the Office of Management and Budget under control number 0572–0079)

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Cite this article: FindLaw.com - Code of Federal Regulations Title 7. Agriculture § 7.1737.21 The completed loan application - last updated January 02, 2025 | https://codes.findlaw.com/cfr/title-7-agriculture/cfr-sect-7-1737-21/

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