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Code of Federal Regulations Title 7. Agriculture § 7.773.21 Loan decision, closing, and fees

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

(a) Loan decision.

(1) The Agency will approve a loan if it determines that:

(i) The loan can be repaid;

(ii) The proposed use of loan funds is authorized;

(iii) The applicant has been determined eligible;

(iv) All security requirements have been, or will be met at closing;

(vi) All other pertinent requirements have been, or will be met at closing.

(2) The Agency will place conditions upon loan approval as necessary to protect its interest.

(b) Loan closing.

(1) The applicant must meet all conditions specified by the loan approval official in the notification of loan approval prior to loan closing;

(2)   1 There must have been no significant changes in the plan of operation or the applicant's financial condition since the loan was approved;  and

1 So in original;  there are two subsections (b)(2). See 65 FR 76119.

(2)   1 The applicant will execute all loan instruments and legal documents required by the Agency to evidence the debt, perfect the required security interest in property securing the loan, and protect the Government's interests, in accordance with applicable State and Federal laws. In the case of an entity applicant, all officers or partners and any board members also will be required to execute the promissory notes as individuals.

1 So in original;  there are two subsections (b)(2). See 65 FR 76119.

(c) Fees. The applicant will pay all loan closing fees including credit report fees, fees for appraisals, fees for recording any legal instruments determined to be necessary, and all notary, lien search, and similar fees incident to loan transactions. No fees will be assessed for work performed by Agency employees.

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Cite this article: FindLaw.com - Code of Federal Regulations Title 7. Agriculture § 7.773.21 Loan decision, closing, and fees - last updated January 02, 2025 | https://codes.findlaw.com/cfr/title-7-agriculture/cfr-sect-7-773-21/

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