Types of formal enforcement actions—SBA Lenders.

CFR · 2024-01-01 · US · Title 13

Upon a determination that the grounds set forth in § 120.1400 exist, the D/OCRM may undertake, in his/her discretion (and with the involvement of the LOC as appropriate and consistent with its assigned responsibilities), one or more of the following formal enforcement actions for each of the types of SBA Lender listed, and is not restricted from delegating as appropriate. SBA will consider the severity or frequency of the violation or action and the circumstances triggering the ground in determining whether and what type of enforcement action to take. SBA will take formal enforcement action in accordance with procedures set forth in § 120.1600. If formal enforcement action is taken under this (a) (2) (3) (4) (5) (6) (b) (1) Secondary market suspension or revocation (other than temporary suspension and revocation under § 120.660). SBA may suspend or revoke a 7(a) Lender's authority to sell or purchase loans or certificates in the Secondary Market; or (2) Civil monetary penalty (other than SBA Supervised Lender civil monetary penalty under § 120.465). SBA may assess a civil monetary penalty against a 7(a) Lender. The civil monetary penalty will be in an amount not to exceed the maximum published in the (c) (1) (2) (3) (i) for NFRLs: (A) the existence of fraud or false statements; (B) the NFRL's refusal to cooperate with SBA enforcement action instructions or orders; (C) the NFRL's insolvency (legal or equitable); (D) the size of the NFRL's SBA loan portfolio(s) in relation to o

official document · source cfr-2024 · id 13:§ 120.1500