Civil penalty for late submission of required reports.

CFR · 2024-01-01 · US · Title 13

(a) (b) (c) (d) (e) (i) Whether the SBA Supervised Lender failed to file required reports for more than two reporting periods and (ii) If SBA provided the SBA Supervised Lender notice of the failure to file and the SBA Supervised Lender failed to respond or failed to provide a reasonable explanation for the filing failure in its response. (2) If SBA disapproves the extension, the due date remains the same. The civil penalty accrues regardless of whether the SBA Supervised Lender files an extension request. If SBA approves the extension, SBA will waive the civil penalty that has accrued so far for that particular report. However, a new civil penalty will accrue if the SBA Supervised Lender does not submit a complete report by the new due date established by SBA. (f) (i) Whether there is reasonable cause for failure to file timely and it was not due to willful neglect; (ii) Whether the SBA Supervised Lender has demonstrated to SBA's satisfaction that it has modified its internal procedures to comply with reporting requirements in the future; and (iii) Whether the SBA Supervised Lender has demonstrated to SBA's satisfaction, based on financial information fully disclosed together with its request, that it would have difficulty paying the civil penalty assessed. (2) SBA must also determine that a reduction or exemption is not inconsistent with the public interest or the protection of SBA. (3) SBA may in writing approve the exemption, reduce the civil penalty, or deny the exemptio

official document · source cfr-2024 · id 13:§ 120.465