Decision on servicing actions.

CFR · 2024-01-01 · US · Title 7

(a) (b) (1) The recipient did not provide false information as defined in § 1951.702. (2) It would be highly inequitable to require prompt repayment of the unauthorized assistance. (3) Failure to collect the unauthorized assistance in full will not adversely affect Rural Development's financial interest. (c) (d) (1) (A) The amount of unauthorized assistance outstanding, including principal, accrued interest, and any recoverable costs charged to the account, is less than $1,000; or (B) It would not be in the best financial interest of the Government to force liquidation. (ii) When all of the conditions of paragraph (a) or (b) of this section are met, but the recipient does not repay or refuses to execute documents to effect necessary account adjustments according of the provisions of § 1951.711, forced liquidation action will be initiated as provided in paragraph (d)(1)(i) of this section. (iii) When forced liquidation would be initiated, except that the loan is being handled in accordance with paragraph (d)(1)(i)(A) or (d)(1)(i)(B) of this section, continuation with the loan on existing terms may be provided. (iv) If the debt is not otherwise resolved, Rural Development will take appropriate debt collection actions in accordance with 7 CFR Part 3, subparts B and C, and the Federal Claims Collection Standards at 31 CFR Chapter IX, Parts 900-904. (2)

official document · source cfr-2024 · id 7:§ 1951.709