Lender eligibility requirements.

CFR · 2024-01-01 · US · Title 7

To become a lender under this part, the lending entity must meet the requirements specified in paragraphs (a) through (d) of this section, as applicable, and become an approved participant in the Agency's electronic system. Paragraph (e) of this section contains provisions associated with lenders that have already been approved by the Agency under one of the guaranteed loan programs identified in § 5001.1of this part. If not yet an Agency-approved lender, the lending entity must include with the application a request for lender approval in accordance with this section. (a) (1) Be domiciled in a State; (2) Not be debarred or suspended by the Federal Government or be an affiliated person of such entity that was suspended or debarred; (3) Inform the Agency if it is under a consent order, or similar constraint, from a Federal or State agency. The Agency will evaluate the lending entity's eligibility on a case-by-case basis, and assess the risk of loss posed by the consent order or similar constraint, as applicable; (4) Maintain written standards of conduct covering conflicts of interest; and (5) Maintain internal audit and management control systems to evaluate and monitor the overall quality of its loan origination and servicing activities. (6) Be registered in and maintain an account in the System for Award Management (SAM) in accordance with 2 CFR 25.200. (b) (1) Federal and State chartered banks. (2) Farm Credit Bank of the Federal Land Bank and other Farm Credit System insti

official document · source cfr-2024 · id 7:§ 5001.130