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USDA/RBS RIN: 0570-AA81 Publication ID: Spring 2011 
Title: ●Business and Industry Guaranteed Loan Program--Conditions of Guarantee 
Abstract: Section 4279.72(a) provides the conditions under which a guarantee is not enforceable, four such conditions are listed: (1) cases of fraud or misrepresentation, (2) loss occasioned by a provision for interest on interest, (3) loss occasioned by a violation of usury laws, negligent servicing, or failure to obtain required security, and (4) loan funds being used for purposes other than those specifically approved by the Agency. Section 4279.72(b) discusses the rights and liabilities of a lender when a guaranteed portion of a loan is sold to a holder. Under section 4279.72(b) one condition is listed where the lender will be liable for payments made by the Agency to any holder: cases of material fraud, negligence, or misrepresentation. Section 4279.72(b) remains silent on the other three conditions listed in section 4279.72(a), resulting in insufficient reimbursement rights for the Agency when the loan has been sold to a holder as well as undue coverage for the lender. The Agency believes reimbursement rights should be consistent, regardless of whether the lender retained the entire interest in the loan or conveyed an interest to a holder. Therefore, the Agency intends to publish a Direct Final Rule and Proposed Rule to revise 7 CFR 4279, subpart A. 
Agency: Department of Agriculture(USDA)  Priority: Substantive, Nonsignificant 
RIN Status: First time published in the Unified Agenda Agenda Stage of Rulemaking: Proposed Rule Stage 
Major: No  Unfunded Mandates: No 
CFR Citation: 7 CFR 4279-A (To search for a specific CFR, visit the Code of Federal Regulations.
Legal Authority: 5 USC 301; 7 USC 1932; 7 USC 1989 
Legal Deadline:  None
Timetable:
Action Date FR Cite
NPRM  09/00/2011   
NPRM Comment Period End  11/00/2011   
Regulatory Flexibility Analysis Required: No  Government Levels Affected: None 
Federalism: No 
Included in the Regulatory Plan: No 
RIN Data Printed in the FR: No 
Agency Contact:
Lisa Siesennop
Loan Specialist
Department of Agriculture
Rural Business-Cooperative Service
1400 Independence Avenue, SW, STOP 3224, Room 6858,
Washington, DC 20250
Phone:202 720-6003
Email: Lisa.siesennop@wdc.usda.gov

 
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