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SBA | RIN: 3245-AE83 | Publication ID: Spring 2006 |
Title: Business Loans and Development Company Loans; Liquidation and Litigation Procedures | |
Abstract: This rule would implement statutory provisions authorizing SBA to delegate to qualified Certified Development Companies (CDCs) authority to conduct liquidation and debt collection litigation of loans that are funded with the proceeds of debentures guaranteed by the SBA under the 504 loan program. It also provides for new liquidation and debt collection litigation procedures for authorized CDCs and participating 7(a) lenders. In particular, this rule would establish: (1) Procedures for CDCs to obtain delegated authority for such liquidation and litigation; (2) guidelines for CDCs exercising this authority; and (3) procedures for SBA's payment of legal fees and expenses to CDCs and Lenders; among other things. This rule would also require lenders to complete all cost-effective debt recovery actions prior to requesting guaranty purchase by SBA. | |
Agency: Small Business Administration(SBA) | Priority: Other Significant |
RIN Status: Previously published in the Unified Agenda | Agenda Stage of Rulemaking: Final Rule Stage |
Major: No | Unfunded Mandates: No |
CFR Citation: 13 CFR 120 | |
Legal Authority: 15 USC 634(b)(6) 15 USC 636(a) 15 USC 636(h) 15 USC 697(a)(2) PL 106-554 |
Legal Deadline:
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Timetable:
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Regulatory Flexibility Analysis Required: Yes | Government Levels Affected: None |
Small Entities Affected: Businesses | Federalism: No |
Included in the Regulatory Plan: No | |
Agency Contact: Walter C. Intlekofer Chief, Office Of Portfolio Management Small Business Administration 409 Third Street SW, Washington, DC 20416 Phone:202 205-7543 Email: walter.intlekofer@sba.gov |