§ 1980.118
Issuance of Lender's Agreement, Loan Note Guarantee, Contract of Guarantee, and Assignment Guarantee Agreement.
(a) See § 1980.61 of subpart A of this part.
(b) A guaranteed portion of the loan may not be sold by the lender until the loan has been fully disbursed to the borrower. The guaranteed portion of a line of credit will never be sold or assigned by the lender except as provided in part III of Form FmHA or its successor agency under Public Law 103-354 1980-38.
(c) Each Loan Note Guarantee issued will contain the statement “This Loan Note Guarantee is issued under the Lender's Agreement dated ____.” The date will be the same date entered in Part IV of Form FmHA or its successor agency under Public Law 103-354 1980-38.
(d) Each Contract of Guarantee issued will contain the statement “This Contract of Guarantee is issued under Lender's Agreement dated ____.” The date will be the same date entered in Part IV of Form FmHA or its successor agency under Public Law 103-354 1980-38.
Administrative
A. Section 1980.61(a). For non-CLP lenders, the original Form FmHA or its successor agency under Public Law 103-354 1980-38 will be kept in the County Office. For CLP lenders, the original Form FmHA or its successor agency under Public Law 103-354 1980-38 will be kept in the State Office, with copies distributed to the appropriate County Office.
B. Section 1980.61(b)(1). Copy(ies) of the Loan Note Guarantee(s) or Contract of Guarantee(s) will be kept in the County Office. Additional copy(ies) may be retained by the State Office.
C. Section 1980.61(b)(3). For reporting purposes where multi-notes are issued, the loan will be counted as one loan regardless of the number of notes issued.
[54 FR 1558, Jan. 13, 1989, as amended at 58 FR 34332, June 24, 1993; 58 FR 40190, July 27, 1993]