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Title 13: Business Credit and Assistance
CHAPTER I: SMALL BUSINESS ADMINISTRATION
PART 120: BUSINESS LOANS
Subpart A: Policies Applying to All Business Loans
: Applicability and Enforceability of Loan Program Requirements
120.180 - Lender and CDC compliance with Loan Program Requirements.
Lenders must comply and maintain familiarity with Loan Program Requirements for the 7(a) program, as such requirements are revised from time to time. CDCs must comply and maintain familiarity with Loan Program Requirements for the 504 program, as such requirements are revised from time to time. Loan Program Requirements in effect at the time that a Lender or CDC takes an action in connection with a particular loan govern that specific action. For example, although loan closing requirements in effect when a Lender or CDC closes a loan will govern the closing actions, a Lender or CDC's liquidation actions on the same loan are subject to the liquidation requirements in effect at the time that a liquidation action is taken.
[72 FR 18360, Apr. 12, 2007]
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