GroundRules
7 CFR 1951.707: Determination of the amount of unauthorized assistance.
Where this section sits in the code
- Title 7—Agriculture
- Subtitle B—Regulations of the Department of Agriculture
- CHAPTER XVIII—RURAL HOUSING SERVICE, RURAL BUSINESS-COOPERATIVE SERVICE, AND RURAL UTILITIES SERVICE, DEPARTMENT OF AGRICULTURE
- SUBCHAPTER H—PROGRAM REGULATIONS
- PART 1951—SERVICING AND COLLECTIONS
- Subpart O—Servicing Cases Where Unauthorized Loan(s) or Other Financial Assistance Was Received—Community and Insured Business Programs
(a) Unauthorized loan amount. The unauthorized loan amount will be the unauthorized principal plus any interest accruing on the unauthorized principal at the note interest rate until the date paid unless otherwise agreed in writing by Rural Development.
(b) Unauthorized grant amount. The unauthorized amount will be the unauthorized grant amount actually expended under the grant agreement plus interest accrued beginning on the date of the demand letter at the interest rate stipulated in the applicable grant agreement, or, if none is stated, the default rate established by the U.S. Department of the Treasury, until the date paid unless otherwise agreed in writing by Rural Development.
Collected 2026-08-27T02:24:01Z. Source file · JSON