GroundRules
7 CFR 766.59: Payments toward set-aside installments.
Where this section sits in the code
- Title 7—Agriculture
- Subtitle B—Regulations of the Department of Agriculture
- CHAPTER VII—FARM SERVICE AGENCY, DEPARTMENT OF AGRICULTURE
- SUBCHAPTER D—SPECIAL PROGRAMS
- PART 766—DIRECT LOAN SERVICING—SPECIAL
- Subpart B—Disaster Set-Aside
(a) Interest accrual. (1) Interest will accrue on any principal portion of the set-aside installment at the same rate charged on the balance of the loan.
(2) If the borrower's set-aside installment is for a loan with a limited resource rate and the Agency modifies that limited resource rate, the interest rate on the set-aside portion will be modified concurrently.
(b) Due date. The amount set-aside, including interest accrued on the principal portion of the set-aside, is due on or before the final due date of the loan.
(c) Applying payments. The Agency will apply borrower payments toward set-aside installments first to interest and then to principal.
Collected 2026-08-27T02:24:01Z. Source file · JSON