{"data":{"id":"us/13-cfr-120.1725","jurisdiction":"us","citation":"13 CFR 120.1725","heading":"No Program Preference by Seller or Pool Originator.","body":"The Seller and the Pool Originator must not establish a Program Preference, which is defined in 13 CFR 120.10.","path":["Title 13—Business Credit and Assistance","CHAPTER I—SMALL BUSINESS ADMINISTRATION","PART 120—BUSINESS LOANS","Subpart J—Establishment of SBA Secondary Market Guarantee Program for First Lien Position 504 Loan Pools"],"source_url":"https://www.ecfr.gov/api/versioner/v1/full/2026-08-25/title-13.xml","current_through":"2026-08-25","vintage":"","retrieved_at":"2026-08-27T02:24:18Z","sha256":"447142962917ef419f589ed2238ee736aa818dfd3e76b97f95f6de43d07254b3","source_id":"us-cfr","stale":true,"prev":"us/13-cfr-120.1724","next":"us/13-cfr-120.1726"},"notice":"GroundRules: Original legal text. Not legal advice."}