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Liquidation of Collateral, Sale of Loans

SBA · final-rule · Published 2000-03-31 · Effective 2000-05-01 · 65 FR 17132

Document

Document number
00-7944
Federal Register citation
65 FR 17132
CFR reference
13 CFR 120
Type
Rule
Action
Final rule.
Category
final-rule
Agency
US Small Business Administration
Publication date
2000-03-31
Effective date
2000-05-01

Abstract

With this rule, SBA amends its regulation regarding the liquidation and sale of loans. As part of a government-wide initiative, federal credit agencies are being directed by the Office of Management and Budget (OMB) to sell their loan portfolios. Previously, SBA amended its regulations to permit the sale of direct and purchased loans made under the authorities of the 7(a) and 501, 502, 503, and 504 programs (64 FR 44109). This final rule will permit SBA to sell its physical disaster home loans, physical disaster business loans and economic injury disaster loans (collectively referred to as Disaster Assistance Loans) in addition to direct and purchased commercial loans. This will include sales of both secured and unsecured Disaster Assistance Loans in performing and non-performing status. The Disaster Assistance Loans will be sold to qualified bidders by means of competitive procedures at publicly advertised sales. Bidder qualifications will be set for each sale in accordance with the terms and conditions of each sale.

Source

Authoritative
Federal Register document
Machine
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