rural-development · Rural Utilities Service · Rule · Published 2003-06-26 · Effective 2003-07-28 · 68 FR 37952
Document
Document number
03-16041
Federal Register citation
68 FR 37952
CFR reference
7 CFR 1710
Type
Rule
Action
Final rule.
Category
rural-development
Sub-agency
Rural Utilities Service
Publication date
2003-06-26
Effective date
2003-07-28
Abstract
The Rural Utilities Service (RUS) is amending its regulation on extensions of payments of principal and interest, to include a maximum interest rate a RUS Borrower can charge on deferments for programs relating to consumer loans. The maximum interest rate will not be more than 300 basis points above the average interest rate on the note(s) being deferred. This limit would allow the Borrower to offset all or part of the administrative costs involved. In addition, this regulation will set forth the procedure for RUS Borrowers to request a section 12(a) extension for distributed generation projects. These changes are intended to clarify the procedures Borrowers are to follow when requesting extensions of payments of principal and interest.