Farm Loan Programs Account Servicing Policies-Elimination of 30-Day Past-Due Period
farm-program · Farm Service Agency · Rule · Published 2004-02-04 · Effective 2004-03-05 · 69 FR 5264
Document
Document number
04-1792
Federal Register citation
69 FR 5264
CFR reference
7 CFR 1951
Type
Rule
Action
Final rule.
Category
farm-program
Sub-agency
Farm Service Agency
Publication date
2004-02-04
Effective date
2004-03-05
Abstract
The Farm Service Agency (FSA) is amending its regulations to eliminate the 30-day past-due period prior to a determination that the borrower is delinquent and clarify the use of the terms "delinquent" and "past due" with regard to direct loan servicing and offset. Because the regulation only allows debt writedown after a borrower becomes delinquent, this change would allow Farm Loan Programs (FLP) borrowers to receive debt writedown on the day after a missed payment, assuming all other primary loan servicing criteria are met, instead of waiting 31 days.