rural-development · Rural Utilities Service · Rule · Published 2006-11-20 · Effective 2006-12-20 · 71 FR 67032
Document
Document number
06-9262
Federal Register citation
71 FR 67032
CFR reference
7 CFR 4279
Type
Rule
Action
Final rule.
Category
rural-development
Sub-agency
Rural Utilities Service
Publication date
2006-11-20
Effective date
2006-12-20
Abstract
Rural Business-Cooperative Service (RBS) amends its regulations for the Business and Industry (B&I) Guaranteed Loan Program by modifying the regulation regarding personal and corporate guarantors. This action will standardize the guarantor process. The Agency has created a guarantor form which will be used to obtain the personal or corporate guarantee of anyone owning greater than 20 percent interest in the borrower. The effect of this rule is to allow the Agency to use all remedies available to pursue collection from guarantors, including offset under the Debt Collection Improvement Act.