rural-development · Rural Housing Service · Rule · Published 2016-08-23 · Effective 2016-09-22 · 81 FR 57439
Document
Document number
2016-19954
Federal Register citation
81 FR 57439
CFR reference
7 CFR 3560
Type
Rule
Action
Final rule.
Category
rural-development
Sub-agency
Rural Housing Service
Publication date
2016-08-23
Effective date
2016-09-22
Abstract
The Rural Housing Service (RHS or Agency) is implementing its civil monetary penalty provision. Currently, the Agency is limited to severe actions, such as acceleration and foreclosure, as a remedy for non-monetary compliance violations, actions that may not be in the best interest of the government. New Civil Monetary Penalties regulations will enable the Agency to target the non-monetary default issues and elicit compliance by the borrower without such a drastic step as foreclosure. By implementing procedures for Civil Monetary Penalties, the Agency will be provided an important tool to enforce compliance with the regulations.