§120.1716. Required SBA approval of servicing actions.
13 C.F.R. § 120.1716
Seller shall not, without prior written consent of SBA, take the following actions with respect to Seller's Pool Loan:
Make or consent to any substantial alteration in the terms (“substantial” includes, but is not limited to, any changes to the principal amount or interest rate);
Accelerate the maturity;
Sue; or
Waive or release any claim. Guidance on other servicing actions, some of which may need prior SBA approval, is provided in the Guide.
Notes, amendments, and revision history
Source
Source: 74 FR 56093, Oct. 30, 2009, unless otherwise noted.
Authority
Authority: 15 U.S.C. 634(b) (6), (b) (7), (b) (14), (h), and note, 636(a), (h) and (m), 650, 687(f), 696(3) and (7), and 697(a) and (e); sec. 521, Pub. L. 114-113, 129 Stat. 2242; sec. 328(a), Pub. L. 116-260, 134 Stat. 1182.
Source
Source: 61 FR 3235, Jan. 31, 1996, unless otherwise noted.