§120.435. Which loan pledges do not require notice to or consent by SBA?
13 C.F.R. § 120.435
Notwithstanding the provisions of § 120.434(e), 7(a) loans may be pledged for the following purposes without notice to or consent by SBA:
Treasury tax and loan accounts;
The deposit of public funds;
Uninvested trust funds;
Borrowings from a Federal Reserve Bank; or
Advances by a Federal Home Loan Bank.
For purposes of the Paycheck Protection Program (PPP), the other provisions of § 120.434 shall also not apply to PPP loans pledged under paragraph (a)(4) or (5) of this section.
Notes, amendments, and revision history
Amendments
[85 FR 21752, Apr. 20, 2020]
Source
Source: Sections 120.430 through 120.435 appear at 64 FR 6509, 6510, Feb. 10, 1999, 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.
Amendments
[85 FR 21752, Apr. 20, 2020]