---
kind: "section"
citation: "24 C.F.R. § 1005.221"
title: "24"
number: "1005.221"
heading: "Business change reporting."
url: "https://uscodex.org/cfr/24/1005.221"
---

# §1005.221. Business change reporting.

- (a) Within a timeframe as prescribed by [Section 184](/cfr/24/184.md) Program Guidance, Direct Guarantee Lenders shall provide written notification to HUD, in such a form as prescribed by [Section 184](/cfr/24/184.md) Program Guidance of:
  - (1) All changes in the Direct Guarantee Lender or Sponsored Entity's legal structure, including, but not limited to, mergers, acquisitions, terminations, name, location, control of ownership, and character of business;
  - (2) Staffing changes with senior leadership and Loan underwriters for Direct Guarantee Lenders and Sponsored Entities; and
  - (3) **Any sanctions by another supervising entity.**
- (b) Failure to report changes within a reasonable timeframe prescribed in [Section 184](/cfr/24/184.md) Program Guidance may result in sanctions in accordance with §§ [1005.905](/cfr/24/1005.905.md) and [1005.907](/cfr/24/1005.907.md).

## Notes

### Authority

Authority: 12 U.S.C. 1715z-13a; 15 U.S.C. 1639c; 42 U.S.C. 3535(d).

### Source

Source: 89 FR 20056, Mar. 20, 2024; 89 FR 22084, Mar. 29, 2024, unless otherwise noted.