---
kind: "range"
citation: "24 C.F.R. §§ 203.479–203.487"
title: "24"
from: "203.479"
to: "203.487"
count: 7
url: "https://uscodex.org/cfr/24/203.479..203.487"
---

# §203.479. Debenture interest rate.

- (a) Debentures shall bear interest from the date of issue, payable semiannually on the first day of January and on the first day of July every year at the rate in effect as of the date the commitment was issued, or as of the date the loan was endorsed for insurance, whichever rate is higher. The applicable rates of interest will be published twice each year as a notice in the Federal Register.
- (b) For mortgages endorsed for insurance after January 23, 2004, if an insurance claim is paid in cash, the debenture interest rate for purposes of calculating such a claim shall be the monthly average yield, for the month in which the default on the mortgage occurred, on United States Treasury Securities adjusted to a constant maturity of 10 years.

# §203.481. Maturity of debentures.


Debentures shall mature 10 years from the date of issue.


# §203.482. Registration of debentures.


Debentures shall be registered as to principal and interest.


# §203.483. Forms and amounts of debentures.


Debentures issued under this part shall be in such form and amounts; and shall be subject to such terms and conditions; and shall include such provisions for redemption, if any, as may be prescribed by the Secretary, with the approval of the Secretary of the Treasury; and may be in book entry or certificated registered form, or such other form as the Secretary by regulation may prescribe.


# §203.484. Redemption of debentures.


Debentures shall, at the option of the Commissioner and with the approval of the Secretary of the Treasury, be redeemable at par plus accrued interest on any semiannual interest payment date on 3 months' notice of redemption given in such manner as the Commissioner shall prescribe. The debenture interest on the debentures called for redemption shall cease on the semiannual interest payment date designated in the call notice. The Commissioner may include with the notice of redemption an offer to purchase the debentures at par plus accrued interest at any time during the period between the notice of redemption and the redemption date. If the debentures are purchased by the Commissioner after such call and prior to the named redemption date, the debenture interest shall cease on the date of purchase.


# §203.486. Issue date of debentures.


The debentures shall be issued as of the date of the execution of the assignment of the loan in accordance with the requirements of [§ 203.476(c)](/cfr/24/203.476.md?p=c).


# §203.487. Cash adjustment.


Any difference of less than $50 between the amount of debentures to be issued to the lender and the total amount of the lender's claim, as approved by the Commissioner, may be adjusted by the issuance of a check in payment thereof.