§286.210. What is the penalty for a Tribe's failure to repay a Federal loan?
45 C.F.R. § 286.210
If a Tribe fails to repay the amount of principal and interest due at any point under a loan agreement:
The entire outstanding loan balance, plus all accumulated interest, becomes due and payable immediately; and
We will reduce the TFAG payable for the immediately succeeding fiscal year quarter by the outstanding loan amount plus interest.
Neither the reasonable cause provisions at § 286.225 nor the corrective compliance plan provisions at § 286.230 apply when a Tribe fails to repay a Federal loan.
Notes, amendments, and revision history
Authority
Authority: 42 U.S.C. 601, 604, and 612; Public Law 111-5.
Source
Source: 65 FR 8530, Feb. 18, 2000, unless otherwise noted.