§1717.612. RUS approval of borrower's bank or other depository.
7 C.F.R. § 1717.612
If a borrower's mortgage or loan contract gives RUS the authority to approve the bank or other depositories used by the borrower, such approval is hereby granted. However, without the prior written approval of RUS, a borrower shall not deposit funds from loans made or guaranteed by RUS in any bank or other depository that is not insured by the Federal Deposit Insurance Corporation or other Federal agency acceptable to RUS, or in any account not so insured.
Notes, amendments, and revision history
Source
Source: 60 FR 67405, Dec. 29, 1995, unless otherwise noted.
Authority
Authority: 7 U.S.C. 901 et seq., 1921 et seq., 6941 et seq.
Source
Source: 55 FR 38646, Sept. 19, 1990, unless otherwise noted.