§1735.47. Rescissions of loans.
7 C.F.R. § 1735.47
Rescission of a loan may be requested by a borrower at any time. To rescind a loan, the borrower must demonstrate to RUS that:
The purposes of the loan being rescinded have been completed;
Sufficient funds are available from sources other than RUS or FFB to complete the purposes of the loan being rescinded; or
The purposes of the loan are no longer required to extend or improve telephone service in rural areas.
Borrowers submitting loan applications containing purposes previously covered by a loan that has been rescinded shall include in the application an explanation, satisfactory to RUS, of the change of conditions since the rescission that re-establishes the need for those purposes.
RUS shall not initiate the rescission of a loan unless all of the purposes for which telephone loans have been made to the borrower under the Act have been accomplished with funds provided under the Act.
Notes, amendments, and revision history
Amendments
[56 FR 26598, June 10, 1991, as amended at 84 FR 59922, Nov. 7, 2019]
Source
Source: 54 FR 13351, Apr. 3, 1989, unless otherwise noted. Redesignated at 55 FR 39395, Sept. 27, 1990.
Authority
Authority: 7 U.S.C. 901 et seq., 1921 et seq., and 6941 et seq.
Source
Source: 54 FR 13352, Apr. 3, 1989, unless otherwise noted. Redesignated at 55 FR 39395, Sept. 27, 1990.
Amendments
[56 FR 26598, June 10, 1991, as amended at 84 FR 59922, Nov. 7, 2019]