CFR > Title 7 - Agriculture > SUBTITLE B—Regulations of the Department of Agriculture > CHAPTER XVIII—RURAL HOUSING SERVICE, RURAL BUSINESS-COOPERATIVE SERVICE, RURAL UTILITIES SERVICE, AND FARM SERVICE AGENCY, DEPARTMENT OF AGRICULTURE (parts 1804 to 2045) > SUBCHAPTER H—PROGRAM REGULATIONS (parts 1900 to 1981) > PART 1980—GENERAL > SUBPART E—Business and Industrial Loan Program (§1980.401 to §1980.500) > 1980.419—Eligible lenders.

1980.419—Eligible lenders.

[See Subpart A, § 1980.13.]
Administrative
A. Par (a) of Subpart A, § 1980.13 requires National Office approval for any variations.
B. Par (b)(4) of Subpart A, § 1980.13, State Director submits information to National Office with recommendations.
C. With prior written approval of the FmHA or its successor agency under Public Law 103-354 National Office, a new eligible lender may be substituted for the original lender provided the new lender agrees to assume all original loan requirements including liabilities, servicing responsibilities and acquiring legal title to the unguaranteed portion of the loan. Such approval will be granted by the National Office only when a lender discontinues lending operations or other extreme situations require a substitution of lender. If approved by the National Office, the State Director will submit to the Finance Office Form FmHA or its successor agency under Public Law 103-354 1980-42. “Notice of Substitution of Lender.”