Title 7

SECTION 1902.16

1902.16 Request for withdrawals by State Director.

§ 1902.16 Request for withdrawals by State Director.

When the State Director is requested to make written demand upon the financial institution for the balance on deposit in the supervised bank account, or any part thereof, the request will be accompanied by the following information.

(a) Name of borrower as it appears on the applicable Deposit Agreement.

(b) Name and location of financial institution.

(c) Amount to be withdrawn for refund to another lender of any balance that may remain of funds received by the borrower from such lender as a loan or grant, or under a subordination agreement or other arrangement between the Rural Development, the other lender, and the borrower.

(d) Amount to be withdrawn, excluding any service charges, for a refund due to Rural Development.

(e) Other pertinent information including reasons for the withdrawal.

[46 FR 36106, July 14, 1981, as amended at 80 FR 9870, Feb. 24, 2015]

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