Rule2024-28031
OneRD Guaranteed Loan Regulation
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
December 9, 2024
Effective
December 9, 2024
Issuing agencies
Agriculture DepartmentRural Utilities ServiceRural Housing ServiceRural Business-Cooperative Service
Abstract
On September 30, 2024, Rural Development's Rural Business- Cooperative Service, Rural Housing Service, and Rural Utilities Service, agencies of the United States Department of Agriculture (USDA), published a final rule with comment for the OneRD Guarantee Loan Program (OneRD). The final rule made necessary revisions to the policy and procedures that strengthened the oversight and management of the growing Community Facilities, Water and Waste Disposal, Business and Industry, and Rural Energy for America guarantee portfolios. The final rule had a misspelled subject heading in the preamble. The final rule also contained information in an instruction that was not ultimately in the final rule, an incomplete definition of affiliate, and a misstatement regarding protective advances. This document corrects the final regulation.
Full Text
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<title>Federal Register, Volume 89 Issue 236 (Monday, December 9, 2024)</title>
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[Federal Register Volume 89, Number 236 (Monday, December 9, 2024)]
[Rules and Regulations]
[Page 97477]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-28031]
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DEPARTMENT OF AGRICULTURE
Rural Utilities Service
Rural Housing Service
Rural Business-Cooperative Service
7 CFR Part 5001
[Docket No. RUS-19-Agency-0030]
RIN 0572-AC56
OneRD Guaranteed Loan Regulation
AGENCY: Rural Business-Cooperative Service, Rural Housing Service,
Rural Utilities Service, USDA.
ACTION: Final rule, correction and correcting amendments.
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SUMMARY: On September 30, 2024, Rural Development's Rural Business-
Cooperative Service, Rural Housing Service, and Rural Utilities
Service, agencies of the United States Department of Agriculture
(USDA), published a final rule with comment for the OneRD Guarantee
Loan Program (OneRD). The final rule made necessary revisions to the
policy and procedures that strengthened the oversight and management of
the growing Community Facilities, Water and Waste Disposal, Business
and Industry, and Rural Energy for America guarantee portfolios. The
final rule had a misspelled subject heading in the preamble. The final
rule also contained information in an instruction that was not
ultimately in the final rule, an incomplete definition of affiliate,
and a misstatement regarding protective advances. This document
corrects the final regulation.
DATES: This rule is effective December 9, 2024.
ADDRESSES: Address all comments concerning this correction to Susan
Woolard, Regulations Management Division, Rural Development Innovation
Center, U.S. Department of Agriculture, 1400 Independence Ave. SW, Stop
1522, Washington, DC 20250; telephone (202) 720-9631; email
<a href="/cdn-cgi/l/email-protection#35464046545b1b425a5a5954475175404651541b525a43"><span class="__cf_email__" data-cfemail="097a7c7a6867277e666665687b6d497c7a6d68276e667f">[email protected]</span></a>.
FOR FURTHER INFORMATION CONTACT: Susan Woolard, Regulations Management
Division, Rural Development Innovation Center, U.S. Department of
Agriculture, 1400 Independence Ave. SW, Stop 1522, Washington, DC
20250; telephone (202) 720-9631; email <a href="/cdn-cgi/l/email-protection#1d6e686e7c73336a7272717c6f795d686e797c337a726b"><span class="__cf_email__" data-cfemail="bac9cfc9dbd494cdd5d5d6dbc8defacfc9dedb94ddd5cc">[email protected]</span></a>.
SUPPLEMENTARY INFORMATION: Rural Development's Rural Business-
Cooperative Service, Rural Housing Service, and Rural Utilities Service
are issuing corrections to the final rule that published September 30,
2024, at 89 FR 79698.
List of Subjects in 7 CFR Part 5001
Business and industry, Community facility, Energy efficiency
improvement, Loan programs, Renewable energy, Rural areas, Rural
development, Water and waste disposal.
In FR Doc. 2024-21920 published September 30, 2024, beginning on
page 79698, make the following corrections:
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1. On page 79699, in the third column, item 11, the title is corrected
to read ``11. Sec. 5001.116 Ineligible CF Projects''.
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2. On page 79702, in the third column, item 39a, is corrected to read:
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a. Sec. 5001.516(c) is updated to inform lenders that payment of real
estate taxes is considered a protective advance but does not require
advanced Agency approval.
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3. On page 79704, in the third column, Instruction 4 for Sec. 5001.3,
is corrected by removing the words ``commercially available''.
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4. On page 79711, in the second column, Instruction 14 is corrected to
read:
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14. Amend Sec. 5001.106 by revising the first sentence of the
introductory text, paragraphs (d)(2), (e)(2) and (e)(3) introductory
text to read as follows:
For the reasons discussed in the preamble, 7 CFR 5001 is corrected
by making the following correcting amendments:
PART 5001--GUARANTEED LOANS.
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1. The authority citation for part 5001 continues to read as follows:
Authority: 5 U.S.C. 301; 7 U.S.C. 1926(a); 7 U.S.C. 1932(a);
and 7 U.S.C. 8107.
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2. Amend Sec. 5001.3 by revising the definition of ``affiliate'' to
read as follows:
Sec. 5001.3 Definitions.
* * * * *
Affiliate means a person that is connected with or controlled by
another organization. Factors such as ownership, management, current
and previous relationships with or ties to another person, and
contractual relationships, may be considered in determining whether
affiliation exists. Affiliation is determined using the principles
outlined in 13 CFR 121.301(f).
* * * * *
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3. Amend Sec. 5001.516 by revising paragraph (c) to read as follows:
Sec. 5001.516 Protective advances.
* * * * *
(c) A lender must obtain written Agency approval for any protective
advance that will cumulatively amount to more than $200,000, or 10
percent of the aggregate outstanding balance of principal and interest,
whichever is less, to the same borrower. Payment of real estate taxes
by the lender is considered a protective advance, subject to the
requirements of this section, and does not require Agency advance
approval.
Basil I. Gooden,
Deputy Under Secretary, Rural Development.
[FR Doc. 2024-28031 Filed 12-6-24; 8:45 am]
BILLING CODE 3410-15-P
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</html>Indexed from Federal Register on December 9, 2024.
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