Notice2025-13285
Agency Information Collection Activities; Submission for OMB Review; Comment Request; Prohibited Transaction Class Exemption 1988-59, Residential Mortgage Financing Arrangements Involving Employee Benefit Plans
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
July 16, 2025
Issuing agencies
Labor Department
Abstract
The Department of Labor (DOL) is submitting this Employee Benefits Security Administration (EBSA)-sponsored information collection request (ICR) to the Office of Management and Budget (OMB) for review and approval in accordance with the Paperwork Reduction Act of 1995 (PRA). Public comments on the ICR are invited.
Full Text
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<title>Federal Register, Volume 90 Issue 134 (Wednesday, July 16, 2025)</title>
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[Federal Register Volume 90, Number 134 (Wednesday, July 16, 2025)]
[Notices]
[Page 32029]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-13285]
[[Page 32029]]
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DEPARTMENT OF LABOR
Agency Information Collection Activities; Submission for OMB
Review; Comment Request; Prohibited Transaction Class Exemption 1988-
59, Residential Mortgage Financing Arrangements Involving Employee
Benefit Plans
ACTION: Notice of availability; request for comments.
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SUMMARY: The Department of Labor (DOL) is submitting this Employee
Benefits Security Administration (EBSA)-sponsored information
collection request (ICR) to the Office of Management and Budget (OMB)
for review and approval in accordance with the Paperwork Reduction Act
of 1995 (PRA). Public comments on the ICR are invited.
DATES: The OMB will consider all written comments that the agency
receives on or before August 15, 2025.
ADDRESSES: Written comments and recommendations for the proposed
information collection should be sent within 30 days of publication of
this notice to <a href="http://www.reginfo.gov/public/do/PRAMain">www.reginfo.gov/public/do/PRAMain</a>. Find this particular
information collection by selecting ``Currently under 30-day Review--
Open for Public Comments'' or by using the search function.
FOR FURTHER INFORMATION CONTACT: Michael Howell by telephone at 202-
693-6782, or by email at <a href="/cdn-cgi/l/email-protection#f1b5bebdaea1a3b0aea1a4b3bdb8b2b1959e9ddf969e87"><span class="__cf_email__" data-cfemail="89cdc6c5d6d9dbc8d6d9dccbc5c0cac9ede6e5a7eee6ff">[email protected]</span></a>.
SUPPLEMENTARY INFORMATION: Prohibited Transaction Class Exemption (PTE)
88-59, which amended and replaced PTE 82-87, allows employee benefit
plans to participate in several different types of residential mortgage
financing transactions, provided certain conditions are met. The five
categories of transactions permitted under the exemption are: (1)
issuance of commitments for the provision of mortgage financing to
purchasers of residential dwelling units; (2) receipt by a plan of a
fee for the issuance of the commitments; (3) the actual making or
purchase of a mortgage loan or participation interest therein pursuant
to the commitment; (4) the direct making or purchase of an mortgage
loan or participation interest therein without the precondition of a
commitment; and (5) the sale, exchange or transfer of a mortgage loan
or participation interest therein prior to the maturity date of the
instrument, provided that the ownership interest sold, exchanged, or
transferred represents the plan's entire interest in such investment.
Among other conditions, the exemption requires a plan to maintain
for the duration of any loan made pursuant to this exemption all
records necessary to determine whether conditions of the exemption have
been met and to make such records available for examination on request
by any trustee, investment manager, participant or beneficiary of the
plan, or agents of the Department or the IRS. For additional
substantive information about this ICR, see the related notice
published in the Federal Register on January 6, 2025 (90 FR 671).
Comments are invited on: (1) whether the collection of information
is necessary for the proper performance of the functions of the
Department, including whether the information will have practical
utility; (2) the accuracy of the agency's estimates of the burden and
cost of the collection of information, including the validity of the
methodology and assumptions used; (3) ways to enhance the quality,
utility and clarity of the information collection; and (4) ways to
minimize the burden of the collection of information on those who are
to respond, including the use of automated collection techniques or
other forms of information technology.
This information collection is subject to the PRA. A Federal agency
generally cannot conduct or sponsor a collection of information, and
the public is generally not required to respond to an information
collection, unless the OMB approves it and displays a currently valid
OMB Control Number. In addition, notwithstanding any other provisions
of law, no person shall generally be subject to penalty for failing to
comply with a collection of information that does not display a valid
OMB Control Number. See 5 CFR 1320.5(a) and 1320.6.
DOL seeks PRA authorization for this information collection for
three (3) years. OMB authorization for an ICR cannot be for more than
three (3) years without renewal. The DOL notes that information
collection requirements submitted to the OMB for existing ICRs receive
a month-to-month extension while they undergo review.
Agency: DOL-EBSA.
Title of Collection: Prohibited Transaction Class Exemption 1988-
59, Residential Mortgage Financing Arrangements Involving Employee
Benefit Plans.
OMB Control Number: 1210-0095.
Affected Public: Private sector.
Total Estimated Number of Respondents: 529.
Total Estimated Number of Responses: 2,645.
Total Estimated Annual Time Burden: 1,543 hours.
Total Estimated Annual Other Costs Burden: $2,804.
(Authority: 44 U.S.C. 3507(a)(1)(D).)
Michael Howell,
Senior Paperwork Reduction Act Analyst.
[FR Doc. 2025-13285 Filed 7-15-25; 8:45 am]
BILLING CODE 4510-29-P
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