7 U.S.C. § 2006B
Section 2006b · Loan assessments
Current version, with additions and removals from the November 28, 1990 version.
In evaluating the farming plan and financial situation of an applicant under this section, the Secretary shall determine—
In evaluating the farming plan and financial situation of an applicant under this section, the Secretary shall determine—
(1) the amount that the applicant will need to borrow to carry out the proposed farming plan;
(1) the amount that the applicant will need to borrow to carry out the proposed farming plan;
(2) the rate of interest that the applicant would need to be able to cover expenses and build an adequate equity base;
(2) the rate of interest that the applicant would need to be able to cover expenses and build an adequate equity base;
(3) the goals of the proposed farming plan of the applicant;
(3) the goals of the proposed farming plan of the applicant;
(4) the financial viability of the plan and any changes that are necessary to make the plan viable; and
(4) the financial viability of the plan and any changes that are necessary to make the plan viable; and
(5) whether assistance is necessary under this chapter and, if so, the amount of the assistance.
(5) whether assistance is necessary under this chapter and, if so, the amount of the assistance.
The Secretary may contract with a third party (including those entities eligible to provide borrower training under section 2006a(b) of this title) to conduct loan assessments under this section.
The Secretary may contract with a third party (including those entities eligible to provide borrower training under section 2006a(b) of this title) to conduct loan assessments under this section.
(1) In general
(1) In general
(2) Contracts
(2) Contracts
The Secretary may contract with an entity that is eligible to provide borrower training under section 2006a(b) of this title to conduct loan reviews under paragraph (1).
The Secretary may contract with an entity that is eligible to provide borrower training under section 2006a(b) of this title to conduct loan reviews under paragraph (1).
(3) Problem assessments
(3) Problem assessments
If a borrower is delinquent in payments on a direct or guaranteed loan made under this chapter, the Secretary or the contracting entity shall determine the cause of, and action necessary to correct, the delinquency.
If a borrower is delinquent in payments on a direct or guaranteed loan made under this chapter, the Secretary or the contracting entity shall determine the cause of, and action necessary to correct, the delinquency.
The Secretary shall issue regulations providing guidelines for loan assessments conducted under this section.
The Secretary shall issue regulations providing guidelines for loan assessments conducted under this section.