Source: https://ecfr.io/Title-12/se12.4.244_118
Timestamp: 2020-02-23 20:25:49
Document Index: 333345001

Matched Legal Cases: ['§244', 'art 244', '§244', 'art 244', '§244', 'art 244', '§244', '§244', '§244', '§244']

[12 CFR §244.18] Title 12 Part 244 → Subpart D → §244.18 : Code of Federal Regulations ';
Title 12 Part 244 → Subpart D → §244.18
Title 12 → Chapter II → Subchapter A → Part 244 → Subpart D → §244.18
§244.18 Underwriting standards for qualifying automobile loans.
(8)(i) The depositor of the asset-backed security certifies that it has evaluated the effectiveness of its internal supervisory controls with respect to the process for ensuring that all qualifying automobile loans that collateralize the asset-backed security and that reduce the sponsor's risk retention requirement under §244.15 meet all of the requirements set forth in paragraphs (a)(1) through (7) of this section and has concluded that its internal supervisory controls are effective;
(b) Cure or buy-back requirement. If a sponsor has relied on the exception provided in §244.15 with respect to a qualifying automobile loan and it is subsequently determined that the loan did not meet all of the requirements set forth in paragraphs (a)(1) through (7) of this section, the sponsor shall not lose the benefit of the exception with respect to the automobile loan if the depositor complied with the certification requirement set forth in paragraph (a)(8) of this section, and: