Source: https://www.federalregister.gov/articles/2004/06/02/04-12202/revisions-to-direct-farm-loan-programs-appraisal-regulations
Timestamp: 2014-03-12 11:39:34
Document Index: 582595852

Matched Legal Cases: ['ART 1910', 'art 1910', '§ 1910', '§ 1910', '§ 1910', 'art 1941', '§ 1941', '§ 1941', '§ 1941', 'art 1965', '§ 1965', '§ 1965', '§ 761']

Federal Register | Revisions to Direct Farm Loan Programs Appraisal Regulations
A Rule by the Farm Service Agency, the Rural Housing Service, the Rural Business-Cooperative Service, and the Rural Utilities Service on
Dates: This rule is effective July 2, 2004.
-30999 (3 pages)
Document Number: 04-12202
Shorter URL: https://federalregister.gov/a/04-12202 Related Topics
FSA received two comments on this proposal. One respondent supported the change, but indicated that language that allows the use of an existing FSA appraisal, as long as it is less than one year old, was removed. The respondent is correct. However the rule refers to 7 CFR 761.7, which states that an existing appraisal can be used if certain conditions are met and the appraisal is less than 12 months old. Therefore, the proposed language will be adopted.
PART 1910—GENERAL Back to Top
1.The authority citation for part 1910 continues to read as follows: Authority:
Subpart A—Receiving and Processing Applications Back to Top
2.Amend § 1910.4 by removing paragraph (b)(21) and by redesignating paragraph (b)(22) as new paragraph (b)(21). 3.In § 1910.4, revise paragraph (j)(1)(i) to read as follows: § 1910.4 Processing applications.
4.The authority citation for part 1941 continues to read as follows: Authority:
Subpart A—Operating Loan Policies, Procedures, and Authorizations Back to Top
5.Revise § 1941.25(a)(4) to read as follows: § 1941.25 Appraisals.
(4) A real estate appraisal is required when real estate is taken as primary security, as defined in § 1941.4, and the amount of the loan to be secured by the real estate exceeds $50,000.
6.The authority citation for part 1965 continues to read as follows: Authority:
5 U.S.C. 301, 7 U.S.C. 1989 and 42 U.S.C. 1480.
Subpart A—Servicing of Real Estate Security for Farm Loan Programs Loans and Certain Note-Only Cases Back to Top
7.In § 1965.13(d) revise the introductory paragraph to read as follows: § 1965.13 Consent by partial release or otherwise to sale, exchange or other disposition of a portion of or interest in security, except leases.
(d) Appraisals. A new appraisal report for the security to be transferred or released will be obtained in accordance with § 761.7 of this title as necessary to protect the financial interests of the Government or when the transaction involves more than $25,000. A new appraisal report for the security to be retained will be obtained in accordance with that section as necessary to protect the financial interests of the Government. Appraisal reports under this section may show the present market value of the property being transferred or released and the property being retained on a single appraisal report or on separate appraisal reports. The value of rights to mining products, gravel, oil, gas, coal or other minerals will be specifically included as a part of the appraised value of the real estate security.