Source: https://www.law.cornell.edu/cfr/text/13/120.452
Timestamp: 2017-01-20 09:56:52
Document Index: 457680599

Matched Legal Cases: ['art 120', '§ 120', '§ 634', '§ 634', '§ 636', '§ 650', '§ 687', '§ 696', '§ 697']

13 CFR 120.452 - What are the requirements of PLP loan processing? | US Law | LII / Legal Information Institute
CFR › Title 13 › Chapter I › Part 120 › Subpart D › Section 120.452 13 CFR 120.452 - What are the requirements of PLP loan processing?
§ 120.452 What are the requirements of PLP loan processing?
(a) Subparts A and B of this part govern the making of PLP loans, except for the following: (1) Certain types of businesses, loans, and loan programs are not eligible for PLP, as detailed in published SBA policy and procedures. (2) A Lender may not make a PLP business loan which reduces its existing credit exposure for any Borrower, except in cases where an interim loan(s) has been made for other than real estate construction purposes to the Borrower which was approved by the Lender within 90 days of receipt of the issuance fo a subsequent PLP loan number. (3)SBA will not guarantee more than the specified statutory percentage of any PLP loan. (b) A PLP Lender notifies SBA of its approval of a PLP loan by submitting to SBA's loan processing center appropriate documentation signed by two of the PLP's authorized representatives. SBA will attach the SBA guarantee and notify the PLP Lender of the SBA loan number (if it does not identify a problem with eligibility, and funds are available). (c) The PLP Lender is responsible for all PLP loan decisions regarding eligibility (including size) and creditworthiness. The PLP Lender is also responsible for confirming that all PLP loan closing decisions are correct, and that it has complied with all requirements of law and SBA regulations. This is a list of United States Code sections, Statutes at Large, Public Laws, and Presidential Documents, which provide rulemaking authority for this CFR Part.This list is taken from the Parallel Table of Authorities and Rules provided by GPO [Government Printing Office].It is not guaranteed to be accurate or up-to-date, though we do refresh the database weekly. More limitations on accuracy are described at the GPO site.United States CodeU.S. Code: Title 15 - COMMERCE AND TRADE§ 634 - General powers§ 634 note - General powers§ 636 - Additional powers§ 650 - Supervisory and enforcement authority for small business lending companies§ 687 - Operation and regulation of companies§ 696 - Loans for plant acquisition, construction, conversion and expansion§ 697 - Development company debentures