cfr_sections
Data license: Public Domain (U.S. Government data) · Data source: Federal Register API & Regulations.gov API
10 rows where agency = "FSA" and part_number = 770 sorted by section_id
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| section_id ▼ | title_number | title_name | chapter | subchapter | part_number | part_name | subpart | subpart_name | section_number | section_heading | agency | authority | source_citation | amendment_citations | full_text |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 7:7:7.1.1.4.21.0.9.1 | 7 | Agriculture | VII | D | 770 | PART 770—INDIAN TRIBAL LAND ACQUISITION LOANS | § 770.1 Purpose. | FSA | This part contains the Agency's policies and procedures for making and servicing loans to assist a Native American tribe or tribal corporation with the acquisition of land interests within the tribal reservation or Alaskan community. | ||||||
| 7:7:7.1.1.4.21.0.9.10 | 7 | Agriculture | VII | D | 770 | PART 770—INDIAN TRIBAL LAND ACQUISITION LOANS | § 770.10 Servicing. | FSA | [66 FR 1567, Jan. 9, 2001; 66 FR 47877, Sept. 14, 2001, as amended at 70 FR 7167, Feb. 11, 2005; 72 FR 51990, Sept. 12, 2007; 89 FR 65063, Aug. 8, 2024] | (a) Reamortization —(1) Eligibility. The Agency may consider reamortization of a loan provided: (i) The borrower submits a completed Agency application form; and (ii) The account is delinquent due to circumstances beyond the borrower's control and cannot be brought current within 1 year; or (iii) The account is current, but due to circumstances beyond the borrower's control, the borrower will be unable to meet the annual loan payments. (2) Terms. The term of a loan may not be extended beyond 40 years from the date of the original note. (i) Reamortization within the remaining term of the loan will be predicated on a projection of the tribe's operating expenses indicating the ability to meet the new payment schedule; and (ii) No intervening lien exists on the security for the loan which would jeopardize the Government's security priority. (3) Consolidation of notes. If one or more notes are to be reamortized, consolidation of the notes is authorized. (b) Interest rate reduction. The Agency may consider a reduction of the interest rate for an existing loan to the current interest rate as available from any Agency office provided: (1) The borrower submits a completed Agency application form; (2) The loan was made more than 5 years prior to the application for the interest reduction; and (3) The Department of the Interior and the borrower certify that the borrower meets at least one of the criteria contained in paragraph (e)(2) of this section. (c) Deferral. The Agency may consider a full or partial deferral for a period not to exceed 5 years provided: (1) The borrower submits a completed Agency application form; (2) The borrower presents a plan which demonstrates that due to circumstances beyond their control, they will be unable to meet all financial commitments unless the Agency payment is deferred; and (3) The borrower will be able to meet all financial commitments, including the Agency payments, after the deferral period has ended. (d) Land exchanges. In the cases where a borrower pro… | |||||
| 7:7:7.1.1.4.21.0.9.2 | 7 | Agriculture | VII | D | 770 | PART 770—INDIAN TRIBAL LAND ACQUISITION LOANS | § 770.2 Abbreviations and definitions. | FSA | [66 FR 1567, Jan. 9, 2001, as amended at 70 FR 7167, Feb. 11, 2005; 72 FR 51990, Sept. 12, 2007] | (a) Abbreviations. FSA Farm Service Agency, an Agency of the United States Department of Agriculture, including its personnel and any successor Agency. ITLAP Indian Tribal Land Acquisition Program. USPAP Uniform Standards of Professional Appraisal Practice. (b) Definitions. Administrator is the head of the Farm Service Agency. Agency is Farm Service Agency (FSA). Appraisal is an appraisal for the purposes of determining the market value of land (less value of any existing improvements that pass with the land) that meets the requirements of part 761 of this chapter. Applicant is a Native American tribe or tribal corporation established pursuant to the Indian Reorganization Act seeking a loan under this part. Loan funds refers to money loaned under this part. Native American tribe is: (1) An Indian tribe recognized by the Department of the Interior; or (2) A community in Alaska incorporated by the Department of the Interior pursuant to the Indian Reorganization Act. Rental value for the purpose of rental value write-downs, equals the average actual rental proceeds received from the lease of land acquired under ITLAP. If there are no rental proceeds, then rental value will be based on market data according to § 770.10(e)(4). Reservation is lands or interests in land within: (1) The Native American tribe's reservation as determined by the Department of the Interior; or (2) A community in Alaska incorporated by the Department of the Interior pursuant to the Indian Reorganization Act. Reserve is an account established for loans approved in accordance with regulations in effect prior to February 8, 2001 which required that an amount equal to 10 percent of the annual payment be set aside each year until at least one full payment is available. Tribal corporation is a corporation established pursuant to the Indian Reorganization Act. | |||||
| 7:7:7.1.1.4.21.0.9.3 | 7 | Agriculture | VII | D | 770 | PART 770—INDIAN TRIBAL LAND ACQUISITION LOANS | § 770.3 Eligibility requirements. | FSA | [66 FR 1567, Jan. 9, 2001, as amended at 70 FR 7167, Feb. 11, 2005] | An applicant must: (a) Submit a completed Agency application form; (b) Except for refinancing activities authorized in § 770.4(c), obtain an option or other acceptable purchase agreement for land to be purchased with loan funds; (c) Be a Native American tribe or a tribal corporation of a Native American tribe without adequate uncommitted funds, based on Generally Accepted Accounting Principles, or another financial accounting method acceptable to Secretary of Interior to acquire lands or interests therein within the Native American tribe's reservation for the use of the Native American tribe or tribal corporation or the members of either; (d) Be unable to obtain sufficient credit elsewhere at reasonable rates and terms for purposes established in § 770.4; (e) Demonstrate reasonable prospects of success in the proposed operation of the land to be purchased with funds provided under this part by providing: (1) A feasibility plan for the use of the Native American tribe's land and other enterprises and funds from any other source from which payment will be made; (2) A satisfactory management and repayment plan; and (3) A satisfactory record for paying obligations. (f) Unless waived by the FSA Administrator, not have any outstanding debt with any Federal Agency (other than debt under the Internal Revenue Code of 1986) which is in a delinquent status. (g) Not be subject to a judgment lien against the tribe's property arising out of a debt to the United States. (h) Have not received a write-down as provided in § 770.10(e) within the preceding 5 years. | |||||
| 7:7:7.1.1.4.21.0.9.4 | 7 | Agriculture | VII | D | 770 | PART 770—INDIAN TRIBAL LAND ACQUISITION LOANS | § 770.4 Authorized loan uses. | FSA | Loan funds may only be used to: (a) Acquire land and interests therein (including fractional interests, rights-of-way, water rights, easements, and other appurtenances (excluding improvements) that would normally pass with the land or are necessary for the proposed operation of the land) located within the Native American tribe's reservation which will be used for the benefit of the tribe or its members. (b) Pay costs incidental to land acquisition, including but not limited to, title clearance, legal services, land surveys, and loan closing. (c) Refinance non-United States Department of Agriculture preexisting debts the applicant incurred to purchase the land provided the following conditions exist: (1) Prior to the acquisition of such land, the applicant filed a loan application regarding the purchase of such land and received the Agency's approval for the land purchase; (2) The applicant could not acquire an option on such land; (3) The debt for such land is a short term debt with a balloon payment that cannot be paid by the applicant and that cannot be extended or modified to enable the applicant to satisfy the obligation; and (4) The purchase of such land is consistent with all other applicable requirements of this part. (d) Pay for the costs of any appraisal conducted pursuant to this part. | ||||||
| 7:7:7.1.1.4.21.0.9.5 | 7 | Agriculture | VII | D | 770 | PART 770—INDIAN TRIBAL LAND ACQUISITION LOANS | § 770.5 Loan limitations. | FSA | [66 FR 1567, Jan. 9, 2001, as amended at 81 FR 51285, Aug. 3, 2016] | (a) Loan funds may not be used for any land improvement or development purposes, acquisition or repair of buildings or personal property, payment of operating costs, payment of finder's fees, or similar costs, or for any purpose that will contribute to excessive erosion of highly erodible land or to the conversion of wetlands to produce an agriculture commodity as further established in part 799 of this chapter. (b) The amount of loan funds used to acquire land may not exceed the market value of the land (excluding the value of any improvements) as determined by a current appraisal. (c) Loan funds for a land purchase must be disbursed over a period not to exceed 24 months from the date of loan approval. (d) The sale of assets that are not renewable within the life of the loan will require a reduction in loan principal equal to the value of the assets sold. | |||||
| 7:7:7.1.1.4.21.0.9.6 | 7 | Agriculture | VII | D | 770 | PART 770—INDIAN TRIBAL LAND ACQUISITION LOANS | § 770.6 Rates and terms. | FSA | [66 FR 1567, Jan. 9, 2001, as amended at 89 FR 65063, Aug. 8, 2024] | (a) Term. Each loan will be scheduled for repayment over a period not to exceed 40 years from the date of the note. (b) Interest rate. The interest rate charged by the Agency will be the lower of the interest rate in effect at the time of the loan approval or loan closing, which is the current rate available in any FSA office. The rate will be equal to the interest rate for direct farm ownership loans not to exceed 5 percent. Except as provided in § 770.10(b) of this chapter, the interest rate will be fixed for the life of the loan. | |||||
| 7:7:7.1.1.4.21.0.9.7 | 7 | Agriculture | VII | D | 770 | PART 770—INDIAN TRIBAL LAND ACQUISITION LOANS | § 770.7 Security requirements. | FSA | (a) The applicant will take appropriate action to obtain and provide security for the loan. (b) A mortgage or deed of trust on the land to be purchased by the applicant will be taken as security for a loan, except as provided in paragraph (c) of this section. (1) If a mortgage or deed of trust is to be obtained on trust or restricted land and the applicant's constitution or charter does not specifically authorize mortgage of such land, the mortgage must be authorized by tribal referendum. (2) All mortgages or deeds of trust on trust or restricted land must be approved by the Department of the Interior. (c) The Agency may take an assignment of income in lieu of a mortgage or deed of trust provided: (1) The Agency determines that an assignment of income provides as good or better security; and (2) Prior approval of the Administrator has been obtained. | ||||||
| 7:7:7.1.1.4.21.0.9.8 | 7 | Agriculture | VII | D | 770 | PART 770—INDIAN TRIBAL LAND ACQUISITION LOANS | § 770.8 Use of acquired land. | FSA | (a) General. Subject to § 770.5(d) land acquired with loan funds, or other property serving as the security for a loan under this part, may be leased, sold, exchanged, or subject to a subordination of the Agency's interests, provided: (1) The Agency provides prior written approval of the action; (2) The Agency determines that the borrower's loan obligations to the Agency are adequately secured; and (3) The borrower's ability to repay the loan is not impaired. (b) Title. Title to land acquired with a loan made under this part may, with the approval of the Secretary of the Interior, be taken by the United States in trust for the tribe or tribal corporation. | ||||||
| 7:7:7.1.1.4.21.0.9.9 | 7 | Agriculture | VII | D | 770 | PART 770—INDIAN TRIBAL LAND ACQUISITION LOANS | § 770.9 Appraisals. | FSA | (a) The applicant or the borrower, as appropriate, will pay the cost of any appraisal required under this part. (b) Appraisals must be completed in accordance with § 761.7 of this chapter. |
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CREATE TABLE cfr_sections (
section_id TEXT PRIMARY KEY,
title_number INTEGER,
title_name TEXT,
chapter TEXT,
subchapter TEXT,
part_number TEXT,
part_name TEXT,
subpart TEXT,
subpart_name TEXT,
section_number TEXT,
section_heading TEXT,
agency TEXT,
authority TEXT,
source_citation TEXT,
amendment_citations TEXT,
full_text TEXT
);
CREATE INDEX idx_cfr_title ON cfr_sections(title_number);
CREATE INDEX idx_cfr_part ON cfr_sections(part_number);
CREATE INDEX idx_cfr_agency ON cfr_sections(agency);