[Federal Register Volume 59, Number 36 (Wednesday, February 23, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-3957]


[[Page Unknown]]

[Federal Register: February 23, 1994]


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DEPARTMENT OF AGRICULTURE
Farmers Home Administration

7 CFR Part 1924

 

Limited Resource Loan Reviews

AGENCY: Farmers Home Administration, USDA.

ACTION: Final rule.

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SUMMARY: The Farmers Home Administration (FmHA) amends its regulation 
with regard to the annual review of borrowers with limited resource 
Farm Ownership (FO), Soil and Water (SW), and Operating (OL) loans. The 
amendments are necessary to clarify annual review procedures for 
limited resource loan borrowers. The intended effect is to reduce the 
number of borrowers who are past due for limited resource loan reviews.

EFFECTIVE DATE: February 23, 1994.

FOR FURTHER INFORMATION CONTACT:
Aleta Rhone-Williams, Accounting Policy and Procedures Branch, FmHA, 
USDA, Finance Office, 1520 Market Street, St. Louis, Missouri 63103, 
telephone 314-539-6026.

SUPPLEMENTARY INFORMATION: This rule is not subject to the provisions 
of Executive Order 12866 because it has no impact on FmHA borrowers or 
other members of the public. It is the policy of this Department that 
rules relating to public property, loans, grants, benefits, or 
contracts shall be published for comments, notwithstanding the 
exemption in 5 U.S.C. 553 with respect to such rules. This action, 
however, is not published for proposed rulemaking because it involves 
only internal Agency management and publication for comment is 
unnecessary.

Paperwork Reduction Act

    The information collection requirements contained in this 
regulation have been approved by the Office of Management and Budget 
(OMB) under the provisions of 44 U.S.C. Chapter 35 and have been 
assigned OMB control number 0575-0061 in accordance with the Paperwork 
Reduction Act of 1980 (44 U.S.C. 3507). This final rule does not revise 
or impose any new information collection or recordkeeping requirement 
from those approved by OMB.

Environmental Impact Statement

    This document has been revised in accordance with 7 CFR 1940, 
Subpart G, Environmental Program. FmHA has determined that this action 
does not constitute a major Federal action significantly affecting the 
quality of the human environment and in accordance with the National 
Environmental Policy Act of 1969, Public Law 91-190, an environmental 
impact statement is not required.

Programs Affected

    These programs/activities are listed in the Catalog of Federal 
Domestic Assistance under Numbers: 10.406 Farm Operating Loans. 10.407 
Farm Ownership Loans. 10.416 Soil and Water Loans.

Intergovernmental Consultation

    For the reasons set forth in the final rule related to notice 7 CFR 
part 3015, Subpart V, (48 FR 29115, June 24, 1983), Farm Ownership 
Loans and Farm Operating Loans are excluded from the scope of Executive 
Order 12372, which requires intergovernmental consultation with state 
and local officials. The Soil and Water program, however, is subject to 
the provisions of Executive Order 12372, which requires 
intergovernmental consultation with state and local officials.

List of Subjects in 7 CFR Part 1924

    Agriculture, Construction management, Construction and repair, 
Energy conservation, Housing, Loan programs--Agriculture, Loan 
programs--Housing and community development, Low and moderate income 
housing.

    Accordingly, part 1924, chapter XVIII, title 7, Code of Federal 
Regulations is amended as follows:

PART 1924--CONSTRUCTION AND REPAIR

    1. The authority citation for part 1924 continues to read as 
follows:

    Authority: 7 U.S.C. 1989; 42 U.S.C. 1480; 5 U.S.C. 301; 7 CFR 
2.23; 7 CFR 2.70.

Subpart B--Management Advice to Individual Borrowers and Applicants

    2. Section 1924.60 is amended by adding the words ``(The date of 
the Farm and Home Plan will become the anniversary date for the limited 
resource loan review.)'' at the end of paragraph (c)(3); revising the 
reference ``paragraph (c)'' to read ``paragraphs (c)(1), (c)(2), and 
(c)(4),'' in the first sentence of paragraph (d)(2); and adding the 
words ``For borrowers receiving limited resource rates of interest, 
complete the initial analysis within the 18-month period after loan 
closing and near the end of the borrower's production/marketing cycle 
(period of the Farm and Home Plan).'' after the first sentence in 
paragraph (d)(2).

    Dated: February 4, 1994.
Bob Nash,
Under Secretary, Small Community and Rural Development.
[FR Doc. 94-3957 Filed 2-22-94; 8:45 am]
BILLING CODE 3410-07-M