An agency may not conduct or sponsor a collection of information unless the collection of information displays a currently valid OMB control number and the agency informs potential persons who are to respond to the collection of information that such persons are not required to respond to the collection of information unless it displays a currently valid OMB control number.Rural Housing Service
Title:7 CFR 1956-C, Debt Settlement--Community and Business Programs.
OMB Control Number:0575-0124.
Summary Of Collection:The Community and Direct Business Programs loans and grants are authorized by the Consolidated Farm and Rural Development Act. Rural Housing Service (RHS) is a credit agency for agricultural and rural development for the United States Department of Agriculture and offers supervised credit to develop, improve and operate family farms, modest housing, essential community facilities, and business and industry across rural America. 7 CFR 1956-C, Debt Settlement--Community and Business Programs provides policies and procedures as well as a mechanism fordebt settlement in connection with Community Facilities loans and grants, Water and Waste Disposal loans, direct Business and Industry loans, Indian Tribal Land Acquisition loans and Irrigation and Drainage. The debt settlement program provides the delinquent client with an equitable tool for the compromise, adjustment, cancellation, or charge-off of a debt owed to the Agency.
Need And Use Of The Information:The field offices will collect information from applicants, borrowers, consultants, lenders, and attorneys to determine eligibility, financial capacity and derive an equitable resolution. This information collected is similar to that required by a commercial lender in similar circumstances. Failure to collect the information could result in improper servicing of these loans.
Description Of Respondents:Not for profit institutions; Business or other for-profit.
Number Of Respondents:16.
Frequency Of Responses:Reporting: On occasion.
Total Burden Hours:702.