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Small Business Administration § 120.975

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Small Business Administration § 120.975 Small Business Administration § 120.975 (h) Additional servicing requirements (b) CSA fees. The CSA may charge an are set forth in subpart E of this part. initiation fee on each loan and a monthly servicing fee under the terms [68 FR 57988, Oct. 7, 2003, as amended at 72 FR of the Master Servicing Agreement. 18364, Apr. 12, 2007] (c) Other agent fees. Agent fees and FEES charges necessary to market and serv- ice Debentures and Certificates may be § 120.971 Allowable fees paid by Bor- assessed to the Borrower or the inves- rower. tor. The fees must be approved by SBA and published periodically in the FED- (a) CDC fees. The fees a CDC may ERAL REGISTER. charge the Borrower in connection with a 504 loan and Debenture are lim- (d) SBA fees. (1) SBA charges a 0.5 ited to the following: percent guarantee fee on the Deben- ture. (1) Processing fee. The CDC may (2) For loans approved by SBA after charge up to 1.5 percent of the net De- September 30, 1996, SBA charges a fee benture proceeds to process the financ- of not more than 0.9375 percent annu- ing. Two-thirds of this fee will be con- ally on the unpaid principal balance of sidered earned and may be collected by the loan as determined at five-year an- the CDC when the Authorization for niversary intervals. the Debenture is issued by SBA. The (e) A funding fee portion of the processing fee paid by Miscellaneous fees. not to exceed 0.25 percent of the Deben- the Borrower may be reimbursed from ture may be charged to cover costs in- the Debenture proceeds; curred by the trustee, fiscal agent, (2) Closing fee. The CDC may charge a transfer agent. reasonable closing fee sufficient to re- imburse it for the expenses of its in- [61 FR 3235, Jan. 31, 1996, as amended at 64 house or outside legal counsel, and FR 2119, Jan. 13, 1999; 68 FR 57988, Oct. 7, other miscellaneous closing costs (CDC 2003] Closing Fee). Some closing costs may be funded out of the Debenture pro- § 120.972 Third Party Lender partici- pation fee and CDC fee. ceeds (see § 120.883 for limitations); (3) Servicing fee. The CDC will charge (a) Participation fee. For loans ap- a monthly servicing fee of at least 0.625 proved by SBA after September 30, percent per annum and no more than 2 1996, SBA must collect a one-time fee percent per annum on the unpaid bal- equal to 50 basis points on the Third ance of the loan as determined at five- Party Lender’s participation in a year anniversary intervals. A servicing Project when the Third Party Lender fee greater than 1.5 percent in a rural occupies a senior credit position to area and 1 percent everywhere else re- SBA in the Project. quires SBA’s prior written approval, (b) CDC fee. For loans approved by based on evidence of substantial need. SBA after September 30, 1996, SBA The servicing fee may be paid only must collect an annual fee from the from loan payments received. The fees CDC equal to 0.125 percent of the out- may be accrued without interest and standing principal balance of the De- collected from the CSA when the pay- benture. The fee must be paid from the ments are made. servicing fees collected by the CDC and (4) Late fees. Loan payments received cannot be paid from any additional fees after the 15th of each month may be imposed on the Borrower. subject to a late payment fee of 5 per- [68 FR 57988, Oct. 7, 2003] cent of the late payment or $100, whichever is greater. These fees will be AUTHORITY OF CDCS TO PERFORM LIQ- collected by the CSA on behalf of the UIDATION AND DEBT COLLECTION LITI- CDC; and GATION (5) Assumption fee. Upon SBA’s writ- ten approval, a CDC may charge an as- § 120.975 CDC Liquidation of loans and sumption fee not to exceed 1 percent of debt collection litigation. the outstanding principal balance of (a) PCLP CDCs. If a CDC is designated the loan being assumed. as a PCLP CDC under § 120.845, the CDC 311 VerDate Nov<24>2008 10:28 Feb 24, 2010 Jkt 220042 PO 00000 Frm 00321 Fmt 8010 Sfmt 8010 Y:\SGML\220042.XXX 220042 erowe on DSK5CLS3C1PROD with CFR § 120.990 13 CFR Ch. I (1–1–10 Edition) must liquidate and handle debt collec- (i) The CDC has one or more employ- tion litigation with respect to all ees who have not less than two years of PCLP Loans in its portfolio on behalf substantive, decision-making experi- of SBA as required by § 120.848(f), in ac- ence in administering the liquidation cordance with subpart E of this part. and workout of defaulted or problem With respect to all other 504 loans that loans secured in a manner substan- a PCLP CDC makes, the PCLP CDC is tially similar to loans funded with 504 an Authorized CDC Liquidator and loan program debentures, and who have must exercise its delegated authority completed a training program on loan to liquidate and handle debt-collection liquidation developed by the Agency in litigation in accordance with subpart E conjunction with qualified CDCs that of this part for such loans, if the PCLP meet the requirements of this section; CDC is notified by SBA that it meets or either of the following requirements to (ii) The CDC has entered into a con- be an Authorized CDC Liquidator, as tract with a qualified third party for determined by SBA: the performance of its liquidation re- (1) The PCLP CDC has one or more sponsibilities and obtains the approval employees who have not less than two of SBA with respect to the qualifica- years of substantive, decision-making tions of the contractor and the terms experience in administering the liq- and conditions of the contract. uidation and workout of defaulted or (c) CDC counsel. To perform debt col- problem loans secured in a manner sub- lection litigation under paragraphs (a) stantially similar to loans funded with or (b) of this section, a CDC must also 504 loan program debentures, and who have either in-house counsel with ade- have completed a training program on quate experience as approved by SBA loan liquidation developed by the or entered into a contract for the per- Agency in conjunction with qualified formance of debt collection litigation CDCs that meet the requirements of with an experienced attorney or law this section; or firm as approved by SBA. (2) The PCLP CDC has entered into a (d) Application for authority to liq- contract with a qualified third party uidate and litigate. To seek authority to for the performance of its liquidation perform liquidation and debt collection responsibilities and obtains the ap- litigation under paragraphs (b) and (c) proval of SBA with respect to the of this section, a CDC other than a qualifications of the contractor and the PCLP CDC must submit a written ap- terms and conditions of the contract. plication to SBA and include docu- (b) All other CDCs. A CDC that is not mentation demonstrating that the CDC authorized under paragraph (a) of this meets the requirements of paragraph section may apply to become an Au- (b) and (c) of this section. If a CDC in- thorized CDC Liquidator with author- tends to use a contractor to perform ity to liquidate and handle debt collec- liquidation, it must obtain approval tion litigation with respect to 504 loans from SBA of both the qualifications of on behalf of SBA, in accordance with the contractor and the terms and con- subpart E of this part, if the CDC ditions in the contract covering the meets the following requirements: CDC’s retention of the contractor. SBA (1) The CDC meets either of the fol- will notify a CDC in writing when the lowing criteria: CDC can begin to perform liquidation (i) The CDC participated in the loan and/or debt collection litigation under liquidation pilot program established this section. by the Small Business Programs Im- [72 FR 18365, Apr. 12, 2007] provement Act of 1996 prior to October 1, 2006; or ENFORCEABILITY OF 501, 502 AND 503 (ii) During the three fiscal years im- LOANS AND OTHER LAWS mediately prior to seeking such au- thority, the CDC made an average of § 120.990 501, 502 and 503 loans. not less than ten 504 loans per year; SBA has discontinued loan programs and for 501, 502, and 503 loans. Outstanding (2) The CDC meets either of the fol- loans remain under these programs, lowing requirements: and Borrowers, CDCs, and SBA must 312 VerDate Nov<24>2008 10:28 Feb 24, 2010 Jkt 220042 PO 00000 Frm 00322 Fmt 8010 Sfmt 8010 Y:\SGML\220042.XXX 220042 erowe on DSK5CLS3C1PROD with CFR.
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