Rules and Regulations. Notice

Agency: Veterans Benefits Administration, Department of Veterans Affairs
Action: Notice
Citation: FR Doc. 01-30473 · OMB Control No. 2900-0029

Summary

The Veterans Benefits Administration (VBA), Department of Veterans Affairs (VA), is announcing an opportunity for public comment on the proposed collection of certain information by the agency. Under the Paperwork Reduction Act (PRA) of 1995, Federal agencies are required to publish notice in the Federal Register concerning each proposed collection of information, including each proposed extension of a currently approved collection, and allow 60 days for public comment in response to the notice. This notice solicits comments on the information needed from a private sector sales broker to submit an offer to VA on behalf of a prospective purchaser of a VA-acquired property.

Dates

Written comments and recommendations on the proposed collection of information should be received on or before February 8, 2002.

Supplementary Information

Under the PRA of 1995 (Public Law 104-13; 44 U.S.C., 3501-3520), Federal agencies must obtain approval from the Office of Management and Budget (OMB) for each collection of information they conduct or sponsor. This request for comment is being made pursuant to section 3506(c)(2)(A) of the PRA. With respect to the following collection of information, VBA invites comments on: (1) Whether the proposed collection of information is necessary for the proper performance of VBA's functions, including whether the information will have practical utility; (2) the accuracy of VBA's estimate of the burden of the proposed collection of information; (3) ways to enhance the quality, utility, and clarity of the information to be collected; and (4) ways to minimize the burden of the collection of information on respondents, including through the use of automated collection techniques or the use of other forms of information technology. Titles a. Offer to Purchase and Contract of Sale, VA Form 26-6705. b. Credit Statement of Prospective Purchaser, VA Form 26-6705b. c. Addendum to VA Form 26-6705 Offer to Purchase and Contract of Sale, VA Form 26-6705d *OMB Control Number: * 2900-0029. Type of Review: Extension of a currently approved collection. Abstract a. VA Form 26-6705 is used by the private sector sales broker to submit an offer to the VA on behalf of a prospective purchaser of a VA-acquired property. The form will be prepared for each proposed contract submitted to the VA. If the VA accepts the offer to purchase, it then becomes a contract of sale. The form defines the terms of sale, provides the prospective purchaser with a receipt for his/her earnest money deposit, eliminates the need for separate transmittal of a purchase offer and develops the contract without such intermediate processing steps and furnishes evidence of the station decision with respect to the acceptance of the contract as tendered. Without this information, a determination of the best offer for a property cannot be made. b. VA Form 26-6705b is used as a credit application to determine the creditworthiness of a prospective purchaser in those instances when the prospective purchaser seeks VA vendee financing, along with VA Form 26-6705. In such sales, the offer to purchase will not be accepted until the purchaser's income and credit history have been verified and a loan analysis has been completed, indicating loan approval. Without this information, the creditworthiness of a prospective purchaser cannot be determined and the offer to purchase cannot be accepted. c. VA Form 26-6705d is an addendum to VA Form 26-6705 for use in Virginia. It includes requirements of State law, which must be acknowledged by the purchaser at or prior to closing. Affected Public: Individuals or households. *Estimated Annual Burden: * 57,917 hours. a. VA Form 26-7605—35,000 hours. b. VA Form 26-6705b—22,500 hours. c. VA Form 26-6705d—417 hours. *Estimated Average Burden Per Respondent: * 20 minutes (average). a. VA Form 26-7605—21 minutes. b. VA Form 26-6705b—20 minutes. c. VA Form 26-6705d—5 minutes. Frequency of Response: Generally one-time. *Estimated Number of Total Respondents: * 172,500. a. VA Form 26-7605—100,000. b. VA Form 26-6705b—67,500. c. VA Form 26-6705d—5,000. Dated: November 7, 2001. By direction of the Secretary. Barbara H. Epps, Management Analyst, Information Management Service. [FR Doc. 01-30473 Filed 12-7-01; 8:45 am]