Proposed Rules. Notice

Agency: Veterans Benefits Administration, Department of Veterans Affairs
Action: Notice
Citation: FR Doc. 02-20575 · OMB Control No. 2900-0381

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 for information needed to determine the holder's election to convey and transfer foreclosed property to VA.

Dates

Written comments and recommendations on the proposed collection of information should be received on or before October 15, 2002.

Supplementary Information

Under the PRA of 1995 (Pub. L. 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. Title: Notice for Election to Convey and/or Invoice for Transfer of Property, VA Form 26-8903. OMB Control Number: 2900-0381. Type of Review: Extension of a currently approved collection. Abstract: VA Form 26-8903 serves four purposes: holder's election to convey, invoice for the purchase price of the property, VA's voucher for authorizing payment to the holder, and establishment of VA's property records. When VA specifies an amount in relation to the foreclosure of a GI home loan and the holder elects to convey the property to VA, Section 3732 of Title 38, U.S.C., and 38 CFR 36.4320(a)(1), provide that if a minimum amount for credit to the borrower's indebtedness has been specified by VA in relation to the sale of the real property and the holder is the successful bidder at the sale for no more than the amount specified by VA, the holder will credit the indebtedness with that amount. The holder may then retain the property, or not later than 15 days after the date of sale, advise VA of its election to convey and transfer the property to the VA. VA needs to know the amount bid at the sale, the type of deed to be used for transferring title from the holder to VA, occupancy information, and the hazard insurance coverage. Affected Public: Business or other for-profit. Estimated Annual Burden: 4,167 hours. Estimated Average Burden Per Respondent: 10 minutes. Frequency of Response: On occasion. Estimated Number of Respondents: 25,000. Dated: July 31, 2002. By direction of the Secretary: Ernesto Castro, Director, Records Management Service. [FR Doc. 02-20575 Filed 8-13-02; 8:45 am]