§ 123.16. How are loans administered and serviced?
107 words·~1 min read·
/us/cfr/t13/s§ 123.16·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)If you obtained your disaster loan from a participating lender, that lender is responsible for closing and servicing your loan. If you obtained your loan directly from SBA, your loan will be closed and serviced by SBA. The SBA rules on servicing are found in Subpart H of this part and part 120 of this chapter.
(b)If you are unable to pay your SBA loan installments in a timely manner for reasons substantially beyond your control, you may request that SBA suspend your loan payments, extend your maturity, or both. \[61 FR 3304, Jan. 31, 1996, as amended at 75 FR 60598, Oct. 1, 2010\]