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Code · CFR · Title 24 — Housing and Urban Development · Part 1005 — Loan Guarantees for Indian Housing · § 1005.221

§ 1005.221. Business change reporting.

112 words·~1 min read·/us/cfr/t24/s§ 1005.221·

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(a)Within a timeframe as prescribed by Section 184 Program Guidance, Direct Guarantee Lenders shall provide written notification to HUD, in such a form as prescribed by Section 184 Program Guidance of:
(1)All changes in the Direct Guarantee Lender or Sponsored Entity's legal structure, including, but not limited to, mergers, acquisitions, terminations, name, location, control of ownership, and character of business;
(2)Staffing changes with senior leadership and Loan underwriters for Direct Guarantee Lenders and Sponsored Entities; and
(3)Any sanctions by another supervising entity.
(b)Failure to report changes within a reasonable timeframe prescribed in Section 184 Program Guidance may result in sanctions in accordance with §§ 1005.905 and 1005.907.
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