[Code of Federal Regulations]
[Title 5, Volume 3]
[Revised as of January 1, 2001]
From the U.S. Government Printing Office via GPO Access
[CITE: 5CFR1655.11]

[Page 290]
 
                    TITLE 5--ADMINISTRATIVE PERSONNEL
 
         CHAPTER VI--FEDERAL RETIREMENT THRIFT INVESTMENT BOARD
 
PART 1655--LOAN PROGRAM--Table of Contents
 
Sec. 1655.11  Loan Agreement/Promissory Note.

    (a) Upon determining that the application meets the requirements of 
this part, the recordkeeper will send the participant a Loan Agreement/
Promissory Note which will reflect the terms and conditions of the loan 
and the date it was prepared (loan process date).
    (b) By signing the Loan Agreement/Promissory Note, the participant 
is bound to follow all of its terms and conditions and certifies, to the 
best of his or her knowledge, under penalty of perjury, to the truth of 
all statements made and documentation given with the Loan Agreement/
Promissory Note.
    (c) The recordkeeper must receive the completed Loan Agreement/
Promissory Note (including any required supporting documentation) within 
45 calendar days of the loan process date or the loan agreement will be 
cancelled. If the 45th day falls on a Saturday, Sunday, or Federal 
holiday, the deadline will be the next business day.
    (d) The signed Loan Agreement/Promissory Note must be accompanied 
by:
    (1) A completed and signed discretionary payroll allotment form 
authorizing deductions of all amounts due under the Loan Agreement/
Promissory Note, which deduction the participant agrees to maintain 
through his or her employing agency;
    (2) In the case of a loan for the purchase of a primary residence, 
supporting materials that document the purchase of the residence and the 
amount requested. This information is described in Sec. 1655.20; and
    (3) Any other information that the Executive Director shall from 
time to time require.

[55 FR 979, Jan. 10, 1990, as amended at 61 FR 58755, Nov. 18, 1996]

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