[Code of Federal Regulations]
[Title 25, Volume 1]
[Revised as of April 1, 2003]
From the U.S. Government Printing Office via GPO Access
[CITE: 25CFR103.23]

[Page 310]
 
                            TITLE 25--INDIANS
 
     CHAPTER I--BUREAU OF INDIAN AFFAIRS, DEPARTMENT OF THE INTERIOR
 
PART 103--LOAN GUARANTY, INSURANCE, AND INTEREST SUBSIDY--Table of Contents
 
                       Subpart C--Interest Subsidy
 
Sec. 103.23  How does BIA make interest subsidy payments?

    The lender must send BIA reports at least quarterly on the 
borrower's loan payment history, together with a calculation of the 
interest subsidy then due. The lender's reports and calculation do not 
have to be in any specific format, but in addition to the calculation 
the reports must contain at least the information required by 
Sec. 103.33(a). Based on the lender's reports and calculation, BIA will 
send interest subsidy payments to the borrower in care of the lender. 
The payments belong to the borrower, but the borrower and lender may 
agree in advance on how the borrower will use interest subsidy payments. 
BIA may verify and correct interest subsidy calculations and payments at 
any time.