[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: 25CFR103.29]

[Page 312]
 
                            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 E--Loan Transfers
 
Sec. 103.29  What if the lender transfers the entire loan?

    (a) A lender may transfer all of its rights in a guaranteed loan to 
any other person. The acquiring person must send BIA written notice of 
the transfer, describing the borrower, the loan, BIA's loan guaranty 
certificate number, and the acquiring person's name and address. 
Starting on the date of the transfer, only the acquiring person will be 
entitled to exercise the rights conferred by BIA's loan guaranty 
certificate, and will from that point forward be considered the lender 
for purposes of the Program. The acquiring person must service the 
guaranteed loan and otherwise perform all of the duties required of the 
lender under the Program and the loan guaranty certificate. Except when 
a transfer is effected by a merger, any failure by the acquiring person 
to send BIA proper notice of the transfer within 30 calendar days of the 
transfer date will void BIA's loan guaranty certificate, without further 
action.
    (b) Transferring an insured loan to another person will void the 
insurance coverage for that loan, except where the transfer is effected 
by a merger.
    (c) If a lender is not the surviving entity after a merger, the 
lender's successor must notify BIA in writing of the change within 30 
calendar days of the merger. The lender also must re-apply to become an 
approved lender under the Program, as indicated in Sec. 103.11.