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Federal Register / Vol. 86, No. 235 / Friday, December 10, 2021 / Rules and Regulations 7 CFR 5001.408 Participation or Assignment of Guaranteed Loan
5001.204 Personal, Partnership, and Corporate Guarantees Paragraph b is amended to remove the reference to the Federal Credit Reform Act of 1990.

Paragraph b is amended by removing the requirement of the lender to maintain a minimum servicing fee of 50
basis points from any holder. This will allow the lenders to determine their own interest rate spreads when selling to a holder or participating to another lender.

7 CFR 5001.205 General Project Monitoring Requirements 1. Paragraph e2 is amended to provide clarity and consistency with 5001.454c.
2. Paragraph e2ii is amended to provide Lenders the opportunity to provide project monitoring under specific criteria.
3. Paragraph f4 is amended to remove the words and inspection reports as this is covered in f5.

7 CFR 5001.451
Commitment
7 CFR 5001.303 Applications for Loan Guarantee 1. Paragraph b4ii is amended to remove the words and any guarantors as this requirement was unintentional and not required in previous B&I and REAP regulations.
2. Paragraph b5 is renumbered to 5001.303c1 to improve flow and readability.
3. Paragraph b5i through xiii was moved to 5001.451 and renumbered as b3i through xiii to improve flow and readability.
7 CFR 5001.304 Specific Application Requirements for CF Projects 1. Paragraph a1 is revised to provide consistency with the B&I
program.
2. Paragraph b is amended to add a new 4 to coincide with B&Is requirements for feasibility studies.
7 CFR 5001.318
Point System
B&I Project Priority
1. The introductory paragraph in 5001.318 is amended to correct the total maximum points allowed to 100.
This is being done as the points total changed with the removal of 5001.318c3.
2. Paragraph c3 is removed as it gives priority points to decreasing the guarantee percentage which violates the policy in the regulation and paragraph c4 becomes c3.
7 CFR 5001.401
Provisions
Interest Rate
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Paragraph d is amended to clarify when a request for an interest rate change is to be made.

Paragraph b3 is amended to clarify that the repayment schedule must be in consideration of the borrowers cash flow as provided in 5001.402b.

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1. Paragraphs b5i through xiii have been moved from 5001.303 to paragraphs b3i through xiii of 5001.451 which will improve flow and readability.
2. The third sentence in paragraph e is amended to remove the text major changes have been made in the lenders loan conditions and requirements and no. This requirement is not needed to consider an extension of the conditional commitment; therefore, it has been removed.
7 CFR 5001.452 Loan Closing and Conditions Precedent to Issuance of Loan Note Guarantee 1. Paragraph b is amended by deleting the text, any secondary market assignment documents. Such documents are not required immediately after loan closing and may be submitted at any time subsequently.
2. Paragraph b8iiiL2 is amended by adding that a commitment for title insurance or title commitment, when including gap coverage, is acceptable and to clarify that a title opinion or title commitment is not required for anything other than real estate.
7 CFR 5001.454

Guarantee Fee
Paragraph c is amended by removing the restriction of the lender not being able to pass the additional .50 percent on to the borrower when issuing the loan note guarantee prior to construction.
7 CFR 5001.513

Interest Rate Changes
Paragraph e is amended to allow variable rate changes to be changed to fixed rates whether the fixed rate is higher or lower at the request of the borrower, agreement of the holder, if any, and Agency concurrence.
Subpart GDelegations and Loan Approval Authorities
7 CFR 5001.402 Term Length, Loan Schedule, and Repayment
VerDate Sep<11>2014

Conditional
Sections 5001.601 through 5001.603
are added to define basic information on delegation and loan approval authorities for the programs within the OneRD
regulation.

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IV. Executive Orders and Acts Executive Orders 12866 and 13563
Executive Orders 12866 and 13563
direct agencies to assess all costs and benefits of available regulatory alternatives and, if regulation is necessary, to select regulatory approaches to maximize net benefits including potential economic, environmental, public health and safety effects, distributive impacts, and equity. Executive Order 13563
emphasizes the importance of quantifying both costs and benefits, of reducing costs, of harmonizing rules, and of promoting flexibility.
This final rule has been determined to be not significant for purposes of Executive Order E.O. 12866 and therefore has not been reviewed by the Office of Management and Budget OMB.
National Environmental Policy Act In accordance with the National Environmental Policy Act of 1969, Public Law 91190, this final rule has been reviewed in accordance with 7
CFR part 1970 Environmental Policies and Procedures. The Agency has determined that i this action meets the criteria established in 7 CFR 1970.53f;
ii no extraordinary circumstances exist; and iii the action is not connected to other actions with potentially significant impacts, is not considered a cumulative action and is not precluded by 40 CFR 1506.1.
Therefore, the Agency has determined that the action does not have a significant effect on the human environment, and therefore neither an Environmental Assessment nor an Environmental Impact Statement is required.
Executive Order 12988, Civil Justice Reform This final rule has been reviewed under Executive Order 12988 Civil Justice Reform. The Agency has determined that this rule meets the applicable standards provided in section 3 of the Executive Order. In addition, all State and local laws and regulations that conflict with this rule will be preempted. No retroactive effect will be given to this rule.
Executive Order 13132, Federalism The policies contained in this final rule do not have a substantial direct effect on States, on the relationship between the national government and the States, or on the distribution of power and responsibilities among the various levels of government. Nor does this rule impose substantial direct
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