Temporary 504 Express Loan Authority for Certified Development Companies Participating in the Accredited Lenders Program (rule, 87 FR 37979, June 27, 2022)
Summary
An interim final rule with request for comments of the U.S. Small Business Administration, "Temporary 504 Express Loan Authority for Certified Development Companies Participating in the Accredited Lenders Program" (RIN 3245–AH74; 13 CFR Part 120). It was printed in the Federal Register of Monday, June 27, 2022 (Vol. 87, No. 122). It implements the additional authority that the Economic Aid Act temporarily provides to Certified Development Companies (CDCs) in the Accredited Lenders Program with respect to 504 loans. The rule states that under the 504 Loan Program, CDCs make loans to small business applicants for the purchase or improvement of land, buildings and major equipment. The contact named is Linda Reilly, Chief, 504 Program Branch. The same pages print a Federal Housing Finance Agency correction to 12 CFR Part 1240.
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Cite this document
“Temporary 504 Express Loan Authority for Certified Development Companies Participating in the Accredited Lenders Program (rule, 87 FR 37979, June 27, 2022).”
Original at www.govinfo.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/temporary-504-express-loan-authority-for-certified-development-compani-1ad6af9c70/
, SHA-256 a029a711d7f9d93b25c6a21bd1fc22186a1ce4c07f4624c3252cc78494854d2f.Full text
37979
Rules and Regulations Federal Register
Vol. 87, No. 122
Monday, June 27, 2022
This section of the FEDERAL REGISTER ■ 2. On page 33433, in § 1240.63, in information via email to ALPExpress@
contains regulatory documents having general footnote 5 following table 7 to paragraph sba.gov. Highlight the information that
applicability and legal effect, most of which (c), remove the word ‘‘bank’’ and add you consider to be CBI and explain why
are keyed to and codified in the Code of the word ‘‘Enterprise’’ in its place. you believe SBA should hold this
Federal Regulations, which is published under information as confidential. SBA will
50 titles pursuant to 44 U.S.C. 1510. Sandra L. Thompson,
review the information and make the
Acting Director, Federal Housing Finance final determination whether it will
The Code of Federal Regulations is sold by Agency.
the Superintendent of Documents. publish the information.
[FR Doc. 2022–13544 Filed 6–24–22; 8:45 am]
FOR FURTHER INFORMATION CONTACT:
BILLING CODE 8070–01–P
Linda Reilly, Chief, 504 Program
FEDERAL HOUSING FINANCE Branch, Office of Financial Assistance,
AGENCY Small Business Administration, 409 3rd
SMALL BUSINESS ADMINISTRATION Street SW, Washington, DC 20416;
12 CFR Part 1240 telephone: (202) 604–5032; email:
13 CFR Part 120 linda.reilly@sba.gov.
RIN 2590–AB18 SUPPLEMENTARY INFORMATION:
RIN 3245–AH74
Enterprise Regulatory Capital I. Background Information
Temporary 504 Express Loan Authority
Framework—Public Disclosures for the for Certified Development Companies The 504 Loan Program is an SBA
Standardized Approach; Correction Participating in the Accredited Lenders financing program authorized under
AGENCY: Federal Housing Finance Program title V of the Small Business Investment
Agency. Act of 1958, as amended, 15 U.S.C. 695
AGENCY: U.S. Small Business et seq. The core mission of the 504 Loan
ACTION: Final rule; correction. Administration. Program is to provide long-term
SUMMARY: This document corrects
ACTION: Interim final rule with request financing to small businesses for the
typographical errors that appeared in for comments. purchase or improvement of land,
the final rule published in the Federal buildings, and major equipment, in an
SUMMARY: This interim final rule effort to facilitate the creation or
Register on June 2, 2022, titled implements the additional authority retention of jobs and local economic
‘‘Enterprise Regulatory Capital that the Economic Aid to Hard-Hit development. Under the 504 Loan
Framework—Public Disclosures for the Small Businesses, Nonprofits, and Program, loans are made to small
Standardized Approach’’. Venues Act temporarily provides to business applicants by Certified
DATES: Effective August 1, 2022. Certified Development Companies Development Companies (‘‘CDCs’’),
FOR FURTHER INFORMATION CONTACT: participating in the Accredited Lenders which are certified and regulated by
Andrew Varrieur, Senior Associate Program with respect to 504 loans that SBA to promote economic development
Director, Office of Capital Policy, (202) are not more than $500,000 and that are within their community. In general, a
649–3141, Andrew.Varrieur@fhfa.gov; not made to a borrower in an industry project in the 504 Loan Program (a ‘‘504
Christopher Vincent, Senior Financial with a high rate of default, as defined by Project’’) includes: a loan obtained from
Analyst, Office of Capital Policy, (202) SBA. a private sector lender with a senior lien
649–3685, Christopher.Vincent@ DATES: covering at least 50 percent of the
fhfa.gov; or James Jordan, Associate Effective Date: This rule is effective project cost; a loan obtained from a CDC
General Counsel, Office of General June 27, 2022. (a ‘‘504 Loan’’) with a junior lien
Counsel, (202) 649–3075, Applicability Date: This rule applies covering up to 40 percent of the total
James.Jordan@fhfa.gov (these are not to loan applications submitted to the cost (backed by a 100 percent SBA-
toll-free numbers); Federal Housing Certified Development Company on or guaranteed debenture); and a
Finance Agency, 400 7th Street SW, after June 27, 2022 and approved by the contribution from the Borrower of at
Washington, DC 20219. For TTY/TRS Certified Development Company and least 10 percent equity.
users with hearing and speech the U.S. Small Business Administration There are three types of CDCs that
disabilities, dial 711 and ask to be through September 30, 2023. participate in the 504 Loan Program.
connected to any of the contact numbers Comment Date: Comments must be This rulemaking addresses the
above. received on or before August 26, 2022. temporary authority that will be
granted, in accordance with section
SUPPLEMENTARY INFORMATION: In FR Doc. ADDRESSES: You may submit comments,
328(b) of the Economic Aid to Hard-Hit
2022–11582 of June 2, 2022 (87 FR identified by RIN 3245–AH74, through
Small Businesses, Nonprofits, and
33423), the following corrections are the Federal eRulemaking Portal: http://
Venues Act (Pub. L. 116–260)
made: www.regulations.gov. Follow the
(‘‘Economic Aid Act’’), to CDCs that are
instructions for submitting comments.
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§ 1240.63 [Corrected] approved by SBA to participate in the
SBA will post all comments on http://
Accredited Lenders Program (hereafter
■ 1. On page 33432, in § 1240.63, in the www.regulations.gov. If you wish to
‘‘ALP CDCs’’).1 Currently, ALP CDCs
table titled ‘‘Table 7 to Paragraph (c)— submit confidential business
CRT and Securitization’’, in paragraph information (‘‘CBI’’) as defined in the 1 The other 2 types of CDCs are the Premier
(e), remove the word ‘‘bank’’ and add User Notice at http:// Certified Lenders Program CDCs (PCLP CDCs),
the word ‘‘Enterprise’’ in its place. www.regulations.gov, please submit the Continued
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37980 Federal Register / Vol. 87, No. 122 / Monday, June 27, 2022 / Rules and Regulations
must obtain SBA’s approval to make a their approval of any servicing action on final rule, because there is an urgent
504 loan, including with respect to both ALP Express Loans. SBA will consider need for SBA to implement this
the loan’s eligibility and prompt notification to be within 5 temporary program without further
creditworthiness.2 With respect to business days of approval. delay. Since the Economic Aid Act was
closing, ALP CDCs have delegated With respect to the closing process, enacted in December 2020 (and for
authority to make the ‘‘No Adverse ALP CDCs, like PCLP CDCs, will be many months before), SBA has been
Change’’ certification prior to loan responsible for properly undertaking all required to implement many initiatives
closing without SBA’s review and actions necessary to close the ALP related to the pandemic. These
approval and are authorized to close 504 Express Loan and Debenture in initiatives have competed for SBA’s
loans under the expedited loan closing accordance with the expedited loan limited time and resources, and the
procedures applicable to a Priority CDC. closing procedures applicable to a implementation of some programs has
With respect to servicing, ALP CDCs are Priority CDC and with § 120.960. been unavoidably delayed by those
currently required to obtain SBA’s In their own discretion, ALP CDCs limitations. Any further delay in
approval for most servicing actions. may decide to not exercise their implementing the ALP Express Loan
Section 328(b) of the Economic Aid delegated authority with respect to an authority would be contrary to the
Act temporarily provides increased ALP Express Loan and may instead public interest, as small businesses
authority to ALP CDCs with respect to submit the loan to SBA under non-
would have to wait even longer to
‘‘covered loans.’’ The Economic Aid Act delegated procedures. ALP CDCs may
benefit from the expedited processing
defines a ‘‘covered loan’’ as a loan that not use their ALP Express Loan
provided by this temporary program. By
is not more than $500,000 and that is authority to service a loan that was
providing an expedited process for
not made to a borrower in an industry approved under non-delegated authority
certain loans made by ALP CDCs, this
with a high rate of default as defined by that could have been made as an ALP
Express Loan. In addition, PCLP CDCs program will assist in meeting the
SBA (hereafter referred to as ‘‘ALP ongoing financing needs of small
Express Loans’’). Section 328(b) of the may decide to process an ALP Express
Loan under their status as an ALP CDC businesses that continue to be impacted
Economic Aid Act further requires that by the COVID–19 pandemic.
SBA annually identify the industries instead of as a PCLP CDC, thereby not
with a high rate of default. Accordingly, requiring the CDC to comply with Loan Although this rule is being published
on an annual basis, SBA will list the Loss Reserve Fund requirements for that as an interim final rule, comments are
industries that it has determined have a loan. hereby solicited from interested
high rate of default in a notice Finally, the authority provided by the members of the public. These comments
published in the Federal Register. ALP Economic Aid Act is available for loan must be received on or before August
CDCs may not use ALP Express Loan applications submitted to the ALP CDC 26, 2022. SBA will consider any
authority with respect to any loan made on or after the effective date of this comments it receives and the need for
to a business in an industry listed in the rulemaking and approved by the making any amendments as a result of
Federal Register notice as having a high Certified Development Company and the comments.
rate of default. SBA through September 30, 2023.
Therefore, SBA is issuing this interim In addition, the APA requires that
In accordance with section 328(b) of ‘‘publication or service of a substantive
the Economic Aid Act, SBA is final rule to conform its rules with the
requirements of the Economic Aid Act rule shall be made not less than 30 days
delegating to ALP CDCs the authority to before its effective date, except * * * as
make the final decision with respect to by adding a new section to part 120 of
its regulations, § 120.842. The contents otherwise provided by the agency for
the applicant’s creditworthiness on ALP good cause found and published with
Express Loans. The ALP CDC’s of this section are discussed in detail in
Section III, below. the rule.’’ 5 U.S.C. 553(d)(3). SBA finds
determination regarding that good cause exists to make this final
creditworthiness will not be subject to II. Justification for Publication as rule effective the same day it is
SBA review. SBA will continue to be Interim Final Rule With Immediate published in the Federal Register. The
responsible for reviewing each loan to Effective Date purpose of this APA provision is to
ensure that it meets all Loan Program In general, SBA publishes a rule for provide interested and affected
Requirements for program eligibility, public comment before issuing a final members of the public sufficient time to
including but not limited to those rule, in accordance with the adjust their behavior before the rule
requirements involving franchise or Administrative Procedure Act (APA) takes effect. Because of the nature of the
similar agreements, historic properties, and SBA regulations. 5 U.S.C. 553 and changes made by this rule, ALP CDCs
property with environmental issues, 13 CFR 101.108. In addition to section and potential loan applicants will not
businesses involving religious activities, 303 of the Economic Aid Act that need 30 days after publication of the
or businesses with activities of a authorizes SBA to issue regulations to rule to adjust to the more relaxed
prurient sexual nature. SBA also is implement the amendments described procedures. The rule does not change
delegating to ALP CDCs the authority to above without regard to notice the substantive requirements for
approve certain servicing actions after requirements, the APA also provides an obtaining certain 504 loans; delegating
closing on ALP Express Loans. ALP exception to this standard rulemaking increased authority to ALP CDCs with
CDCs must promptly notify the process where an agency finds good respect to the approval and servicing of
appropriate SBA servicing center of cause to adopt a rule without prior those loans only impacts the procedural
public participation. 5 U.S.C. steps that ALP CDCs are currently
which have increased authority to process, service
553(b)(3)(B). In enacting the good cause required to follow to process a loan. For
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and liquidate 504 loans, and the CDCs that are
neither PCLP nor ALP CDCs, which must obtain exception to standard rulemaking this and other reasons discussed above,
SBA approval for nearly all loan actions. procedures, Congress recognized that SBA finds there is good cause to make
2 ALP CDCs with a record of submitting high
emergency situations arise where an this interim final rule effective
quality loan applications may be selected by the
Sacramento Loan Processing Center (‘‘SLPC’’) to
agency must issue a rule without public immediately instead of imposing a 30-
participate in the Abridged Submission Method, participation. SBA finds that good cause day period between publication and
which is a streamlined application process. exists to publish this rule as an interim effective date.
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Federal Register / Vol. 87, No. 122 / Monday, June 27, 2022 / Rules and Regulations 37981
III. Discussion of New § 120.842 all actions necessary to close the ALP authority and providing ALP CDCs with
SBA is adding a new section, 120.842, Express Loan and Debenture in greater authority to approve and service
to implement the authority of ALP CDCs accordance with the expedited loan loans will reduce processing time and
to make ALP Express Loans. closing procedures applicable to a therefore benefit small businesses, their
Priority CDC and with § 120.960. employees, and the communities they
Paragraph (a) With respect to servicing, the ALP serve.
Paragraph (a) sets forth the definition CDC is responsible for servicing its ALP
Congressional Review Act
of ‘‘ALP Express Loan.’’ Express Loans in accordance with
§ 120.970. SBA may in certain OMB has determined that this rule is
Paragraph (b) circumstances, in its discretion, elect to not a major rule under 5 U.S.C. 804(2).
Paragraph (b) sets forth the handle such duties with respect to a
requirements related to the Executive Order 12988
particular ALP Express Loan or Loans.
underwriting, approving, closing, and Additional servicing requirements are This action meets applicable
servicing of ALP Express Loans. In set forth in subpart E of this part. SBA standards set forth in sections 3(a) and
conducting such activities, ALP CDCs will identify through its Loan Program 3(b)(2) of Executive Order 12988, Civil
must comply with Loan Program Requirements which servicing actions Justice Reform, to minimize litigation,
Requirements, act in accordance with that SBA will delegate to the CDC with eliminate ambiguity, and reduce
prudent and commercially reasonable respect to ALP Express Loans. The CDC burden. The action does not have
lending standards, and document in its must promptly notify the appropriate preemptive effect or retroactive effect.
files the basis for each of its decisions. SBA commercial loan servicing center
With respect to underwriting, this of any servicing action that it has Executive Order 13132
provision provides that ALP CDCs are approved under its delegated authority. This rule does not have federalism
authorized to make the final decision SBA will consider prompt notification implications as defined in Executive
with respect to the applicant’s to be within 5 business days of Order 13132, Federalism. It will not
creditworthiness and establishing the approval. have substantial direct effects on the
terms and conditions of the ALP
Paragraph (c) States, on the relationship between the
Express Loan. The ALP CDC’s
national government and the States, or
determination regarding Paragraph (c) provides that a CDC is on the distribution of power and
creditworthiness will not be subject to prohibited from processing a loan as an responsibilities among the various
SBA review. However, ALP CDCs are ALP Express Loan if the loan was levels of government, as specified in the
reminded that, in accordance with previously submitted to SBA and was Executive Order. As such it does not
§ 120.938, SBA will look to the CDC for withdrawn by the CDC or was declined warrant the preparation of a Federalism
the entire amount of the Debenture in or otherwise not approved by SBA.
the case of fraud, negligence, or Assessment.
misrepresentation by the CDC if the Paragraph (d) Paperwork Reduction Act
CDC defaults on the Debenture that Paragraph (d) explains that the
funded an ALP Express Loan. In order to implement the Act, SBA
authority to make ALP Express Loans is has determined that it is necessary to
SBA will continue to be responsible available for applications submitted to
for reviewing each loan to ensure that it temporarily modify SBA Form 1244,
the ALP CDC on or after the effective which is currently approved under
meets all Loan Program Requirements date of this rulemaking and approved by
for program eligibility, including but not OMB Control Number 3245–0071,
the Certified Development Company Application for Section 504 Loans, to
limited to those requirements involving and SBA through September 30, 2023.
franchise and similar agreements, conform the application with the
historic properties, property with Compliance With Executive Orders revised requirements for ALP Express
environmental issues, businesses 12866, 12988, 13132, and 13563, the Loan authority. The changes will not
involving religious activities, or Congressional Review Act, (5 U.S.C. add any new burdens for the
businesses with activities of a prurient 801–808), Paperwork Reduction Act (44 respondents. SBA recently updated SBA
sexual nature. After approving the U.S.C., Ch. 35), and the Regulatory Form 1244 to account for permanent
creditworthiness of the loan, ALP CDCs Flexibility Act (5 U.S.C. 601–612) changes to the Debt Refinancing 504
will be required to submit to SBA with program, along with technical
Executive Orders 12866 and 13563 corrections for the last update to SBA
the loan application all required
documentation, including The Office of Management and Budget Form 1244. SBA is making the following
documentation necessary for SBA to (‘‘OMB’’) has determined that this rule technical corrections and clarifying
make the final eligibility decision. If constitutes a ‘‘significant regulatory changes to SBA Form 1244: (1) revising
SBA determines that the applicant and action’’ for purposes of Executive the instructions on page 1 (Purpose of
the ALP Express Loan are eligible and Orders 12866, Regulatory Planning and the Form) to clarify that CDCs with ALP
that SBA funds are available, SBA will Review, and 13563, Improving Express Loan authority must use the
notify the ALP CDC of the loan number Regulation and Regulatory Review. SBA, form; (2) adding a new ALP Express
assigned to the loan and provide the however, is proceeding under the checkbox to page 12 in the Submission
CDC with a signed copy of the Loan emergency provision at Executive Order Method field; and (3) updating the
Authorization. ALP CDCs must submit 12866, section 6(a)(3)(D), based on the instructions on pages 15 and 16
to the Sacramento Loan Processing need to move expeditiously to mitigate (Required Exhibits) to identify which
Center (SLPC) for review and approval the current conditions arising from the exhibits must be completed and
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any servicing action that the ALP CDC COVID–19 pandemic. This rule is uploaded in SBA’s E-Tran system for
proposes prior to closing that may affect necessary to implement the Economic ALP Express Loans and which exhibits
the eligibility of the borrower or the Aid Act and provide economic relief to non-ASM CDCs must complete and
ALP Express Loan. small businesses adversely impacted by upload into E-Tran. SBA has obtained
With respect to closing, the ALP CDC COVID–19. SBA anticipates that emergency approval from OMB for the
is responsible for properly undertaking implementing the ALP Express Loan revised information collection to
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37982 Federal Register / Vol. 87, No. 122 / Monday, June 27, 2022 / Rules and Regulations
implement these revisions as the ALP CDC must comply with Loan to the CDC under Loan Program
expeditiously as possible. Program Requirements and conduct Requirements.
such activities in accordance with (c) Prohibition against making a 504
Regulatory Flexibility Act loan previously submitted to the SBA.
prudent and commercially reasonable
The Regulatory Flexibility Act (RFA) lending standards. An ALP CDC may not process a 504
generally requires administrative (2) Documentation of decision loan application under paragraph (b)(3)
agencies to consider the effect of their making. For each ALP Express Loan, the of this section from an applicant whose
actions on small entities, including ALP CDC must document in its files the application was previously submitted to
small non-profit businesses, and small basis for its decisions with respect to SBA and was withdrawn by the CDC or
local governments. Pursuant to the RFA, underwriting, approving, closing, and was declined or otherwise not approved
when an agency issues a rule, the servicing the loan. by SBA.
agency must prepare an analysis that (3) Processing requirements—(i) (d) Applicability. The authority to
describes whether the impact of the rule Eligibility. An ALP Express Loan is make ALP Express Loans is available for
will have a significant economic impact subject to SBA’s final approval as to applications submitted to the ALP CDC
on a substantial number of these small eligibility and, for each loan, an ALP on or after June 27, 2022 and approved
entities. However, the RFA requires CDC must submit the documents through September 30, 2023.
such analysis only where notice and required by SBA to complete the Isabella Casillas Guzman,
comment rulemaking is required. As eligibility review. ALP CDCs must Administrator.
discussed above, SBA is publishing this submit to SBA for review and approval [FR Doc. 2022–13359 Filed 6–24–22; 8:45 am]
rule as an interim final rule without any servicing action that the ALP CDC
advance notice and public comment BILLING CODE 8026–03–P
proposes prior to closing that may affect
because section 303 of the Economic the eligibility of the borrower or the
Aid Act authorizes SBA to issue ALP Express Loan.
regulations to implement the DEPARTMENT OF TRANSPORTATION
(ii) Credit decisions. The ALP CDC is
amendments in the Act without regard responsible for properly determining the
to notice requirements. This rule is, Federal Aviation Administration
applicant’s creditworthiness and
therefore, exempt from the RFA establishing the terms and conditions 14 CFR Part 39
requirements. under which the ALP Express Loan will
be made in accordance with SBA’s Loan [Docket No. FAA–2022–0800; Project
List of Subjects in 13 CFR Part 120 Identifier MCAI–2022–00705–T; Amendment
Program Requirements and prudent
Loan programs-business, Reporting 39–22105; AD 2022–13–19]
lending standards. The ALP CDC’s
and recordkeeping requirements, Small determination regarding RIN 2120–AA64
businesses. creditworthiness will not be subject to
For the reasons stated in the SBA review. Airworthiness Directives; Airbus SAS
preamble, SBA amends 13 CFR part 120 (4) Submission of loan documents. An Airplanes
as follows: ALP CDC must notify SBA of its credit AGENCY: Federal Aviation
decision on an ALP Express Loan by Administration (FAA), DOT.
PART 120—BUSINESS LOANS
submitting to SBA all required ACTION: Final rule; request for
■ 1. The authority citation for part 120 documentation. SBA will review these comments.
is revised to read as follows: documents to determine whether the
applicant and the ALP Express Loan are SUMMARY: The FAA is superseding
Authority: 15 U.S.C. 634(b)(6), (b)(7), Airworthiness Directive (AD) 2022–11–
eligible and whether SBA funds are
(b)(14), (h), and note, 636(a), (h) and (m), and
note, 636m, 650, 657t, and note, 657u, and available for the ALP Express Loan. If 03, which applied to certain Airbus SAS
note, 687(f), 696(3), and (7), and note, 697, approved, SBA will notify the ALP CDC Model A350–941 and –1041 airplanes.
697a and e, and note; Pub. L. 116–260, 134 of the loan number assigned to the loan AD 2022–11–03 required revising the
Stat. 1182. and provide the CDC with a signed copy existing airplane flight manual (AFM),
of the Loan Authorization. and revising the operator’s existing
■ 2. Add § 120.842 under the
(5) Loan and Debenture closing. After FAA-approved minimum equipment list
undesignated center heading
receiving notification of the loan (MEL) by incorporating certain master
‘‘Accredited Lenders Program (ALP)’’ to
number and a signed copy of the Loan minimum equipment list (MMEL)
read as follows:
Authorization from SBA, the ALP CDC provisions, to include limitations and
§ 120.842 ALP Express Loans. is responsible for properly undertaking procedures to mitigate the risk of
(a) Definition. For the purposes of this all actions necessary to close the ALP elevator failure during flare. Since the
section, an ALP Express Loan: Express Loan and Debenture in FAA issued AD 2022–11–03, an
(1) Means a 504 loan in an amount accordance with the expedited loan updated software standard for the
that is not more than $500,000; and closing procedures applicable to a PRIMary flight control computers
(2) Does not include a loan made to Priority CDC and with § 120.960. (PRIMs) has been developed to address
a borrower that is in an industry that (6) Servicing. The ALP CDC is the unsafe condition. This AD continues
has a high rate of default, as annually responsible for servicing its ALP to require the actions in AD 2022–11–
determined by SBA. SBA will publish Express Loans in accordance with 03, and also requires installing an
an annual list of the industries with a § 120.970. SBA may in certain updated PRIM software standard, as
high rate of default in a notice in the circumstances, in its discretion, elect to specified in a European Union Aviation
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Federal Register. handle such duties with respect to a Safety Agency (EASA) AD, which is
(b) Requirements for the underwriting, particular ALP Express Loan or Loans. incorporated by reference. The FAA is
approving, closing, and servicing of ALP Additional servicing requirements are issuing this AD to address the unsafe
Express Loans—(1) General. When set forth in subpart E of this part. The condition on these products.
underwriting, approving, closing, and CDC must promptly notify SBA when it DATES: This AD is effective July 12,
servicing 504 loans under this section, approves any servicing action delegated 2022.
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