W. Va. Code R. § 61-33-14

Current through Register Vol. XLII, No. 1, January 3, 2025

Section 61-33-14 - Determination of distressed loans

14.1. The Rural Rehabilitation Loan Committee shall receive reports, prepared by the Department, on active loans and determine from their repayment history and any other available information if any active loans are in distress.

14.2. On a determination by the Rural Rehabilitation Loan Committee that a loan is a distressed loan, the Commissioner shall provide written notice to the borrower that the loan may be suitable for restructuring, and include with such notice all materials necessary to enable the borrower to submit an application for restructuring.

14.3. On determination that a loan is or has become a distressed loan, the Commissioner shall provide a reasonable opportunity for the borrower to personally appear before the Rural Rehabilitation Loan Committee to review the status of the loan, the financial condition of the borrower, and the suitability of the loan for restructuring.

W. Va. Code R. § 61-33-14