W. Va. Code R. § 61-33-15

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

Section 61-33-15 - Consideration of applications for restructuring

15.1. When the Rural Rehabilitation Loan Committee receives an application for restructuring from a borrower, the Rural Rehabilitation Loan Committee shall determine whether or not to recommend the Commissioner approve restructuring the loan, taking into consideration:

15.1.a. Whether the proposed restructuring plan is in the best financial interests of the Rural Rehabilitation Loan Program;

15.1.b. Whether the borrower is applying all income over and above necessary and reasonable living and operating expenses to the payment of primary obligations;

15.1.c. Whether the borrower has the financial capacity and the management skills to protect the collateral from diversion, dissipation, or deterioration;

15.1.d. Whether the borrower is capable of working out existing financial difficulties, reestablishing a viable operation, and repaying the loan on a rescheduled basis; and

15.1.e. In the case of a distressed loan that is not delinquent, whether restructuring consistent with sound lending practices may be taken to reasonably ensure that the loan will not become delinquent.

15.2. The Rural Rehabilitation Loan Committee may modify the restructuring plan proposed by the borrower or propose a new restructuring plan.

W. Va. Code R. § 61-33-15