Current through Register Vol. XLII, No. 1, January 3, 2025
Section 61-33-9 - Delinquencies and collection proceedings9.1. A loan is deemed delinquent when the borrower misses two (2) consecutive monthly payments, or one quarterly, semi-annual, or annual payment.9.2. The Commissioner shall send borrowers of delinquent loans delinquency notices and give such borrowers thirty (30) calendar days to resolve the delinquency by paying the past-due balances. 9.2.a. If the borrower fails to respond to or address the delinquency, the Commissioner shall issue a notice of default and right to cure giving the borrower fifteen (15) days to bring the loan current.9.2.b. The Commissioner may take further remedial action, including formal collection procedures, sale of assets, deed of trust sale or other allowable measure against any loan holder who is delinquent, after initial attempts to resolve the delinquency are unsuccessful.9.3. For loans closed on or after July 1, 2019, the Commissioner shall charge a late fee of twenty-five dollars ($25.00) fifteen (15) days after the date a loan becomes delinquent, as defined in subsection 9.1, and shall charge an additional late fee of twenty-five dollars ($25.00) after each subsequent month the loan remains delinquent. 9.3.a. The Rural Rehabilitation Loan Committee may waive any late fees, penalties and interest relating to delinquency, after determining such waiver is in the best interest of the loan program.