901:3-63-09 Loan transfer provisions.

(A) Obligations on the guaranteed portions of loans made pursuant to the FFLP may not be transferred by applicant unless a proposed transferee qualifies for an FFLP loan as a new borrower under the terms and conditions set forth in rule 901:3-63-02 of the Administrative Code and the transfer is agreed to by the lending institution, the AFC, and the director.

(B) Lending institutions which have granted the non-guaranteed portion of loans pursuant to the FFLP shall not transfer, discount, sell, or otherwise dispose of any contract of guarantee executed between the lending institution and the director and shall remain responsible for all obligations under such contracts of guarantee until completion of the full term of the guaranteed portion of any loan.

Effective: 04/21/2011
R.C. 119.032 review dates: 02/03/2011 and 04/21/2016
Promulgated Under: 119.03
Statutory Authority: 902
Rule Amplifies: 902
Prior Effective Dates: 8/7/98