Rd 402-1 Deposit Agreement

b) The banks and savings bank associations mentioned in this section are those with which deposits are insured by the FDIC. (9) If part of the loan has not been used in accordance with the intermediary`s work plan in accordance with the order of work up to a period of three years from the date of the loan agreement, the Agency may withdraw the approval of funds not yet delivered to the intermediary and the intermediary will reimburse, as an additional payment, all instalments to the intermediary that have not been used through the intermediary in accordance with the work plan. The Agency may, at its sole discretion, grant the intermediary additional time for the use of the loan funds. Regular loan payments are based on the amount of funds actually used through the intermediary. 2. Funds other than loan or grant funds may be deposited by the borrower in exceptional cases where an agreement is reached between the official and the borrower, with the borrower paying the income from each source directly into the bank account subject to prudential supervision. In these cases, the borrower is responsible for establishing the deposit slip in the manner described in section 1902.9 (a) (5) of this party. 3. Association credits and multi-profit grants may be deposited into a bank account subject to prudential supervision if the state statutes require it or if deemed necessary by the credit authorization official. (d) If, for each borrower, the amount of loans and grants, plus potential contributions and funds from other sources to be deposited into the bank account subject to prudential supervision, exceeds $100,000, the financial institution must mortgage collateral for a surplus of more than $100,000 before deposit (see 1902.7 of that portion). If the bank account subject to prudential supervision is a joint account, each amount must be guaranteed above the FDIC or NCUA guaranteed limit. (2) Late borrowers. If it is impossible or impractical to receive a signed cheque from a borrower whose supervised bank account must be closed, the official will ask the Director of the State: ask the financial institution for the balance in the bank account of the borrower subject to prudential supervision to make applications, if necessary, to submit applications: (2) Rural development staff members accept funds for deposit into a borrower`s regulated bank account only in the form of a borrower`s regulated bank account.

a cheque or financial instruction „only for deposits” approved by the borrower, a cheque drawn in the order of the financial institution in which the funds are paid; A loan cheque through the U.S. Treasury or an electronic transfer of funds to rural areas. A prerequisite for management officers is that they must complete a new deposit agreement with their bank or financial institution within 120 days of the date of publication of this letter (January 26, 2019).

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