sop 50 51 3 loan liquidation - SBA

Nov 15, 2010 - Agency means the U.S. Small Business Administration. 5. Approving Official means a supervisory or lead SBA staff member or SBA management official with appropriate authority to approve proposed Loan. Actions. 6. Associate of the Borrower means an officer, director, Key Employee of the. Borrower, or a ...
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SBA

SOP 50 51 3

LOAN LIQUIDATION

Office of Capital Access U.S. Small Business Administration November 15, 2010

SOP 50 51 3

Effective Date: November 15, 2010

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SOP 50 51 3

Table of Contents Chapter 1. Introduction ........................................................................................... 11 A. Purpose ...................................................................................................................................11 B. Authority ................................................................................................................................11 C. Resources ...............................................................................................................................11 1. Forms and Templates ....................................................................................................11 2. Environmental Risk Management Materials ...............................................................12 3. Tools and Quick Reference Guides .............................................................................12 Chapter 2. Definitions ............................................................................................. 15 A. Introduction ...........................................................................................................................15 B. General Terms .......................................................................................................................15 C. Environmental Terms ..........................................................................................................26 Chapter 3. Classifying Loans in Liquidation ......................................................... 27 A. When Loans Must Be Classified in Liquidation Status ....................................................27 B. When Loans Should Be Removed from Liquidation Status ...........................................27 Chapter 4. SBA Liquidation .................................................................................. 29 A. Responsibility and Authority ...............................................................................................29 B. Performance Standards ........................................................................................................29 C. Loan Actions .........................................................................................................................29 1. Documentation Requirements ......................................................................................29 2. Rule of Two Approval ...................................................................................................29 3. Review by Legal Counsel ...............................................................................................30 4. Split Decisions.................................................................................................................32 5. Exceptions to Policy.......................................................................................................32 D. Review of Quarterly Status Reports ...................................................................................33 E. Review of Requests for Loan Action Approval................................................................33

Effective Date: November 15, 2010

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SOP 50 51 3 Chapter 5. 7(a) Lender Liquidation ....................................................................... 35 A. Responsibility ........................................................................................................................35 B. Authority ................................................................................................................................35 1. Unilateral Authority ........................................................................................................35 2. Actions Requiring Prior SBA Approval .............