Flight Simulation Training Device Initial and Continuing Qualification and Use, 67972 [E9-30499]
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Federal Register / Vol. 74, No. 244 / Tuesday, December 22, 2009 / Rules and Regulations
Response: Generally, we expect that a
borrower’s billing statement would
disclose the interest rate being charged
in connection with the payment due.
Proposed § 617.7135(a)(2) required
disclosure as part of the borrower’s first
regularly scheduled billing statement
‘‘after the effective date of the change.’’
To clarify our intent and the qualified
lender’s responsibility, the language of
final § 617.7135 is revised to require
disclosure as part of the borrower’s first
regularly scheduled billing statement
‘‘affected by the rate change.’’ Therefore,
if the qualified lender elects to provide
the subsequent disclosure notifications
to the borrower as part of the regularly
scheduled billing statement, the
qualified lender will include all
intermittent rate changes as part of the
borrower’s billing statement. For
example, if the borrower’s loan was tied
to an external index that adjusts
monthly and the borrower’s regularly
scheduled billing statements are
provided annually, then the qualified
lender must include in the billing
statement all of the changes to the
external index that occurred throughout
the year that affected the borrower’s
interest rate and the resulting annual
payment due from the borrower.
Additionally, as previously discussed,
the final rule gives the qualified lender
an option of continuing with the current
process of the subsequent disclosure
notifications to borrowers within 45
days after the effective date of the
change.
VI. Regulatory Flexibility Act
Pursuant to section 605(b) of the
Regulatory Flexibility Act (5 U.S.C. 601
et seq.), the FCA hereby certifies that the
final rule will not have a significant
economic impact on a substantial
number of small entities. Each of the
banks in the System, considered
together with its affiliated associations,
has assets and annual income in excess
of the amounts that would qualify them
as small entities. Therefore, System
institutions are not ‘‘small entities’’ as
defined in the Regulatory Flexibility
Act.
wwoods2 on DSK1DXX6B1PROD with RULES_PART 1
List of Subjects in 12 CFR Part 617
Agriculture, Banks, Banking, Rural
areas.
■ For the reasons stated in the preamble,
part 617 of chapter VI, title 12 of the
Code of Federal Regulations is amended
as follows:
PART 617—BORROWER RIGHTS
1. The authority citation for part 617
continues to read as follows:
■
VerDate Nov<24>2008
14:53 Dec 21, 2009
Jkt 220001
Authority: Secs. 4.13, 4.13A, 4.13B, 4.14,
4.14A, 4.14C, 4.14D, 4.14E, 4.36, 5.9, 5.17 of
the Farm Credit Act (12 U.S.C. 2199, 2200,
2201, 2202, 2202a, 2202c, 2202d, 2202e,
2219a, 2243, 2252).
lender’s next regularly scheduled
correspondence to those borrowers
occurring after April 1, 2010.
*
*
*
*
*
Subpart B—Disclosure of Effective
Interest Rates
Roland E. Smith,
2. Amend § 617.7130 by revising
introductory text of paragraph (b),
paragraphs (b)(4) and (b)(5), and adding
a new paragraph (b)(6) to read as
follows:
■
§ 617.7130 What initial disclosures must a
qualified lender make to a borrower?
*
*
*
*
*
(b) Adjustable rate loans. A qualified
lender must provide the following
information for adjustable rate loans in
addition to the requirements of
paragraph (a) of this section:
*
*
*
*
*
(4) Any limitations on the amount or
frequency of adjustments;
(5) The specific factors that the
qualified lender may take into account
in making adjustments to the interest
rate on the loan; and
(6) If the borrower’s interest rate is
directly tied to a widely publicized
external index:
(i) How and where the borrower may
obtain information on changes to the
index; and
(ii) When the qualified lender will
provide written notice of changes to the
borrower’s interest rate.
■ 3. Amend § 617.7135 by revising
paragraph (a)(2), redesignating existing
paragraph (b) as new paragraph (c), and
adding a new paragraph (b) to read as
follows:
§ 617.7135 What subsequent disclosures
must a qualified lender make to a borrower?
(a) * * *
(2) If the borrower’s interest rate is
directly tied to a widely publicized
external index, a qualified lender must
provide written notice to the borrower
of the rate change either:
(i) Within forty-five (45) days after the
effective date of the change; or
(ii) As part of the borrower’s first
regularly scheduled billing statement
affected by the rate change.
*
*
*
*
*
(b) Notice to adjustable rate loan
borrowers with interest rates directly
tied to a widely publicized external
index. A qualified lender must provide
the written disclosure required by
§ 617.7130(b)(6) to applicable borrowers
who were not previously given the
disclosure no later than the qualified
PO 00000
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Dated: December 16, 2009.
Secretary, Farm Credit Administration Board.
[FR Doc. E9–30438 Filed 12–21–09; 8:45 am]
BILLING CODE 6705–01–P
SMALL BUSINESS ADMINISTRATION
13 CFR Part 121
Small Business Size Regulations
CFR Correction
In Title 13 of the Code of Federal
Regulations, revised as of January 1,
2009, on page 357, in § 121.201, in the
table ‘‘Small Business Size Standards by
NAICS Industry’’, under Sector 54,
Subsector 541, remove the three
subentries under NAICS code 541712,
beginning with the word ‘‘EXCEPT,’’.
[FR Doc. E9–30503 Filed 12–21–09; 8:45 am]
BILLING CODE 1505–01–D
DEPARTMENT OF TRANSPORTATION
Federal Aviation Administration
14 CFR Part 60
Flight Simulation Training Device
Initial and Continuing Qualification and
Use
CFR Correction
In Title 14 of the Code of Federal
Regulations, Parts 60 to 109, revised as
of January 1, 2009, make the following
corrections:
On page 6, in § 60.5(a), remove the
date ‘‘October 30, 2009’’ and add in its
place the date ‘‘May 30, 2010’’;
On page 7, in § 60.7 (b)(5) and (b)(6)
(two places), remove the date ‘‘October
30, 2007’’ and add in its place the date
‘‘May 30, 2008’’; and
On page 11, in § 60.17 (a), (b), and (d),
remove the date ‘‘October 30, 2007’’ and
add in its place the date ‘‘May 30, 2008’’
and in (b) also remove the date ‘‘October
30, 2013’’ and add in its place the date
‘‘May 30, 2014’’.
[FR Doc. E9–30499 Filed 12–21–09; 8:45 am]
BILLING CODE 1505–01–D
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[Federal Register Volume 74, Number 244 (Tuesday, December 22, 2009)]
[Rules and Regulations]
[Page 67972]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-30499]
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DEPARTMENT OF TRANSPORTATION
Federal Aviation Administration
14 CFR Part 60
Flight Simulation Training Device Initial and Continuing
Qualification and Use
CFR Correction
In Title 14 of the Code of Federal Regulations, Parts 60 to 109,
revised as of January 1, 2009, make the following corrections:
On page 6, in Sec. 60.5(a), remove the date ``October 30, 2009''
and add in its place the date ``May 30, 2010'';
On page 7, in Sec. 60.7 (b)(5) and (b)(6) (two places), remove the
date ``October 30, 2007'' and add in its place the date ``May 30,
2008''; and
On page 11, in Sec. 60.17 (a), (b), and (d), remove the date
``October 30, 2007'' and add in its place the date ``May 30, 2008'' and
in (b) also remove the date ``October 30, 2013'' and add in its place
the date ``May 30, 2014''.
[FR Doc. E9-30499 Filed 12-21-09; 8:45 am]
BILLING CODE 1505-01-D
