Minnesota Administrative Rules
Agency 109 - Rural Finance Authority
Chapter 1651 - SELLER-SPONSORED LOAN PARTICIPATION
SELLER-SPONSORED LOAN PARTICIPATION PROGRAM
Part 1651.0101 - REVIEW OF LOAN AND COLLATERAL

Universal Citation: MN Rules 1651.0101

Current through Register Vol. 49, No. 13, September 23, 2024

Subpart 1. Inspection.

At any time during the term of a seller-sponsored first mortgage loan, the RFA or the state legislative auditor may inspect the books, records, documents, and accounting practices of the lender relative to the loan to determine compliance with the terms and conditions of the loan and the participation agreement. Inspections must be during the lender's normal business hours. The lender must allow the RFA to copy any documents relating to the first mortgage loan.

Subp. 2. Collateral.

The lender and the RFA may physically inspect the collateral securing the first mortgage loan upon notice to the borrower. An inspection must be conducted at a reasonable time.

Statutory Authority: MS s 41B.07

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