LOAN LIQUIDATION - Small Business Administration

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 ......................................................................35 3. How to Obtain SBA Approval .....................................................................................35 C. Documentation Requirements ............................................................................................36 D. Performance Standards ........................................................................................................36 E. SBA Takeover of Lender Liquidation................................................................................36 F. Reporting Requirements ......................................................................................................37

Chapter 6. CDC Liquidation ................................................................................................39 A. Responsibility ........................................................................................................................39 B. Authority ................................................................................................................................40

1. Unilateral Authority........................................................................................................40 2. Actions Requiring Prior SBA Approval ......................................................................40 3. How to Obtain SBA Approval .....................................................................................40 C. Reassignment of Loan Documents ....................................................................................41 D. Use of Independent Contractors ........................................................................................42 E. Documentation Requirements ............................................................................................42 F. Performance Standards ........................................................................................................42 G. SBA Takeover of CDC Liquidation ...................................................................................42 H. Reporting Requirements ......................................................................................................43

Chapter 7. Site Visits............................................................................................... 45 A. When Required......................................................................................................................45 B. Pre-site Visit Preparation .....................................................................................................45 C. Goals.......................................................................................................................................46 D. Site Visit Reports...................................................................................................................48

Chapter 8. Liquidation Plans.................................................................................. 49 A. General ...................................................................................................................................49 B. Format and Content .............................................................................................................49

Effective Date: November 15, 2010

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