SBA is entitled to recover from Seller any monies paid on SBA's guarantee of a Pool Certificate backed in part by Seller's Pool Loan, plus interest, if SBA in its sole discretion determines that any of the following events has occurred:
(a) Seller's improper action or inaction has put SBA at risk;
(b) Seller has failed to disclose a material fact to SBA regarding a Seller's Pool Loan in a timely manner;
(c) Seller has misrepresented a material fact to SBA regarding Seller's Pool Loan;
(d) Seller has failed to comply materially with § 120.1720 of this subpart;
(e) SBA has received a written request from Seller to terminate the SBA's guarantee on the Loan Interest in Seller's Pool Loan;
(f) Seller has failed to comply materially with Program Rules and Regulations; or
(g) Seller has failed to make, close, service or liquidate Seller's Pool Loan in a prudent manner.
authority: 15 U.S.C. 634(b) (6), (b) (7), (b) (14), (h), and note, 636(a), (h) and (m), 650, 687(f), 696(3) and (7), and 697(a) and (e); sec. 521, Pub. L. 114-113, 129 Stat. 2242; sec. 328(a), Pub. L. 116-260, 134 Stat. 1182
source: 61 FR 3235, Jan. 31, 1996, unless otherwise noted.
cite as: 13 CFR 120.1719