1. Regulations
  2. title 24
  3. chapter II
  4. part 232
  5. subpart C
  6. subjgrp 176
  7. § 232.585

View all text of Subjgrp 176 [§ 232.525 - § 232.586]

§ 232.585 - Prepayment privilege and prepayment charge.

The security instrument shall contain a provision permitting prepayment of the loan in whole or in part upon any interest payment date after giving to the lender 30 days' advance written notice and it may contain a provision, with the approval of the Commissioner, for a reasonable charge in the event of prepayment.

AUTHORITY: 12 U.S.C. 1715b, 1715w, 1735d, and 1735f-19; 42 U.S.C. 3535(d).

SOURCE: 36 FR 24618, Dec. 22, 1971, unless otherwise noted.

CITE AS: 24 CFR 232.585