PART 1410—PREMIUMS Authority: Secs. 12 U.S.C. 2020, 2277a-4, 2277a-5, 2277a-7. Source: 56 FR 3201, Jan. 29, 1991, unless otherwise noted. § 1410.1 Purpose and scope. This part sets forth the rules for: (a) The calculation of premiums; (b) The time for payment of the premium required by sections 5.55 and 5.56 of the Farm Credit Act of 1971, as amended; (c) Interest charges on delinquent payments; (d) The form and content of certified statements; and, (e) Documentation supporting certified statements. § 1410.2 Definitions. (a) Act (b) Average principal outstanding (c) Direct lending association (d) Government-guaranteed loans or investments (1) By the full faith and credit of the United States Government or any State government; or, (2) By an agency or other entity of the United States Government whose obligations are explicitly guaranteed by the United States Government; or, (3) By an agency or other entity of a State government whose obligations are explicitly guaranteed by such State government. (e) Insured bank (f) Loan (g)(1) Nonaccrual loan (i) Any amount of outstanding principal and all past and future interest accruals, considered over the full term of the asset, are determined to be uncollectible for any reason; or, (ii) It has been classified “loss” as a result of a periodic credit evaluation and has not been charged off; or, (iii) The loan is severely past due and is not adequately secured, in process of collection, and fully collectible with respect to all principal and interest. (2) For the purposes of determining whether a loan is considered as accrual or nonaccrual under this part, all loans on which a borrowing entity, or a component of a borrowing entity, is primarily obligated to the institution shall be considered as one loan unless a review of all pertinent facts supports a reasonable determination that a particular loan constitutes an independent credit risk and such determination is adequately documented in the loan file. (h) Other financing institution [56 FR 3201, Jan. 29, 1991; 56 FR 10302, Mar. 11, 1991; 74 FR 17373, Apr. 15, 2009] § 1410.3 Calculation and reporting of premiums due. (a) Reporting. (b) Calculating the premium payment for periods from July 1, 2008 through December 31, 2008. (2) In accord with paragraph (b)(1) of this section, the premium payment for the 3rd Quarter 2008 (having been reduced by the Corporation acting under section 5.55(a)(3) of the Act) shall be equal to 25 percent of the following amount: (i) The average outstanding insured obligations issued by the bank for the period, after deducting from the obligations the percentages of the guaranteed portions of loans and investments described in section 5.55(a)(2) of the Act, multiplied by 0.0015; and (ii) The product obtained by multiplying— (A) The sum of— ( 1 ( 2 (B) By 0.0010. (3) In accord with paragraph (b)(1) of this section, the premium payment for the 4th Quarter 2008 (having been reduced by the Corporation acting under section 5.55(a)(3) of the Act) shall be equal to 25 percent of the following amount: (i) The average outstanding insured obligations issued by the bank for the period, after deducting from the obligations the percentages of the guaranteed portions of loans and investments described in section 5.55(a)(2) of the Act, multiplied by 0.0018; and (ii) The product obtained by multiplying— (A) The sum of— ( 1 ( 2 (B) By 0.0010. (c) Calculating the premium payment for periods in 2009 and subsequent years. (2) In accord with paragraph (c)(1) of this section, the premium payment for the period shall (unless reduced by the Corporation acting under section 5.55(a)(3) of the Act or under paragraph (d) of this section) be equal to: (i) The average outstanding insured obligations issued by the bank for the period, after deducting from the obligations the percentages of the guaranteed portions of loans and investments described in section 5.55(a)(2), multiplied by 0.0020; and (ii) The product obtained by multiplying— (A) The sum of— ( 1 ( 2 (B) By 0.0010. (d) Secure base amount [74 FR 17373, Apr. 15, 2009] § 1410.4 Payment of premiums. (a) Payments. (b) Premiums as obligations of insured banks. [56 FR 3201, Jan. 29, 1991; 56 FR 10302, Mar. 11, 1991; 74 FR 17374, Apr. 15, 2009] § 1410.5 Delinquent premium payments and premium overpayments. (a) Delinquent payments. Federal Register. (1) Current year. (ii) For delinquent days occurring from April 1 to June 30, the rate will be the TFRM rate that is published in March for the second quarter of the year. (iii) For delinquent days occurring from July 1 to September 30, the rate will be the TFRM rate that is published in June for the third quarter. (iv) For delinquent days occurring from October 1 to December 31, the rate will be the TFRM rate that is published in September for the fourth quarter. (2) Prior years. (b) Other rights and remedies. (c) Overpayments. (1) The excess shall be credited against future premium payments by the bank which overpaid; or, (2)(i) Upon written request to the Corporation by the bank which overpaid, the excess shall be refunded to the bank within 30 days of receipt of the written request; and (ii) If the Corporation fails to make a refund within such 30-day period, and the Corporation determines that a refund is in order, the Corporation shall pay to the bank interest on the amount of the overpayment, from the end of such 30-day period through the date the refund is issued. § 1410.6 Certified statements. (a) Forms. (b) Amendments to certified statements. [56 FR 3201, Jan. 29, 1991, as amended at 56 FR 57233, Nov. 8, 1991; 74 FR 17374, Apr. 15, 2009] § 1410.7 Documentation. Each insured bank shall: (a) Prepare and maintain accurate and complete records as necessary to prepare certified statements, including, but not limited to, records relating to the loans of each direct lending association and other financing institution that are able to make such loans because they are receiving, or have received, funding from the insured bank. (b) Prepare and maintain on its premises books and records in such a manner as to facilitate reconciliation with certified statements prepared from them. (c) Maintain in its books and records documentation supporting its certified statement for a period no less than 5 years following the date of each certified statement, unless the bank shall have requested in writing, and the Corporation shall have granted to the bank, written permission to dispose of such documentation prior to the expiration of 5 years. (d) Make all records and any supporting documentation available, without limitation, to Corporation officials upon request.