Rescission, withholding, and adjustments of interest subsidies
Compiled text through May 15, 2022
Register checked through Jul 29, 2026
No later Register activity identified in this check.
Dates and status
- Compiling agency
- Executive Department
- Text status
- Source receipt
- Compiled text through
- May 15, 2022
- Register checked through
- July 29, 2026/Vol. XLVIII, Issue 30 (2026-07-29)
- Activity status
- No later Register activity identified in this check.
- Source snapshot
- Jun 6, 2026
The Energy Office, in addition to any other rights and remedies it may have pursuant to law, may instruct the financing institution to withhold, rescind, or adjust payment of an interest subsidy or any portion thereof for good cause. As used in this section, the term good cause shall include, but not be limited to, the following:
(a)failure to comply with the requirements of this Part or with other applicable State, Federal, or local laws or regulations;
(b)submission of false or misleading information to the Energy Office;
(c)occurrence of a default on loan payments;
(d)prepayment of the loan;
(e)assignment of the loan; provided, however, that the Energy Office may authorize the financing institution to reinstitute payment of interest subsidies where the Energy Office has provided its written consent to the assignment;
(f)change in the variable interest rate charged by a financing institution which would result in a negative net interest rate being paid by the applicant;
(g)change in scope of work;
(h)change in project cost; and
(i)failure to complete energy conservation improvement project within six months of the program loan closing.