1. (a) The preferred lender will notify staff in writing of any condition of default, excluding payment default, that may occur by the borrower within 10 business days of the determination of default. In the case of a payment default preferred lender with notify staff of any payment default when such account is 30 days past due. Such notice must be received no later than 15 days after the date the account becomes 30 days past due.
2. (b) The preferred lender will notify staff in writing of any collection efforts to be taken by the preferred lender against the borrower.
3. (c) The preferred lender will notify staff of a request of any deferrals or restructures of the original commitment prior to any deferral or restructure, and receipt of written notification of approval from staff prior to any deferral or restructure.
4. (d) Any payment by the Authority will be pursuant to the appropriate agreement negotiated between the Authority and the preferred lender for the respective program.

Source Note:The provisions of this §28.87 adopted to be effective July 8, 2001, 26 TexReg 4998; transferred effective October 1, 2007, as published in the Texas Register September 28, 2007, 32 TexReg 6793.