{"identifier":"/us/usc/t20/s1086","title":20,"num":"\u00a7\u202f1086.","heading":"Delegation of functions","text":"\u00a7\u202f1086.\nDelegation of functions\n(a)\nIn general\nAn eligible lender or guaranty agency that contracts with another entity to perform any of the lender\u2019s or agency\u2019s functions under this subchapter, or otherwise delegates the performance of such functions to such other entity\u2014\n(1) shall not be relieved of the lender\u2019s or agency\u2019s duty to comply with the requirements of this subchapter; and\n(2) shall monitor the activities of such other entity for compliance with such requirements.\n(b)\nSpecial rule\nA lender that holds a loan made under this part in the lender\u2019s capacity as a trustee is responsible for complying with all statutory and regulatory requirements imposed on any other holder of a loan made under this part.","url":"https://projectusc.org/usc/t20/s1086.html","content":[{"t":"sec","id":"/us/usc/t20/s1086","children":[{"t":"num","text":"\u00a7\u202f1086."},{"t":"heading","text":"Delegation of functions"},{"t":"subsec","id":"/us/usc/t20/s1086/a","children":[{"t":"num","text":"(a)"},{"t":"heading","text":"In general"},{"t":"chapeau","text":"An eligible lender or guaranty agency that contracts with another entity to perform any of the lender\u2019s or agency\u2019s functions under this subchapter, or otherwise delegates the performance of such functions to such other entity\u2014"},{"t":"para","id":"/us/usc/t20/s1086/a/1","children":[{"t":"num","text":"(1)"},{"t":"content","text":" shall not be relieved of the lender\u2019s or agency\u2019s duty to comply with the requirements of this subchapter; and","tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t20/s1086/a/2","children":[{"t":"num","text":"(2)"},{"t":"content","text":" shall monitor the activities of such other entity for compliance with such requirements.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"subsec","id":"/us/usc/t20/s1086/b","children":[{"t":"num","text":"(b)"},{"t":"heading","text":"Special rule"},{"t":"content","children":[{"t":"p","text":"A lender that holds a loan made under this part in the lender\u2019s capacity as a trustee is responsible for complying with all statutory and regulatory requirements imposed on any other holder of a loan made under this part.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"text","text":"\n"},{"t":"text","text":"\n"}]}]}