SBA Information Notice 5000-881291

SBA Information Notice 5000-881291

Effective 2026-10-01 · publisher's stamp for this provision

SBA Information Notice TO: All SBA Employees, Lenders, and Certified Development Companies (CDC) CONTROL NO.: 5000-881291 EFFECTIVE: October 1, 2026 SUBJECT: Updates to SBA Form 1506, Servicing Agent Agreement PUBLICATION: October 1, 2026 The purpose of this Notice is to announce the release of updated SBA Form 1506, Servicing Agent Agreement, to conform with Executive Order 14247 – Modernizing Payments to and From America’s Bank Account. The updated SBA Form 1506 is effective immediately. However, SBA will allow a 30-day grace period from the effective date of this notice for Certified Development Companies (CDC) to begin using the revised form. Until then, CDC may use the previous version of the form. After the grace period ends SBA will no longer accept the previous version. The revisions to the form include the following: The revisions to Form 1506, Servicing Agent Agreement, are as follows: • Section 2.b. (page 3), remove: “*Third Party Lender fee is: [] N/A, [] attached, [] to be withheld, or [] submitted under separate cover” and replace with: “Third Party Lender fee must be withheld from the CDC's Processing Fee." • Section 4.a.(1) (page 3), remove: “Authorize CSA to debit Borrower’s monthly payment from Borrower’s account on the first business day of each month Borrower authorizes the CSA to debit Borrower’s monthly payment by ACH. If ACH is not available, the Borrower must initiate a wire transfer for the payment due. Electronic payments (ACH or wire) are the only accepted methods. Checks or other paper instruments are not accepted.” and replace with: PAGE 1 of 2 EXPIRES: 10/1/27 SBA Form 1353.3 (4-93) MS Word Edition; previous editions obsolete Must be accompanied by SBA Form 58 Federal Recycling Program Printed on Recycled Paper “… authorize the CSA to debit Borrower’s monthly payment by ACH. If ACH is not available, the Borrower must initiate a wire transfer for the payment due. Electronic payments (ACH or wire) are the only accepted methods. Checks or other paper instruments are not accepted.” Questions Questions concerning this Notice may be directed to the Lender Relations Specialist in the local SBA Field Office. Daniel J. Pische Director Office of Financial Assistance PAGE 2 of 2 EXPIRES: 10/1/27 SBA Form 1353.3 (4-93) MS Word Edition; previous editions obsolete Must be accompanied by SBA Form 58 Federal Recycling Program Printed on Recycled Paper

Source: SBA Information Notice 5000-881291 · source URL · snapshot 43b58f0ba5da2c03