Modification

Summary

A “modification” is a term used in the Federal Credit Reform Act of 1990 (which is title V  of the Congressional Budget Act of 1974). It is defined in section 502(6) of that Act.

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Federal Credit Reform Act of 1990

Modification

sec. 502. definitions.

For purposes of this title—

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(9) The term “modification” means any Government action that alters the estimated cost of an outstanding direct loan (or direct loan obligation) or an outstanding loan guarantee (or loan guarantee commitment) from the current estimate of cash flows. This includes the sale of loan assets, with or without recourse, and the purchase of guaranteed loans. This also includes any action resulting from new legislation, or from the exercise of administrative discretion under existing law, that directly or indirectly alters the estimated cost of outstanding direct loans (or direct loan obligations) or loan guarantees (or loan guarantee commitments) such as a change in collection procedures.

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