Laws & Regs

§ 24.340

24 CFR Subtitle A (4–1–07 Edition)

§ 24.340 If I disclose unfavorable information required under § 24.335, will
I be prevented from participating
in the transaction?
As a primary tier participant, your
disclosure of unfavorable information
about yourself or a principal under
§ 24.335 will not necessarily cause us to
deny your participation in the covered
transaction. We will consider the information when we determine whether to
enter into the covered transaction. We
also will consider any additional information or explanation that you elect
to submit with the disclosed information.
§ 24.345 What happens if I fail to disclose information required under
§ 24.335?
If we later determine that you failed
to disclose information under § 24.335
that you knew at the time you entered
into the covered transaction, we may—
(a) Terminate the transaction for
material failure to comply with the
terms and conditions of the transaction; or
(b) Pursue any other available remedies, including suspension and debarment.
§ 24.350 What must I do if I learn of information required under § 24.335
after entering into a covered transaction with the Department of
Housing and Urban Development?
At any time after you enter into a
covered transaction, you must give immediate written notice to the HUD office with which you entered into the
transaction if you learn either that—
(a) You failed to disclose information
earlier, as required by § 24.335; or
(b) Due to changed circumstances,
you or any of the principals for the
transaction now meet any of the criteria in § 24.335.

cprice-sewell on PRODPC61 with CFR

DISCLOSING INFORMATION—LOWER TIER
PARTICIPANTS
§ 24.355 What information must I provide to a higher tier participant before entering into a covered transaction with that participant?
Before you enter into a covered
transaction with a person at the next
higher tier, you as a lower tier participant must notify that person if you

know that you or any of the principals
are presently excluded or disqualified.
§ 24.360 What happens if I fail to disclose the information required
under § 24.355?
If we later determine that you failed
to tell the person at the higher tier
that you were excluded or disqualified
at the time you entered into the covered transaction with that person, we
may pursue any available remedies, including suspension and debarment.
§ 24.365 What must I do if I learn of information required under § 24.355
after entering into a covered transaction with a higher tier participant?
At any time after you enter into a
lower tier covered transaction with a
person at a higher tier, you must provide immediate written notice to that
person if you learn either that—
(a) You failed to disclose information
earlier, as required by § 24.355; or
(b) Due to changed circumstances,
you or any of the principals for the
transaction now meet any of the criteria in § 24.355.

Subpart D—Responsibilities of HUD
Officials Regarding Transactions
§ 24.400 May I enter into a transaction
with an excluded or disqualified
person?
(a) You as an agency official may not
enter into a covered transaction with
an excluded person unless you obtain
an exception under § 24.120.
(b) You may not enter into any transaction with a person who is disqualified
from that transaction, unless you obtain a waiver or exception under the
statute, Executive order, or regulation
that is the basis for the person’s disqualification.
§ 24.405 May I enter into a covered
transaction with a participant if a
principal of the transaction is excluded?
As an agency official, you may not
enter into a covered transaction with a
participant if you know that a principal of the transaction is excluded, unless you obtain an exception under
§ 24.120.

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