Compliance News Alert: Nebraska Net Tangible Benefits Disclosure
Feb 17, 2021
On January 21, 2021 the U.S. Department of Agriculture (“USDA”) announced that they were posting advanced copies of revisions to RD HB-1-3555, as well as to Form RD 3555-21, on their website for a 30-day comment period.
On February 16, 2021 USDA also posted advanced copies of further revisions to RD HB-1-3555 and to Forms RD 3555-17 and 3555-18 on their website for a 30-day comment period.
Despite references to these comment periods, these changes are being made due to the implementation of “New GUS” which becomes operative on March 1, 2021 – well before the comment period last referenced above ends. It is unclear at this point whether USDA intends for the revised versions of above-referenced forms to be used as of March 1st or whether separate effective dates will be established after each comment period ends.
We are currently reviewing these changes to determine any impact, and evaluating any modifications, to our document library and/or systems. Any modifications we make as a result will be announced on our website.
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The preceding is for informational purposes only and is not and may not be construed as legal advice. No third-party entity may rely upon anything contained herein when making legal and/or other determinations regarding its practices, and such third party should consult with an attorney prior to embarking upon any specific course of action.