17-6-346. Interest rates and repayment of intermediary loan -- terms.
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/mt/title-17/chapter-6/part-3/17-6-346·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
17-6-346 . Interest rates and repayment of intermediary loan -- terms.
(1)The interest rate on an intermediary loan made pursuant to 17-6-345 may not exceed 2% a year for a period of 30 years.
(2)For the first 3 years, repayment on the intermediary loan is of the interest only, and for the remainder of the term of the intermediary loan, the repayment is principal and interest.