90-9-309. Terms and conditions of loans.

144 words·~1 min read·/mt/title-90/chapter-9/part-3/90-9-309

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

90-9-309 . Terms and conditions of loans.

(1)The term of any loan may not exceed 8 years.

(2)The amount of any loan may not exceed $100,000 in any 9-month period.

(3)Repayment of a loan is due in full upon dissolution or liquidation of the recipient company.

(4)The council may make a low-interest loan, at a rate established by rule, only if it determines that the applicant meets the criteria set forth in 90-9-308 and 90-9-311 and the applicant:

(a)has unencumbered collateral to secure the full amount of the loan; or

(b)meets other requirements established by rule.

(5)The council may make a high-interest loan, at a rate established by rule, only if it determines that the applicant meets the criteria set forth in 90-9-308 and 90-9-311 .

(6)The council may establish other terms and conditions by rule.