§ 5-1.2-4-33 — Financial assistance agreement; default by the participant

Indiana § 5-1.2-4-33

• Jurisdiction: Indiana
• Title 5: STATE AND LOCAL ADMINISTRATION
• Art. 1.2: INDIANA FINANCE AUTHORITY
• Ch. 4: General Powers and Duties

Text

(a) Notwithstanding any other law and if
provided in a financial assistance agreement related to any program,
any state department or state agency, including the treasurer of state:
(1) that is the custodian of money payable to a participant, other
than money in payment for goods or services provided by the
participant; and
(2) after written notice from the public finance director that the
participant is in default on the payment of principal of or interest
on a loan or evidence of other financial assistance related to any
program owed to the authority;
may withhold payment of money from that participant and pay over the
money to the authority as directed by the public finance director, for
the purpose of curing the default.
(b) The withholding of payment from the participant and payment
to the authority may not adversely affect the validity of the loan or
other financial assistance.

Legislative History

As added by P.L.189-2018, SEC.25.