Indiana § 5-28-21-17 Loan interest rate; determination

Indiana Statutes

§ 5-28-21-17 — Loan interest rate; determination

Indiana·Title 5 STATE AND LOCAL ADMINISTRATION·Art. 28 INDIANA ECONOMIC DEVELOPMENT·Ch. 21 Small Business Incubator Program

In order to establish a rate of interest for a
loan under this chapter, the corporation shall select a nationally
recognized index of municipal bond averages and a date not less than
one (1) month nor more than two (2) months before the granting of the
loan. The rate of interest on the loan must be one percent (1%) less
than the average published on the date closest to the selected date by
the selected nationally recognized index, rounded to the next lowest
whole percent. The corporation may determine that the rounding down
should be to a fraction of a percent that is a multiple of either one-tenth
of one percent (0.1%) or one-fourth of one percent (0.25%).

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In order to establish a rate of interest for a
loan under this chapter, the corporation shall select a nationally
recognized index of municipal bond averages and a date not less than
one (1) month nor more than two (2) months before the granting of the
loan. The rate of interest on the loan must be one percent (1%) less
than the average published on the date closest to the selected date by
the selected nationally recognized index, rounded to the next lowest
whole percent. The corporation may determine that the rounding down
should be to a fraction of a percent that is a multiple of either one-tenth
of one percent (0.1%) or one-fourth of one percent (0.25%).

Indiana § 5-28-21-17 (Loan interest rate; determination) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.