§ 5-28-29-14 — Duties

Indiana § 5-28-29-14

• Jurisdiction: Indiana
• Title 5: STATE AND LOCAL ADMINISTRATION
• Art. 28: INDIANA ECONOMIC DEVELOPMENT
• Ch. 29: Capital Access Program

Text

The corporation shall do the following:
(1) Administer the program.
(2) Market the program to businesses and other persons in Indiana
in cooperation with financial institutions and statewide
associations representing financial institutions.
(3) If the reserve funds are not maintained in an account with the
lender, upon execution of an agreement between the lender and
the corporation, the corporation shall establish a reserve fund
account at the corporation for the lender for the purpose of
receiving all required premium charges to be paid by the lender
and the borrower and transfers made by the corporation under this
chapter. If the reserve funds are maintained in an account with the
lender, upon execution of an agreement between the lender and
the corporation, the corporation shall establish a reserve fund
account with the lender in the name of the corporation for the
purpose of receiving all required premium charges to be paid by
the lender and the borrower and transfers made by the corporation
under this chapter.
(4) Develop the program, in cooperation with financial
institutions and statewide associations representing financial
institutions, so that the degree of flexibility for the corporation
and the participating lenders is maximized, the state oversight of
individual loans is minimized, and the fiscal integrity of the
program is maintained.
(5) Enter into any contracts necessary to carry out the program.
(6) Take any action reasonably necessary to ensure compliance
with the program.

Legislative History

As added by P.L.162-2007, SEC.24.