§ 5-28-29-3 — "Borrower"

Indiana § 5-28-29-3

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

Text

As used in this chapter, "borrower" means the
recipient of a loan that is, has been, or will be filed by the lender for
enrollment under the program and meets the following requirements:
(1) The borrower is a corporation, limited liability company,
partnership, joint venture, sole proprietorship, cooperative, or
other entity, whether profit or nonprofit, that is authorized to
conduct business in Indiana.
(2) The borrower is not an executive officer, a director, or a
principal shareholder of the lender, a member of the immediate
family of an executive officer, a director, or a principal
shareholder of the lender, or an entity controlled by an executive
officer, a director, a principal shareholder, or a member of the
immediate family.

Legislative History

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