§ 5-28-29-34 — Terminating the obligation to enroll loans

Indiana § 5-28-29-34

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

Text

The corporation may terminate the
obligation to a lender to enroll loans under the program if the
corporation determines that the lender is not in substantial compliance
with the requirements of the program or the requirements of section 23
of this chapter. The termination takes effect on the date specified in the
notice of termination, except that the termination does not apply to a
loan made on or before the date on which the notice of termination is
received by the lender. If the corporation is terminating the enrollment
of loans for all participating lenders under the program, the corporation
shall provide at least ninety (90) days notice to the lender. A
termination under this section is prospective only and does not apply
to a loan previously refinanced. After termination, the amount covered
under the program may not be increased beyond the covered amount as
previously enrolled.

Legislative History

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