§ 5-28-9-17 — Failure to repay money lent; action to recover

Indiana § 5-28-9-17

• Jurisdiction: Indiana
• Title 5: STATE AND LOCAL ADMINISTRATION
• Art. 28: INDIANA ECONOMIC DEVELOPMENT
• Ch. 9: Industrial Development Program and Fund

Text

(a) If a qualified entity fails to make
repayment of money lent under this chapter or is in any way indebted
to the industrial development fund for any amounts incurred or
accrued, the amount payable may be:
(1) withheld by the state comptroller, as set forth in the loan
agreement with the qualified entity, from any money payable to
the qualified entity and transferred to the fund; or
(2) recovered in an action by the state on relation of the
corporation, prosecuted by the attorney general, in the circuit or
superior court of the county in which the qualified entity is
located.
(b) If a small business investment company or a minority enterprise
small business investment company fails to make repayment of money
lent under this chapter or is in any way indebted to the industrial
development fund for any amounts incurred or accrued, the amount
payable may be recovered in an action by the state on relation of the
company, prosecuted by the attorney general, in the circuit or superior
court of the county in which the small business investment company or
minority enterprise small business investment company is located.

Legislative History

As added by P.L.4-2005, SEC.34. Amended by P.L.9-2024, SEC.162.