Pennsylvania § 1130 Transfer of loans from certain programs

Pennsylvania Statutes

§ 1130 — Transfer of loans from certain programs

Pennsylvania § 1130

JurisdictionPennsylvania

Title 64PUBLIC AUTHORITIES AND QUASI-PUBLIC CORPORATIONS

PartPART II

Ch. 11PENNSYLVANIA INDUSTRIAL DEVELOPMENT AUTHORITY

Subch.TRANSFER OF LOANS

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Bluebook

64 Pa. Cons. Stat. § 1130 (2026).

Text

(a)Loan transfer.--On the effective date of this section, outstanding loans executed under the Small Business First Program and the Machinery and Equipment Loan Program and approved loan commitments that have not been executed by the effective date of this section, including necessary documentation and collateral security associated with the loans, shall be transferred from the department to the authority.

(b)Loan commitments.--An approved loan commitment transferred under subsection (a) shall be executed in accordance with 12 Pa.C.S. Chs. 23 (relating to small business first) and 29 (relating to machinery and equipment loans).

(c)Legal actions.--On the effective date of this section, each legal action relating to a loan under the Small Business First Program or the Machinery and Equi

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(a) Loan transfer.--On the effective date of this section, outstanding loans executed under the Small Business First Program and the Machinery and Equipment Loan Program and approved loan commitments that have not been executed by the effective date of this section, including necessary documentation and collateral security associated with the loans, shall be transferred from the department to the authority.

(b) Loan commitments.--An approved loan commitment transferred under subsection (a) shall be executed in accordance with 12 Pa.C.S. Chs. 23 (relating to small business first) and 29 (relating to machinery and equipment loans).

(c) Legal actions.--On the effective date of this section, each legal action relating to a loan under the Small Business First Program or the Machinery and Equipment Loan Program shall be transferred to the authority.

(d) Security or collateral.--No money deposited or to be deposited into the Small Business First Fund or the Machinery and Equipment Loan Fund may serve as security or collateral for any debt incurred by the board before the effective date of this section, unless proceeds made available by the debt are used by the board to fund loans or other financial assistance under the Small Business First Program or the Machinery and Equipment Loan Program to effectively carry out the purposes of the programs.