§ 9-12-302 — Wyoming partnership challenge loan program; creation; rulemaking; administration account

Wyoming § 9-12-302

• Jurisdiction: Wyoming
• Title 09: Administration of the Government
• Ch. 12: WYOMING ECONOMIC DEVELOPMENT ACT
• Art. 3: WYOMING PARTNERSHIP CHALLENGE LOAN PROGRAM

Text

(a) The council shall establish and administer a
partnership challenge loan program under this article and may
contract for necessary professional services. Loans authorized
under the program shall be limited, except as otherwise provided
under W.S. 9-12-304(c) through (k), to community development
organizations and state development organizations and made in
accordance with the provisions of W.S. 9-12-304. Any community
development organization or state development organization may
submit an application to the council to participate in the
program on forms prescribed by and subject to rules promulgated
by the council.
(b) The council shall establish all fees and interest
rates to be charged for each loan as it is underwritten for this
program. The interest rate for loans made under this program
shall be not less than three percent (3%) per annum. Fees on
loans under the program shall be paid monthly and deposited into
a program administration account which is continuously
appropriated to the council to be expended solely for the
purpose of administering this article and loans authorized under
it.