§ 90-9-309

90-9-309. Terms and conditions of loans. (1) The term of any loan may not exceed 8 years. (2) The amount of any loan may not exceed $100,000 in any 9-month period. (3) Repayment of a loan is due in full upon dissolution or liquidation of the recipient company. (4) The council may make a low-interest loan, at a rate established by rule, only if it determines that the applicant meets the criteria set forth in 90-9-308 and 90-9-311 and the applicant: (a) has unencumbered collateral to secure the full amount of the loan; or (b) meets other requirements established by rule. (5) The council may make a high-interest loan, at a rate established by rule, only if it determines that the applicant meets the criteria set forth in 90-9-308 and 90-9-311. (6) The council may establish other terms and conditions by rule. History: En. Sec. 12, Ch. 106, L. 2009.