12.37 - LOANS.
12.37 LOANS.
1. Upon the placement of a linked investment with an eligible
lending institution, the institution is required to lend the funds to
the eligible borrower listed in the linked investment loan package
and in accordance with the investment agreement. The loan shall be
at a rate not more than four percent above the rate paid the
treasurer by the financial institution. The eligible lending
institution shall be required to submit a certification of compliance
with this section in the form and manner as prescribed by the
treasurer of state.
2. The treasurer of state shall take all steps necessary to
implement the linked investments for tomorrow program and monitor
compliance of eligible lending institutions and eligible borrowers.
Section History: Recent Form
86 Acts, ch 1096, § 7; 89 Acts, ch 234, § 7
Referred to in § 12.31, 12.32, 12.34, 12.35, 12.36