Mont. Code Ann. § 90-1-502
This is the official text of Mont. Code Ann. § 90-1-502, part of Montana’s Code Ann — part of the compiled statutory law of Montana, published by the state as "Code Ann." Browse the sections below, each linked to its official government source.
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90-1-502 Administration of revolving loan account -- rulemaking authority
Official statutory text
90-1-502 . Administration of revolving loan account -- rulemaking authority. (1) The department of commerce may adopt rules to implement this part establishing:
(a) eligibility criteria, including demonstrated need, criteria for defining capital investments, feasibility to create and retain jobs, financial capacity to repay the loans, estimated return on investment, and other matters that the department considers necessary to ensure repayment of loans and to encourage maximum use of the account;
(b) terms and conditions for the loans, including repayment schedules and interest; and
(c) a loan application fee.
(2) Loans must be made at a low interest rate. The department may set the interest rate at an amount that will cover its administrative costs, but the rate may not be less than 1% a year. The department may determine terms and conditions of loans, including recovery of funds in the event of default.
(a) eligibility criteria, including demonstrated need, criteria for defining capital investments, feasibility to create and retain jobs, financial capacity to repay the loans, estimated return on investment, and other matters that the department considers necessary to ensure repayment of loans and to encourage maximum use of the account;
(b) terms and conditions for the loans, including repayment schedules and interest; and
(c) a loan application fee.
(2) Loans must be made at a low interest rate. The department may set the interest rate at an amount that will cover its administrative costs, but the rate may not be less than 1% a year. The department may determine terms and conditions of loans, including recovery of funds in the event of default.
Status: in_force · Read it on the official government site
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