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This is an obsolete version of the rule. Please click on the rule number to view the current version.

8.99.507    DEVELOPMENT LOAN - NON-RENEWAL

(1) Should the department choose not to renew a development loan, the term of the repayment schedule will not extend beyond the term of repayment of the MBDC's longest outstanding microbusiness loan.

(2) The interest rate for repayment of an existing development loan will be set through negotiation by the department and the MBDC, but in no case will the interest be higher than the current interest rate for development loans as set forth in ARM 8.99.503 above.

History: Sec. 17-6-406, MCA; IMP, Sec. 17-6-406, 17-6-407, MCA; NEW, 1992 MAR p. 42, Eff. 1/17/92.
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