§ 2906. Application and administration
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 12 Pa.C.S.A. Commerce and TradeEffective: November 1, 2014
Effective: November 1, 2014
12 Pa.C.S.A. § 2906
§ 2906. Application and administration
(d) Notification.--The authority shall notify the applicant of final approval or disapproval of the loan application within a reasonable period of time following the receipt of the application. In the case of approval of a loan application, the authority shall arrange to draw the loan amount from the fund and advance the sum to the recipient. The advance shall be made available in the form of a loan transaction, which loan shall be evidenced by a note executed by the recipient and secured in a manner as the authority shall require in conformity in all respects to the loan as approved by the authority.
(f) Penalty for noncompliance.--In the event that a loan recipient does not comply with its approved application by failing to create or preserve the number of employment opportunities specified in its approved application, the authority shall impose a penalty equal to an increase in the interest rate to 2% greater than the current prime interest rate for the remainder of the loan unless the penalty is waived by the authority because the failure is due to circumstances outside the control of the loan recipient. The penalty shall be payable in installments that the authority deems appropriate.
Credits
2004, Feb. 12, P.L. 99, No. 12, § 2, effective upon publication of guidelines required by 12 Pa.C.S.A. § 2912 [Dec. 30, 2004]. Amended 2014, Oct. 22, P.L. 2569, No. 161, § 8, effective Nov. 1, 2014.
12 Pa.C.S.A. § 2906, PA ST 12 Pa.C.S.A. § 2906
Current through Act 13 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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