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§ 3010. Limitations

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 12 Pa.C.S.A. Commerce and TradeEffective: November 1, 2014

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 12 Pa.C.S.A. Commerce and Trade (Refs & Annos)
Part III. Economic Development Programs
Chapter 30. Pennsylvania Industrial Development Program
Effective: November 1, 2014
12 Pa.C.S.A. § 3010
§ 3010. Limitations
Currentness
A loan may not be recommended or approved if the proceeds of the loan could do any of the following:
(1) Cause, aid or assist directly in the relocation of any business operations from one part of this Commonwealth to another unless there is at least a 25% net increase in employment.
(2) Refinance any portion of the total cost of an industrial development project, industrial park or multiple-tenancy building project or other existing loans or debt.
(3) Finance an industrial development project, industrial park or multiple-tenancy building project located outside the geographic boundaries of this Commonwealth.
(4) Provide funds, directly or indirectly, for payment distribution or as loan owners, partners or shareholders of a small business, except as ordinary compensation for services rendered.
(5) Provide funds for speculation in real or personal property, whether tangible or intangible.

Credits

2014, Oct. 22, P.L. 2569, No. 161, § 8.1, effective Nov. 1, 2014.
12 Pa.C.S.A. § 3010, PA ST 12 Pa.C.S.A. § 3010
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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