§ 1130. Transfer of loans from certain programs
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 64 Pa.C.S.A. Public Authorities and Quasi-Public CorporationsEffective: November 1, 2014
Effective: November 1, 2014
64 Pa.C.S.A. § 1130
§ 1130. Transfer of loans from certain programs
(a) Loan transfer.--On the effective date of this section, outstanding loans executed under the Small Business First Program and the Machinery and Equipment Loan Program and approved loan commitments that have not been executed by the effective date of this section, including necessary documentation and collateral security associated with the loans, shall be transferred from the department to the authority.
(d) Security or collateral.--No money deposited or to be deposited into the Small Business First Fund or the Machinery and Equipment Loan Fund may serve as security or collateral for any debt incurred by the board before the effective date of this section, unless proceeds made available by the debt are used by the board to fund loans or other financial assistance under the Small Business First Program or the Machinery and Equipment Loan Program to effectively carry out the purposes of the programs.
Credits
2014, Oct. 22, P.L. 2569, No. 161, § 9.1, effective Nov. 1, 2014.
64 Pa.C.S.A. § 1130, PA ST 64 Pa.C.S.A. § 1130
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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