Sec. 7. (a) If, in the course of compiling information to complete a report required by section 5 of this chapter or upon the receipt of any other information concerning noncompliance with the terms and conditions of an incentive granted by the corporation, the corporation determines that a recipient of an incentive awarded by the corporation has not complied with the terms of the incentive agreement, the corporation shall take the actions required under subsections (b) and (d).

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Terms Used In Indiana Code 5-28-28-7

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • grant: refers to a grant given by the corporation. See Indiana Code 5-28-28-2
  • Judgment: means all final orders, decrees, and determinations in an action and all orders upon which executions may issue. See Indiana Code 1-1-4-5
     (b) If the incentive is a grant or loan awarded before April 1, 2010, the corporation shall determine:

(1) whether there was good cause for the noncompliance; and

(2) whether the recipient is in default.

If in the judgment of the corporation there is not good cause for any noncompliance discovered under subsection (a), the corporation may seek a refund or arrange other methods of reclaiming the grant or loan from the recipient. If the corporation does seek a refund or otherwise reclaims a grant or loan from the recipient under this section, the amount of the refund or reclaimed part must be in proportion to the degree of default by the recipient as determined by the corporation.

     (c) Subsection (b) does not apply to a recipient of a grant or loan if:

(1) the grant or loan has been disbursed on a pro rata basis; and

(2) in the judgment of the corporation, the recipient’s performance in relation to the recipient’s performance goals equals or exceeds the ratio of the amount of the recipient’s actual benefit from the grant or loan to the total amount of the grant or loan originally contemplated in the grant or loan award.

     (d) If the incentive granted by the corporation was awarded after March 31, 2010, the corporation shall seek a refund or arrange other methods of reclaiming the value of the incentive granted by the corporation from the recipient. The amount of the refund or reclaimed part must be in proportion to the degree of default by the recipient as determined by the corporation.

As added by P.L.222-2007, SEC.1. Amended by P.L.110-2010, SEC.12; P.L.175-2013, SEC.8.

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