Indiana Code 5-28-29-14. Duties
(1) Administer the program.
Terms Used In Indiana Code 5-28-29-14
- agreement: means an agreement between a lender and the corporation under which a lender may participate in the program. See Indiana Code 5-28-29-1
- borrower: means the recipient of a loan that is, has been, or will be filed by the lender for enrollment under the program and meets the following requirements:
Indiana Code 5-28-29-3
- 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.
- lender: means :
Indiana Code 5-28-29-9
- Oversight: Committee review of the activities of a Federal agency or program.
- program: refers to the capital access program created by this chapter. See Indiana Code 5-28-29-11
- reserve fund: means an account established by the corporation with funds accumulated under this chapter and to cover claims made by the lender under this chapter. See Indiana Code 5-28-29-12
(3) If the reserve funds are not maintained in an account with the lender, upon execution of an agreement between the lender and the corporation, the corporation shall establish a reserve fund account at the corporation for the lender for the purpose of receiving all required premium charges to be paid by the lender and the borrower and transfers made by the corporation under this chapter. If the reserve funds are maintained in an account with the lender, upon execution of an agreement between the lender and the corporation, the corporation shall establish a reserve fund account with the lender in the name of the corporation for the purpose of receiving all required premium charges to be paid by the lender and the borrower and transfers made by the corporation under this chapter.
(4) Develop the program, in cooperation with financial institutions and statewide associations representing financial institutions, so that the degree of flexibility for the corporation and the participating lenders is maximized, the state oversight of individual loans is minimized, and the fiscal integrity of the program is maintained.
(5) Enter into any contracts necessary to carry out the program.
(6) Take any action reasonably necessary to ensure compliance with the program.
As added by P.L.162-2007, SEC.24.