Indiana Code 5-28-29-30. Claims; processing
(1) the information provided by the lender to the corporation under this chapter was known by the lender to be false; or
Terms Used In Indiana Code 5-28-29-30
- 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
- claim: means a claim filed by the lender under section 29 of this chapter. See Indiana Code 5-28-29-5
- 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.
- early loan: means an enrolled loan when at the time of its enrollment the total amount of previously enrolled loans made by the lender under the program was less than five million dollars ($5,000,000). See Indiana Code 5-28-29-6
- enrolled loan: means a loan enrolled by the corporation under the terms of section 19 of this chapter. See Indiana Code 5-28-29-8
- lender: means :
Indiana Code 5-28-29-9
- 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
(b) If there is insufficient money in the reserve fund to cover the entire amount of the lender’s claim, the corporation shall pay to the lender or authorize the lender to withdraw an amount equal to the current balance in the reserve fund, and the following apply:
(1) If the enrolled loan for which the claim has been filed is not an early loan, the payment fully satisfies the claim, and the lender has no right to receive any further amount from the reserve fund with respect to that claim.
(2) If the enrolled loan for which the claim has been filed is an early loan, the corporation, upon request of the lender, shall, out of any future funds that are transferred into the reserve fund on subsequently enrolled loans, pay the remaining balance of the claim upon finding that:
(A) the partial payment has not satisfied the lender’s claim; and
(B) the remaining balance of the claim is not greater than seventy-five percent (75%) of the balance in the reserve fund at the time the request for payment by the lender is received by the corporation.
As added by P.L.162-2007, SEC.24.