Sec. 17. (a) If a qualified entity fails to make repayment of money lent under this chapter or is in any way indebted to the industrial development fund for any amounts incurred or accrued, the amount payable may be:

(1) withheld by the state comptroller, as set forth in the loan agreement with the qualified entity, from any money payable to the qualified entity and transferred to the fund; or

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Terms Used In Indiana Code 5-28-9-17

  • Attorney: includes a counselor or other person authorized to appear and represent a party in an action or special proceeding. See Indiana Code 1-1-4-5
  • 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.
  • minority enterprise small business investment company: means an investment company licensed under Indiana Code 5-28-9-5
  • qualified entity: means a city, a town, a county, an economic development commission, or a special taxing district. See Indiana Code 5-28-9-6
  • small business investment company: means an investment company licensed under 15 U. See Indiana Code 5-28-9-7
(2) recovered in an action by the state on relation of the corporation, prosecuted by the attorney general, in the circuit or superior court of the county in which the qualified entity is located.

     (b) If a small business investment company or a minority enterprise small business investment company fails to make repayment of money lent under this chapter or is in any way indebted to the industrial development fund for any amounts incurred or accrued, the amount payable may be recovered in an action by the state on relation of the company, prosecuted by the attorney general, in the circuit or superior court of the county in which the small business investment company or minority enterprise small business investment company is located.

As added by P.L.4-2005, SEC.34. Amended by P.L.9-2024, SEC.162.