Conn. Agencies Regs. § 32-23z-4 - Loans and lines of credit

(a) The loan or line of credit may be secured or unsecured as the authority determines to be appropriate under the particular circumstances. If the loan or line of credit is to be secured, the authority may require the borrower to provide the department as security mortgages or security interests in any or all of the following: real property, accounts, chattel paper, documents, instruments, general intangibles, goods, equipment, inventory or other personal property. The authority may further require the borrower to have executed and delivered to the department security agreements, financing statements, mortgages, pledges, assignments, subordinations, guarantees or other documents or evidence of security as and in the form required by the authority.

(b) The term of a loan or line of credit shall not exceed ten (10) years from the date of the first disbursement.

(c) No loan or line of credit provided to any single business shall exceed a total of two hundred thousand dollars ($200,000) in any period of twelve consecutive months.

(d) The loan or line of credit shall be repaid on an amortized schedule of payments or upon such other method of payment of principal and interest as the authority considers necessary or appropriate in the particular circumstances, but in no event shall the payments be scheduled to exceed ten (10) years from the date of the first disbursement, as set forth in Section 4 (b) of these Regulations.

(e) Disbursement of the loan or line of credit shall be made at the discretion of the commissioner in accordance with the provisions of the commitment letter and the instructions of the authority.

Notes

Conn. Agencies Regs. § 32-23z-4

Effective October 25, 1990