(a) The authority shall administer loans made under this part.

Terms Used In Tennessee Code 4-31-807

  • Association: means the Tennessee insurance guaranty association. See Tennessee Code 4-31-803
  • Authority: means the Tennessee local development authority, a public agency and instrumentality of the state, created by this chapter, or if such authority shall be abolished, the board, body, commission or agency succeeding to the principal functions thereof or to which the powers and duties granted or imposed upon the authority shall be given by law. See Tennessee Code 4-31-102
(b) In so doing, the authority may adopt rules and regulations necessary for the effective administration of this part, including the promulgation of prerequisites that must be fulfilled by the association in order to be eligible for a loan, procedures to be followed in making loan applications to the authority, procedures to be followed in the disbursement of loan funds, and procedures for enforcing loan agreements entered into by the association with the authority.
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