Indiana Code 5-1.2-15-9. Loans or other financial assistance; interest rates
(1) not have a term of more than twenty (20) years;
Terms Used In Indiana Code 5-1.2-15-9
- Amortization: Paying off a loan by regular installments.
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(3) have an interest rate established by the authority in accordance with subsection (c).
(b) Unless otherwise provided by the procedure established by the authority under section 7 of this chapter, a participant that receives financial assistance from the fund shall enter into a financial assistance agreement. A financial assistance agreement is a valid, binding, and enforceable agreement of the participant.
(c) The authority, in setting the interest rate or parameters for establishing the interest rate on each loan, may take into account the following:
(1) Credit risk.
(2) Affordability.
(3) Other fiscal factors the authority considers relevant, including the program’s cost of funds.
Based on the factors set forth in subdivisions (1) through (3), more than one (1) interest rate may be established and used for loans to different participants or for different loans or other financial assistance to the same participants.
As added by P.L.189-2018, SEC.25.