Iowa Code 12.32 – Definitions
Current as of: 2023 | Check for updates
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As used in section 12.31, this section, and sections 12.34 through 12.43, unless the context otherwise requires:
1. “Eligible borrower” means any person who is qualified to participate in one of the programs in this section and sections 12.34 through 12.43. “Eligible borrower” does not include a person who has been determined to be delinquent in making child support payments or any other payments due the state.
Terms Used In Iowa Code 12.32
- Child: includes child by adoption. See Iowa Code 4.1
- Eligible borrower: means any person who is qualified to participate in one of the programs in this section and sections 12. See Iowa Code 12.32
- Eligible lending institution: means a financial institution that is empowered to make commercial loans and is eligible pursuant to chapter 12C to be a depository of state funds. See Iowa Code 12.32
- 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
- month: means a calendar month, and the word "year" and the abbreviation "A. See Iowa Code 4.1
- person: means individual, corporation, limited liability company, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, or any other legal entity. See Iowa Code 4.1
- state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
2. “Eligible lending institution” means a financial institution that is empowered to make commercial loans and is eligible pursuant to chapter 12C to be a depository of state funds.
3. “Linked investment” means a certificate of deposit issued pursuant to this section and sections 12.34 through 12.43 to the treasurer of state by an eligible lending institution, at an interest rate not more than three percent below current market rate on the condition that the institution agrees to lend the value of the deposit, according to the investment agreement provided in section 12.35, to an eligible borrower at a rate not to exceed four percent above the rate paid on the certificate of deposit. The treasurer of state shall determine and make available the current market rate which shall be used each month.