Kentucky Statutes 154.20-583 – Commercial loans — Procedures
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(1) A qualified lender of a commercial loan to an eligible company shall not be eligible to apply for inducements until final approval has been made by the qualified lender and funding has been completed in accordance with the commercial loan.
(2) Commercial loan proceeds shall be spent by the eligible company on approved costs within three (3) years of final approval, unless an extension is required by the qualified lender or necessitated by circumstances beyond the control of the eligible company or the qualified lender.
(3) The eligible company shall submit all documentation, including documentation evidencing expenditures, as required by the qualified lender.
(4) Qualified lenders may provide applications to an eligible company and then decide, regardless of further processing or underwriting results, to not provide final approval so long as the decision is not prohibited by state or federal law. If the qualified lender decides not to proceed, the qualified lender shall provide the application to a cooperative lender for further review and possible assignment to one (1) or more other qualified lenders.
(5) A qualified lender that is unable to fund the entire amount requested in an application shall submit all or any portion of the requested amount to a cooperative lender for further review and possible assignment of the unfunded portion to one (1) or more qualified lenders.
Effective: June 29, 2023
History: Amended 2023 Ky. Acts ch. 75, sec. 17, effective June 29, 2023. — Created
2022 Ky. Acts ch. 222, sec. 3, effective April 15, 2022.
(2) Commercial loan proceeds shall be spent by the eligible company on approved costs within three (3) years of final approval, unless an extension is required by the qualified lender or necessitated by circumstances beyond the control of the eligible company or the qualified lender.
Terms Used In Kentucky Statutes 154.20-583
- Company: may extend and be applied to any corporation, company, person, partnership, joint stock company, or association. See Kentucky Statutes 446.010
- Federal: refers to the United States. See Kentucky Statutes 446.010
- State: means the Commonwealth of Kentucky. See Kentucky Statutes 154.1-010
(3) The eligible company shall submit all documentation, including documentation evidencing expenditures, as required by the qualified lender.
(4) Qualified lenders may provide applications to an eligible company and then decide, regardless of further processing or underwriting results, to not provide final approval so long as the decision is not prohibited by state or federal law. If the qualified lender decides not to proceed, the qualified lender shall provide the application to a cooperative lender for further review and possible assignment to one (1) or more other qualified lenders.
(5) A qualified lender that is unable to fund the entire amount requested in an application shall submit all or any portion of the requested amount to a cooperative lender for further review and possible assignment of the unfunded portion to one (1) or more qualified lenders.
Effective: June 29, 2023
History: Amended 2023 Ky. Acts ch. 75, sec. 17, effective June 29, 2023. — Created
2022 Ky. Acts ch. 222, sec. 3, effective April 15, 2022.