Montana Code 17-6-319. Incentive to financial institution for small business loan participation
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17-6-319. Incentive to financial institution for small business loan participation. A financial institution that originates a small business loan no larger than 0.05% of the balance of the Montana permanent coal tax trust fund at the end of the last-completed fiscal year is entitled to an additional service fee in the form of a discount equal to 0.5% of the board‘s participation in the loan. The board shall consider the additional service fee discount to the financial institution as part of the rate of return provided in 17-6-314.
Terms Used In Montana Code 17-6-319
- Board: means the board of investments created in 2-15-1808. See Montana Code 17-6-302
- Financial institution: includes but is not limited to a state-chartered or federally chartered bank or a savings and loan association, credit union, or development corporation created pursuant to Title 32, chapter 4. See Montana Code 17-6-302
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Loan participation: means loans or portions of loans bought from a financial institution. See Montana Code 17-6-302