Montana Code 17-6-346. Interest rates and repayment of intermediary loan — terms
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17-6-346. Interest rates and repayment of intermediary loan — terms. (1) The interest rate on an intermediary loan made pursuant to 17-6-345 may not exceed 2% a year for a period of 30 years.
Terms Used In Montana Code 17-6-346
- 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
- Intermediary loan: means a loan provided to a local economic development organization with a revolving loan fund to be used to provide matching funds for the U. See Montana Code 17-6-302
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
(2)For the first 3 years, repayment on the intermediary loan is of the interest only, and for the remainder of the term of the intermediary loan, the repayment is principal and interest.