Montana Code 90-9-309. Terms and conditions of loans
90-9-309. Terms and conditions of loans. (1) The term of any loan may not exceed 8 years.
Terms Used In Montana Code 90-9-309
- Company: means a natural person, firm, partnership, corporation, association, or other entity authorized to conduct business in the state. See Montana Code 90-9-103
- Council: means the Montana agriculture development council established in 2-15-3015. See Montana Code 90-9-103
(2)The amount of any loan may not exceed $100,000 in any 9-month period.
(3)Repayment of a loan is due in full upon dissolution or liquidation of the recipient company.
(4)The council may make a low-interest loan, at a rate established by rule, only if it determines that the applicant meets the criteria set forth in 90-9-308 and 90-9-311 and the applicant:
(a)has unencumbered collateral to secure the full amount of the loan; or
(b)meets other requirements established by rule.
(5)The council may make a high-interest loan, at a rate established by rule, only if it determines that the applicant meets the criteria set forth in 90-9-308 and 90-9-311.
(6)The council may establish other terms and conditions by rule.