Sec. 10a-170j. Interest charge on loan. Legal capacity of minors.
Sec. 10a-170j. Interest charge on loan. Legal capacity of minors. (a) The interest rate for loan awards made under this program shall be determined in accordance
with subsection (t) of section 3-20.
(b) Any person otherwise qualifying for a loan made under this program shall not
be disqualified by reason of being under the age of eighteen years and for the purpose
of applying for, receiving and repaying such a loan any such person shall be deemed to
have full legal capacity to act and shall have all rights, powers, privileges and obligations
of a person of full age with respect thereto.
(P.A. 84-513, S. 6, 10; P.A. 85-479, S. 3, 6; P.A. 87-416, S. 11, 24.)
History: P.A. 85-479 amended section to require interest rate set at 1% above prevailing prime interest rate listed in
the first Federal Reserve Bulletin published for the calendar year in which award is made, to provide that interest rate
remains fixed for all subsequent loan awards to a particular borrower and to prohibit disqualification by reason of applicant's
minority; P.A. 87-416 provided that the interest rates on loans would be determined in accordance with Sec. 3-20(t).