2.2-2295 - Regulations of the Authority.
§ 2.2-2295. Regulations of the Authority.
Prior to carrying out the powers granted under §§ 2.2-2293 and 2.2-2294, theAuthority shall adopt rules and regulations governing its activitiesincluding but not limited to rules and regulations relating to the following:
1. Procedures for the submission of requests or invitations and proposals formaking loans to lenders and the investment in, purchase, assignment and saleof loans;
2. The reinvestment by a lender of the proceeds, or an equivalent amount,from any loan to a lender in loans to provide financing for eligible businessin the Commonwealth;
3. Assurances that the eligible business to be financed will improveemployment conditions or otherwise improve industrial development in theCommonwealth;
4. Rates, fees, charges, and other terms and conditions for originating orservicing loans in order to protect against realization of an excessivefinancial return or benefit by the originator or servicer;
5. The type and amount of collateral or security to be provided to assurerepayment of loans to lenders made by the Authority;
6. The type of collateral, payment bonds, performance bonds or other securityto be provided for any loans made by a lender for construction loans;
7. The nature and amount of fees to be charged by the Authority to providefor expenses and reserves of the Authority;
8. Standards and requirements for the allocation of available money amonglenders and the determination of the maturities, terms, conditions andinterest rates for loans made, purchased, sold, assigned or committedpursuant hereto;
9. Commitment requirements for financing by lenders involving money provided,directly or indirectly, by the Authority; or
10. Any other appropriate matters related to the duties or exercise of theAuthority's powers.
(1984, c. 749, § 9-219; 2001, c. 844; 2003, c. 339.)