Default on loan; penalty
Known as the Mississippi Small Enterprise Development Finance Act
The act spans §§ 57–57 (18 sections).
Laws, 1988, ch. 580, § 9, eff from and after passage (approved May 21, 1988
In the event of a default, the Certified Development Company shall call upon the letter of credit guaranteeing the principal amount of the loan plus interest due.
Failure to comply with lending criteria shall result in a penalty which the company may establish by regulation, and penalties shall not be treated as interest income for the purposes of Section 148 of the Internal Revenue Code of 1986.
Current official text: Mississippi Code (LexisNexis). Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Mississippi statutes; confirm against the official source for the current text. Not legal advice.