2015 Mississippi Code
Title 57 - PLANNING, RESEARCH AND DEVELOPMENT
Chapter 10 - SMALL BUSINESS ASSISTANCE
Article 7 - MISSISSIPPI SMALL BUSINESS FINANCING ACT
§ 57-10-229 - Promulgation of regulations relating to §§ 57-10-225 and 57-10-227

Prior to carrying out the powers granted under Sections 57-10-225 and 57-10-227, the company shall promulgate rules and regulations governing its activities authorized thereunder, including but not limited to rules and regulations relating to the following:

(a) Procedures for the submission of requests or invitations and proposals for making loans to lenders and the investment in, purchase, assignment and sale of loans;

(b) 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 business in the state;

(c) Assurances that the eligible business to be financed will improve employment conditions or otherwise improve industrial development in the state;

(d) Rates, fees, charges and other terms and conditions for originating or servicing loans in order to protect against realization of an excessive financial return or benefit by the originator or servicer;

(e) The type and amount of collateral or security to be provided to assure repayment of loans to lenders made by the company;

(f) The type of collateral, payment bonds, performance bonds or other security to be provided for any loans made by a lender for construction loans;

(g) The nature and amount of fees to be charged by the company to provide for expenses and reserves of the company;

(h) Standards and requirements for the allocation of available money among lenders and the determination of the maturities, terms, conditions and interest rates for loans made, purchased, sold, assigned or committed pursuant hereto;

(i) Commitment requirements for financing by lenders involving money provided, directly or indirectly, by the company; or

(j) Any other appropriate matters related to the duties or exercise of the company's powers hereunder.