§211D-4 Rulemaking authority. (a) The department shall adopt rules relating to the implementation of the program and any other rules necessary to accomplish the purposes of this chapter. The rules may:
(1) Provide for criteria under which a certain line of credit issued by an eligible financial institution to a small or medium-sized business or nonprofit organization qualifies to participate in the program; and
(2) Authorize a consortium of financial institutions to participate in the program subject to common underwriting guidelines.
(b) To qualify for participation in the program, a line of credit shall:
(1) Be an account at a financial institution under which the financial institution agrees to lend money to a person from time to time to finance one or more projects, activities, or enterprises that are authorized by this chapter; and
(2) Contain the same restrictions, to the extent possible, that are placed on a capital access loan that is not a line of credit. [L 2000, c 290, pt of §2]
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