81-15,156. Loan terms.
Loan terms shall include, but not be limited to, the following:
(1) The term of the loan shall not exceed the lesser of thirty years or the projected useful life of the project;
(2) The interest rate shall be at or below market interest rates;
(3) The annual principal and interest payment shall commence not later than one year after completion of any project and all loans shall be fully amortized not later than the loan term after the date of completion of the project; and
(4) The loan recipient shall immediately repay any loan when a grant has been received which covers costs provided for by such loan.
Source
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.