Ill. Admin. Code tit. 35 § 663.450

Current through Register Vol. 48, No. 49, December 6, 2024

Section 663.450 - Initiation of Loan Repayment

Loan repayment to the Agency shall be in accordance with the loan repayment provisions contained in the loan agreement.

a) Loan repayments shall commence not later than 6 months after the initiation of the loan repayment period and shall be due semiannually unless the Agency determines that the dedicated source of revenue justifies an alternative repayment plan.

b) After the initiation of the loan repayment period date in the loan agreement, the Agency shall set a principal amount and give the loan recipient an interim repayment schedule.

c) The final repayment schedule shall be established as set forth in Section 663.460(b).

Ill. Admin. Code tit. 35, § 663.450

Added at 48 Ill. Reg. 2088, effective 1/26/2024