Ill. Admin. Code tit. 92 § 5.160

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

Section 5.160 - Repayment Procedures

a) In accordance with this Part and as agreed to by the Fund Control Agent or Agents and the DBE, loan terms and amounts will be as set forth in the loan agreement.

b) The loan agreement shall provide for the terms and conditions of repayment, which shall not extend repayment longer than final payment made by the Department following completion and acceptance of the work authorized for loan assistance under the program. (Section 2705-610(f) of the Law)

c) Loan payment amounts will be based upon the completed work-in-place for which partial payment is made and will be calculated as a percentage by dividing the partial payment amount by the total contract value multiplied by the loan principal plus accrued interest.

d) The initial loan payment and subsequent loan payments will be due 15 calendar days from the applicant's receipt of partial payment whether disbursement is from the Department, the prime contractor, or another subcontractor.

e) Fees or costs charged by the Fund Control Agent or Agents and Escrow Agent will be borne by the Department.

f) A loan recipient may prepay the balance due on the loan in its entirety at any time without penalty, provided that the loan recipient first contacts the Fund Control Agent or Agents to obtain the total amount of the final payment due at that time.

Ill. Admin. Code tit. 92, § 5.160