Iowa Admin. Code r. 261-55.4

Current through Register Vol. 47, No. 11, December 11, 2024

Rule 261-55.4 - Monitoring

(1) The authority will monitor the recipient's records to ensure compliance with the terms of the award. The authority may request information on the condition of the business at any time during the life of the loan to determine the status of the project.

(2) The authority may require a program recipient to consult with designated small business service providers for assistance with various aspects of the management and operation of the business.

(3) If the authority determines that a borrower is in default, the authority may seek recovery of the loan plus interest or other penalties; negotiate alternative payment schedules; initiate, suspend or discontinue collection efforts; and take other action as the authority deems necessary.

Iowa Admin. Code r. 261-55.4

Amended by IAB September 22, 2021/Volume XLIV, Number 6, effective 10/27/2021

Adopted by IAB October 16, 2024/Volume XLVII, Number 7, effective 11/20/2024