N.J. Admin. Code § 7:26-15.15

Current through Register Vol. 56, No. 21, November 4, 2024

Section 7:26-15.15 - Procedure for termination of loans and loan guarantees

(a) Loans and loan guarantees authorized or created by the Act may be terminated by the EDA according to the procedures and guidelines established by that agency in the event of default by the holder of the loan. The term default shall include, but not be limited to:

1. Non-payment or failure to make timely repayment of the loan;

2. Bankruptcy by the holder of the loan;

3. Use of loan or items financed by the loan for purposes other than those stated in the application;

4. Failure to comply with the provisions of this subchapter, the Act or other applicable State laws or regulations; or

5. Submission of false or misleading information to the Department or EDA.

(b) In the event that a loan or loan guarantee is terminated the monies shall be returned to the Recycling Business Loan Fund.

N.J. Admin. Code § 7:26-15.15

As amended, R.1983 d.119, effective 4/18/1983.
See: 14 New Jersey Register 1346(a), 15 New Jersey Register 622(d).
Formerly codified as 7:26-15.14.
Amended by R.1996 d.578, effective 12/16/1996.
See: 28 New Jersey Register 2114(a), 28 New Jersey Register 5248(a).