Section 377 - Loans for transportation assistance programThe board or an entity with which the board has contracted to provide financial services pursuant to section 374, subsection 2 may award loans for the purpose of assisting persons with disabilities to purchase used vehicles necessary to obtain or retain employment or employment training, subject to the following limitations. [2015, c. 412, §4 (AMD).]
1.Qualifications of borrower. A loan may be made under this section only to a qualifying borrower who meets the other requirements of this chapter and who demonstrates a need for a vehicle as part of an individualized plan toward employment developed with a state or community-based organization that provides employment services to persons with disabilities and that is approved by the board. [2003, c. 99, §3 (NEW).]
2.Limitation on loan amount.[2005, c. 191, §7 (RP).]
3.Aggregate amount of loans. The maximum aggregate amount of loans issued under this section may not exceed 7% of the value of program gross notes receivable. [2005, c. 191, §7 (AMD).]
4.Repeal.[2005, c. 191, §7 (RP).]
Amended by 2016, c. 412,§ 4, eff. 7/29/2016.2003, c. 99, § 3 (NEW) . 2005, c. 191, § 7 (AMD) .