§ 2.2-2295 Regulations of the Authority
Prior to carrying out the powers granted under §§ 2.2-2293 and 2.2-2294, the Authority shall adopt rules and regulations governing its activities including but not limited to rules and regulations relating to the following:
1. Procedures for the submission of requests or invitations and proposals for making loans to lenders and the investment in, purchase, assignment and sale of loans;
2. The reinvestment by a lender of the proceeds, or an equivalent amount, from any loan to a lender in loans to provide financing for eligible business in the Commonwealth;
3. Assurances that the eligible business to be financed will improve employment conditions or otherwise improve industrial development in the Commonwealth;
4. Rates, fees, charges, and other terms and conditions for originating or servicing loans in order to protect against realization of an excessive financial return or benefit by the originator or servicer;
5. The type and amount of collateral or security to be provided to assure repayment of loans to lenders made by the Authority;
6. The type of collateral, payment bonds, performance bonds or other security to be provided for any loans made by a lender for construction loans;
7. The nature and amount of fees to be charged by the Authority to provide for expenses and reserves of the Authority;
8. Standards and requirements for the allocation of available money among lenders and the determination of the maturities, terms, conditions and interest rates for loans made, purchased, sold, assigned or committed pursuant hereto;
9. Commitment requirements for financing by lenders involving money provided, directly or indirectly, by the Authority; or
10. Any other appropriate matters related to the duties or exercise of the Authority’s powers.
History
This law was first created in 1984. The record of its establishment is cataloged in chapter 749 of that year’s edition of “Acts of Assembly,” the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1984 “Acts” aren’t available online. It has been modified 2 times. Those modifications are cataloged by “The Acts of Assembly,” a state publication, by year and chapter. Those modifications that can be read on the General Assembly’s website will be linked accordingly. Those modifications are as follows: in 2001, chapter 844; in 2003, chapter 339.
1984, c. 749, § 9-219; 2001, c. 844; 2003, c. 339.