                                 CODE OF VIRGINIA

REGULATIONS OF THE AUTHORITY (§ 2.2-2295)

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&#8217;s powers.

HISTORY: 1984, c. 749, § 9-219; 2001, c. 844; 2003, c. 339.