as introduced - 80th Legislature (1997 - 1998) Posted on 12/15/2009 12:00am
Engrossments | ||
---|---|---|
Introduction | Posted on 05/07/1997 |
1.1 A bill for an act 1.2 relating to economic development; creating a revolving 1.3 loan program for American Indian business loans; 1.4 appropriating money; proposing coding for new law in 1.5 Minnesota Statutes, chapter 116J. 1.6 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 1.7 Section 1. [116J.956] [AMERICAN INDIAN BUSINESS LOAN 1.8 REVOLVING ACCOUNT.] 1.9 Subdivision 1. [CREATED.] The commissioner shall contract 1.10 with the nonprofit American Indian Chamber of Commerce, or a 1.11 similar nonprofit organization with membership comprised of 1.12 American Indian businesses, to administer a revolving loan 1.13 program for business loans to American Indians residing in 1.14 Minnesota. The contract must, among other things, contain the 1.15 terms of this section. 1.16 Subd. 2. [PROGRAM MANAGEMENT.] The revolving loan program 1.17 must be managed by a loan board of nine members, including four 1.18 members representing Minnesota banks. 1.19 Subd. 3. [LOAN TERMS.] All loans must meet commercial loan 1.20 underwriting standards. The minimum rate of interest is five 1.21 percent per annum. 1.22 Subd. 4. [DEPARTMENT OVERSIGHT.] A report must be 1.23 submitted annually by March 1 to the department detailing loan 1.24 activity for the previous year. The department may, on a random 1.25 basis or otherwise, audit the program. 2.1 Subd. 5. [ANNUAL AUDIT.] The revolving loan program must 2.2 be audited annually by an independent auditor. A report of the 2.3 audit must be provided to the department upon completion of the 2.4 audit. 2.5 Subd. 6. [USE OF INCOME AND PRINCIPAL.] Investment 2.6 earnings and loan repayments may be used for administrative 2.7 costs and for loans. 2.8 Sec. 2. [APPROPRIATION.] 2.9 $....... is appropriated from the general fund to the 2.10 commissioner of trade and economic development for the revolving 2.11 loan program created by section 1. The appropriation does not 2.12 cancel.