reglab/housing_qa huggingface dataset:
IN Code § 5-28-29-26 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 28. Indiana Economic Development Corporation|Chapter 29. Capital Access Program|5-28-29-26. Reserve Fund; Corporation Control

Sec. 26. (a) All money credited to the reserve fund is under the exclusive control of the corporation. The corporation may not withdraw money from the reserve fund, except as specifically provided in this chapter.(b) If money in the reserve fund is not deposited by the corporation in an account with the lender, the money must be invested or reinvested by the corporation in one (1) of the following:(1) Direct obligations of the United States, the principal and interest of which are unconditionally guaranteed by the United States.(2) A deposit account at a depository institution whose deposits are insured by the Federal Deposit Insurance Corporation or National Credit Union Administration.(c) All interest earned in a reserve fund account shall be credited to that account. Fifty percent (50%) of the interest earned may be withdrawn by the corporation from that account and used for any purpose.As added by P.L.162-2007, SEC.24.
IN Code § 5-28-29-27 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 28. Indiana Economic Development Corporation|Chapter 29. Capital Access Program|5-28-29-27. Reserve Fund; Corporation Pledges

Sec. 27. The corporation shall pledge the following to the lender:(1) The money in the reserve fund will be available to pay claims under section 29 of this chapter.(2) The lender will have a first security interest in the money in the reserve fund to pay the claims.(3) The corporation will not encumber or pledge the money to any other party.As added by P.L.162-2007, SEC.24.
IN Code § 5-28-29-28 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 28. Indiana Economic Development Corporation|Chapter 29. Capital Access Program|5-28-29-28. Reserve Fund; Transaction Reports; Records

Sec. 28. (a) If the reserve fund is not maintained with the lender, the corporation shall provide to the lender quarterly transaction reports indicating the following:(1) The balance in the reserve fund.(2) Payments and transfers into the reserve fund.(3) Withdrawals from the reserve fund.(4) Interest or income earned on money credited to the reserve fund.(b) The records of the corporation with respect to all:(1) payments and transfers into the reserve fund;(2) withdrawals from the reserve fund; and(3) interest or income earned on the money credited to the reserve fund;are available to the lender at the offices of the corporation during normal business hours.As added by P.L.162-2007, SEC.24.
IN Code § 5-28-29-29 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 28. Indiana Economic Development Corporation|Chapter 29. Capital Access Program|5-28-29-29. Claims; Filing

Sec. 29. (a) If the lender charges off all or part of an enrolled loan, the lender may file a claim with the corporation. The claim must be filed contemporaneously with the charge-off.(b) The lender's claim may include, in addition to the amount of principal charged off plus accrued interest, one-half (1/2) of the reasonable documented out-of-pocket expenses incurred in pursuing collection efforts, including preservation of collateral. The amount of principal included in the claim may not exceed the principal amount covered under the program. The amount of accrued interest included in the claim may not exceed the accrued interest attributable to the covered principal amount.(c) The lender shall determine when and how much to charge off on an enrolled loan in a manner consistent with the lender's normal method for making these determinations on similar loans that are not enrolled loans.(d) If the lender files two (2) or more claims contemporaneously and there are insufficient funds in the reserve fund at that time to cover the entire amount of the claims, the lender may designate the order of priority in which the corporation shall pay the claims.As added by P.L.162-2007, SEC.24.
IN Code § 5-28-29-30 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 28. Indiana Economic Development Corporation|Chapter 29. Capital Access Program|5-28-29-30. Claims; Processing

Sec. 30. (a) Upon receipt by the corporation of a claim filed by the lender, the corporation shall, within ten (10) business days, pay or authorize the lender to withdraw from the reserve fund the amount of the claim as submitted, unless the corporation reasonably determines that:(1) the information provided by the lender to the corporation under this chapter was known by the lender to be false; or(2) the lender is not otherwise in substantial compliance with this chapter or the agreement with the corporation.(b) If there is insufficient money in the reserve fund to cover the entire amount of the lender's claim, the corporation shall pay to the lender or authorize the lender to withdraw an amount equal to the current balance in the reserve fund, and the following apply:(1) If the enrolled loan for which the claim has been filed is not an early loan, the payment fully satisfies the claim, and the lender has no right to receive any further amount from the reserve fund with respect to that claim.(2) If the enrolled loan for which the claim has been filed is an early loan, the corporation, upon request of the lender, shall, out of any future funds that are transferred into the reserve fund on subsequently enrolled loans, pay the remaining balance of the claim upon finding that:(A) the partial payment has not satisfied the lender's claim; and(B) the remaining balance of the claim is not greater than seventy-five percent (75%) of the balance in the reserve fund at the time the request for payment by the lender is received by the corporation.As added by P.L.162-2007, SEC.24.
IN Code § 5-28-29-31 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 28. Indiana Economic Development Corporation|Chapter 29. Capital Access Program|5-28-29-31. Claims; Subsequent Lender Recovery

Sec. 31. If, after payment of a claim by the corporation, the lender recovers from a borrower any amount for which payment of the claim was made, the following apply:(1) If the recovered amount, when added to the claim previously paid by the corporation in connection with an enrolled loan, exceeds the lender's loss on that enrolled loan, the lender shall promptly pay to the corporation for deposit in the reserve fund the amount of the excess.(2) For purposes of this section and section 32 of this chapter, the lender's loss on an enrolled loan shall be the amount of principal charged off by the lender plus accrued interest plus one-half (1/2) of the reasonable and documented out-of-pocket expenses incurred by the lender in pursuing collection efforts.As added by P.L.162-2007, SEC.24.
IN Code § 5-28-29-32 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 28. Indiana Economic Development Corporation|Chapter 29. Capital Access Program|5-28-29-32. Claims; Subrogation

Sec. 32. (a) If the payment of a claim has fully covered the lender's loss on an enrolled loan or if the payment of a claim when combined with any recovery from the borrower has fully covered the lender's loss, the corporation, upon request, is subrogated to the rights of the lender with respect to any collateral, security, or other right of recovery in connection with the loan that has not been realized by the lender. The lender thereafter shall assign to the corporation any right, title, or interest to any collateral, security, or other right of recovery in connection with the loan.(b) If an assignment has been made under subsection (a), the corporation is not required to undertake the obligations of the lender under the lender's loan documents, except for obligations directly related to the corporation's assigned rights of recovery in connection with the loan. The lender shall fulfill any other obligations the lender has under the loan documents in the same manner and to the same degree as would be required if the assignment had not been made. The lender shall provide the corporation with all reasonable assistance the corporation requests in proceeding with respect to any collateral, security, or other right of recovery, except that the lender does not need to incur any out-of-pocket expenses.(c) If the corporation desires to exercise the right of subrogation in connection with an enrolled loan, and would be entitled to exercise that right except that the lender's loss has not been fully covered, the corporation, at the corporation's option, may pay from funds in the reserve fund an amount sufficient to result in the lender's loss being fully covered. A payment under this subsection may cover a principal amount not covered under the program or not included in the lender's claim. Upon making a payment under this subsection, the corporation is subrogated to the rights of the lender in accordance with subsection (a).(d) Notwithstanding any other provision of this section, the corporation may not exercise the right of subrogation unless the corporation determines, in the corporation's discretion, that the lender has not exercised reasonable care and diligence in collection activities with respect to the loan, or that there is a reasonable basis for believing that the lender will not exercise reasonable care and diligence in the future with respect to those collection activities.As added by P.L.162-2007, SEC.24.
IN Code § 5-28-29-33 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 28. Indiana Economic Development Corporation|Chapter 29. Capital Access Program|5-28-29-33. Reporting

Sec. 33. (a) Before July 16, October 16, January 16, and April 16 of each year, the lender shall file a quarterly report with the corporation indicating the number and total outstanding balances of all enrolled loans for the period of the three (3) preceding calendar months. A quarterly report is not required for a quarter that ends with a balance in the reserve fund of zero (0), except that a year-end report must be filed before July 16 for the preceding twelve (12) calendar months ending June 30. In computing the total outstanding balance of all enrolled loans, the balance of a loan may not be greater than the covered amount of the loan as enrolled.(b) If a year-end report filed under this section indicates that, for the immediately preceding twelve (12) calendar month period ending June 30, the balance in the reserve fund continuously exceeded fifty percent (50%) of the total outstanding balance of all enrolled loans, including unfunded parts of enrolled loans that are lines of credit, the corporation may make a withdrawal from the reserve fund. The amount of the withdrawal may not be greater than the minimum amount of any excess as continuously maintained over the immediately preceding twelve (12) calendar month period ending June 30. Withdrawals of excess reserve funds by the corporation under this section may be used for any purpose.(c) If a year-end report is not filed within thirty (30) days after the original due date of the report, the corporation may make a withdrawal from the reserve fund based on the corporation's determination from an inspection of the lender's files that, for the immediately preceding twelve (12) calendar month period ending June 30, the balance in the reserve fund continuously exceeded fifty percent (50%) of the aggregate outstanding balance of all enrolled loans, including unfunded parts of enrolled loans that are lines of credit. The amount of the withdrawal may not be greater than the minimum amount of any excess as continuously maintained over the immediately preceding twelve (12) calendar month period ending June 30. Withdrawals of excess reserve funds by the corporation under this section may be used for any purpose.(d) The right of the corporation to make a withdrawal from the reserve fund under subsection (b) or (c) is subject to the following provisions:(1) If a year-end report is filed by July 16 or not more than thirty (30) days after July 16, the corporation has the right of withdrawal for a period of ninety (90) days from the date of the filing of the report with the corporation.(2) If a year-end report is not filed by July 16 or not more than thirty (30) days after July 16, the corporation has the right of withdrawal for a period of ninety (90) days from the date the corporation determines from an inspection of the lender's files that the corporation is entitled to make a withdrawal from the reserve fund under this section.As added by P.L.162-2007, SEC.24.
IN Code § 5-28-29-34 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 28. Indiana Economic Development Corporation|Chapter 29. Capital Access Program|5-28-29-34. Terminating the Obligation to Enroll Loans

Sec. 34. The corporation may terminate the obligation to a lender to enroll loans under the program if the corporation determines that the lender is not in substantial compliance with the requirements of the program or the requirements of section 23 of this chapter. The termination takes effect on the date specified in the notice of termination, except that the termination does not apply to a loan made on or before the date on which the notice of termination is received by the lender. If the corporation is terminating the enrollment of loans for all participating lenders under the program, the corporation shall provide at least ninety (90) days notice to the lender. A termination under this section is prospective only and does not apply to a loan previously refinanced. After termination, the amount covered under the program may not be increased beyond the covered amount as previously enrolled.As added by P.L.162-2007, SEC.24.
IN Code § 5-28-29-35 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 28. Indiana Economic Development Corporation|Chapter 29. Capital Access Program|5-28-29-35. Capital Access Account

Sec. 35. (a) The corporation shall establish a capital access account. The corporation shall use the capital access account to carry out the provisions of the capital access program. The capital access account consists of all money that is:(1) appropriated by the general assembly;(2) transferred by the corporation from the industrial development guaranty fund; or(3) transferred by the corporation from the general funds of the corporation.(b) The expenses of the corporation attributable and allocated by the corporation to the capital access program shall be paid from the capital access account.As added by P.L.162-2007, SEC.24.
IN Code § 5-28-30-1.5 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 28. Indiana Economic Development Corporation|Chapter 30. Industrial Development Loan Guaranty Program|5-28-30-1.5. "Developer"

Sec. 1.5. As used in this chapter, "developer" means a person who proposes to enter, or has entered, into a financing agreement with the corporation for an industrial development project and who has entered into a separate agreement with some other persons for the substantial use of the facilities financed.As added by P.L.162-2007, SEC.25.
IN Code § 5-28-30-2 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 28. Indiana Economic Development Corporation|Chapter 30. Industrial Development Loan Guaranty Program|5-28-30-2. "Guaranty Fund"

Sec. 2. As used in this chapter, "guaranty fund" refers to the industrial development project guaranty fund created by section 9 of this chapter.As added by P.L.162-2007, SEC.25.
IN Code § 5-28-30-3 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 28. Indiana Economic Development Corporation|Chapter 30. Industrial Development Loan Guaranty Program|5-28-30-3. "Guaranty Program"

Sec. 3. As used in this chapter, "guaranty program" means the program described in section 10 of this chapter under which the corporation guarantees parts of particular mortgages, security agreements, leases, or loans for working capital with funds available from the guaranty fund.As added by P.L.162-2007, SEC.25.
IN Code § 5-28-30-4 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 28. Indiana Economic Development Corporation|Chapter 30. Industrial Development Loan Guaranty Program|5-28-30-4. "High Growth Company With High Skilled Jobs"

Sec. 4. As used in this chapter, "high growth company with high skilled jobs" means a company that satisfies all the following conditions:(1) The company:(A) had at least a fifteen percent (15%) average annual growth in company earnings during the past three (3) years;(B) is entering a new product or process area; or(C) is classified in an industry that had at least a fifteen percent (15%) average annual growth in earnings during the past three (3) years.(2) The company has a substantial number of employees in jobs:(A) requiring postsecondary education or its equivalent; or(B) that are in occupational codes classified as high skill by the Bureau of Labor Statistics, United States Department of Labor.(3) The company has a substantial number of employees that earn at least one hundred fifty percent (150%) of Indiana per capita personal income.As added by P.L.162-2007, SEC.25.
IN Code § 5-28-30-5 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 28. Indiana Economic Development Corporation|Chapter 30. Industrial Development Loan Guaranty Program|5-28-30-5. "Industrial Development Project"

Sec. 5. As used in this chapter, "industrial development project" includes the acquisition of land, interests in land, site improvements, infrastructure improvements (including information and high technology infrastructure (as defined in IC 5-28-9-4)), buildings, or structures, rehabilitation, renovation, and enlargement of buildings and structures, machinery, equipment, furnishings, or facilities (or any combination of these), comprising or being functionally related and subordinate to any of the following:(1) A manufacturing enterprise.(2) A business service enterprise involved in:(A) computer and data processing services; or(B) commercial testing services.(3) A business enterprise the primary purpose of which is the operation of an education and permanent marketing center for manufacturers and distributors of robotic and flexible automation equipment.(4) Any other business enterprise, if the use of the guaranty program creates a reasonable probability that the effect on Indiana employment will be creation or retention of at least fifty (50) jobs.(5) An agricultural enterprise in which:(A) the enterprise operates under a producer or growout agreement; and(B) the output of the enterprise is processed predominantly in Indiana.(6) A business enterprise that is required by a state, federal, or local regulatory agency to make capital expenditures to remedy a violation of a state or federal law or a local ordinance.(7) A recycling market development project.(8) A high growth company with high skilled jobs.As added by P.L.162-2007, SEC.25. Amended by P.L.177-2018, SEC.8; P.L.189-2018, SEC.50; P.L.215-2018(ss), SEC.2.
IN Code § 5-28-30-6 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 28. Indiana Economic Development Corporation|Chapter 30. Industrial Development Loan Guaranty Program|5-28-30-6. "Maturity Date"

Sec. 6. As used in this chapter, "maturity date" means the date on which the mortgage or security agreement indebtedness, or lease obligations, would be extinguished if paid in accordance with periodic payments provided for in the mortgage, security agreement, or lease.As added by P.L.162-2007, SEC.25.
IN Code § 5-28-30-7 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 28. Indiana Economic Development Corporation|Chapter 30. Industrial Development Loan Guaranty Program|5-28-30-7. "Mortgage"

Sec. 7. As used in this chapter, "mortgage" means a mortgage on an industrial development project, mining operation, or agricultural operation that involves the processing of agricultural products, or the unpaid purchase price of real estate under the laws of this state, together with the credit instruments, if any, secured thereby, including but not limited to a financing agreement as defined in IC 5-1.2-2 or a financing agreement within the meaning of IC 36-7-12 in connection with real property.As added by P.L.162-2007, SEC.25. Amended by P.L.189-2018, SEC.51.
IN Code § 5-28-30-8 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 28. Indiana Economic Development Corporation|Chapter 30. Industrial Development Loan Guaranty Program|5-28-30-8. "Security Agreement"

Sec. 8. As used in this chapter, "security agreement" means an agreement which creates or provides for a security interest in equipment, including, but not limited to, an equipment lease under the guaranty program or within the meaning of IC 36-7-12, and any successor provisions related to equipment.As added by P.L.162-2007, SEC.25.
IN Code § 5-28-30-8.5 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 28. Indiana Economic Development Corporation|Chapter 30. Industrial Development Loan Guaranty Program|5-28-30-8.5. "User"

Sec. 8.5. As used in this chapter, "user" means a person who has entered into a financing agreement with the corporation or lender or a contract for use with the developer or lender in contemplation of its use of an industrial development project.As added by P.L.162-2007, SEC.25.
IN Code § 5-28-30-9 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 28. Indiana Economic Development Corporation|Chapter 30. Industrial Development Loan Guaranty Program|5-28-30-9. Industrial Development Project Guaranty Fund

Sec. 9. There is created an industrial development project guaranty fund which shall be used by the corporation as a nonlapsing, revolving fund for carrying out the provisions of the guaranty program. The corporation may expend money from the guaranty fund as the authority considers appropriate to carry out the purposes of this chapter and IC 5-1.2-9. The guaranty fund consists of the money, if any, appropriated by the general assembly. To this sum shall be charged those expenses of the corporation attributable and allocated by the corporation to the guaranty program, including interest, principal, and lease payments required by loan or lease defaults under the guaranty program, and to the sum shall be credited that income of the corporation attributable and allocated by the corporation to the guaranty program, including guarantee premiums.As added by P.L.162-2007, SEC.25. Amended by P.L.189-2018, SEC.52.
IN Code § 5-28-30-10 (2021)
2021 Indiana Code|Title 5. State and Local Administration|Article 28. Indiana Economic Development Corporation|Chapter 30. Industrial Development Loan Guaranty Program|5-28-30-10. Power to Guarantee Loans and Leases

Sec. 10. Subject to the conditions set forth in section 11 of this chapter and the other provisions of this chapter, if the corporation makes a written finding that:(1) the guarantee of a particular loan secured by, or lease of, real property or tangible or intangible personal property to or for the benefit of any industrial development project, mining operation, or agricultural operation that involves the processing of agricultural products would tend to accomplish the purposes of this chapter, including the creation or retention of employment in Indiana through the guarantee of the loan or lease; and(2) the proposed borrower or lessee cannot obtain the loan or lease upon reasonable terms;the corporation may, under the guaranty program, guarantee the loan or lease upon the terms and conditions prescribed by the corporation.As added by P.L.162-2007, SEC.25.