§206E-115 Loans to lenders program. (a) The authority may make loans to mortgage lenders under terms and conditions requiring that the loan proceeds be used within a time period prescribed by the authority to make eligible loans in an aggregate principal amount substantially equal to the amount of the loan.
(b) The loan made to a mortgage lender shall be a general obligation of the respective mortgage lender.
(c) The loan as determined by the authority shall:
(1) Bear a date or dates;
(2) Mature at a time or times;
(3) Be evidenced by a note, bond or other certificate of indebtedness;
(4) Contain other provisions consistent with this part.
(d) Subject to any agreement with the holders of its revenue bonds, the authority may consent to any modification to the rate of interest, time, and payment of any installment of principal or interest, security or any other term of any loan to a mortgage lender or any bond, note, contract, or agreement of any kind to which the authority is a party. [L 1982, c 228, pt of §8]
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