§516-131 Loans to lenders program. (a) The corporation may make loans to mortgage lenders under terms and conditions requiring that the loan proceeds be used within a time period prescribed by the corporation 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 corporation 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) Be subject to prepayment; and
(5) Contain other provisions consistent with this part.
(d) Subject to any agreement with the holders of its revenue bonds, the corporation 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 corporation is a party. [L 1983, c 270, pt of §1; am L 1987, c 337, §16; am L 1988, c 104, §2; am L 2005, c 196, §26(b); am L 2006, c 180, §16]
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