§ 3.1-70. (Repealed effective October 1, 2008) Repayment of loans; interest; security
All loans made under this article shall be repayable within twenty-three years, with interest at the rate of three per centum per annum on the unpaid balance, after the third year of such loan. At least five percent of the principal amount of such loan shall be repaid annually after the third year, with the privilege of anticipation. Each such equity loan shall be secured both as to principal and interest in such manner as the Governor shall prescribe.
(Code 1950, § 3-79.24; 1954, c. 453; 1966, c. 702.)
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