- (a) A person owning a motorsports enterprise may apply to the corporation for a low-interest loan from the fund to be used for improving the motorsports enterprise owned by the person.
- (b) An amount loaned to a person is an obligation of the person and shall be repaid to the corporation within a time to be fixed by the corporation.
- (c) The corporation shall determine interest rates for the low-interest loans to be made under this section.
- (d) If a person fails to make repayment of money loaned under this section, the amount payable may be recovered in an action by the state on relation of the corporation, prosecuted by the attorney general, in the circuit or superior court of the county in which the person's motorsports enterprise is located.
(e) The corporation shall determine the following:
- (1) The application process to be used in applying for a low-interest loan from the fund.
- (2) The criteria to be used in making low-interest loans from the fund.
- (3) The terms and conditions of any low-interest loan made from the fund.
As added by P.L.233-2013, SEC.6.