- (1) The annual maximum loan shall not exceed the maximum prescribed by the secretary.
- (2) The maximum aggregate outstanding principal balance of loans shall not exceed the maximum as prescribed by the secretary.
- (3) Each loan shall be evidenced by a promissory note and shall bear interest at a rate designated by the secretary.
- (4) Terms and conditions for repayment of a loan shall be established by the authority in accordance with regulations of the secretary.
History: 1979 AC; 1987 AACS; 1990 AACS; 2007 AACS.