A loan made pursuant to § 11-15-9 must:
- (1) Bear interest payable at the rate of two percent per year;
- (2) Be unsecured;
- (3) Require equal annual payments based on a twenty-year amortization;
- (4) Require that the first payment be due one year from the date of the funding of the loan; and
- (5) Be closed and funded on or before June 30, 2030.
Source: SL 2026, ch 62 , § 3.