The administrator shall enter into agreements with each successful applicant that have specific terms and conditions for each loan, grant, or financial assistance under this part, including:

1. (1) for a loan:

   1. (a) repayment schedules;
   2. (b) interest rates;
   3. (c) specific economic activity required to qualify for the loan or for repayment credits;
   4. (d) collateral or security, if any; and
   5. (e) other terms and conditions considered appropriate by the administrator; and

2. (2) for a grant or other financial assistance:

   1. (a) requirements for compliance monitoring;
   2. (b) repayment for nonperformance or departure from the state;
   3. (c) collateral or security, if any; and
   4. (d) other terms and conditions considered appropriate by the administrator.

Amended by Chapter 159, 2024 General Session