Ill. Admin. Code tit. 35, § 886.230 - Loan Agreement
a) Upon
receipt of written acceptance of a loan award, the Agency shall send to the
loan recipient formal loan agreement documents, including:
1) A loan agreement to be signed by the
Agency and the loan recipient;
2) A
copy of the loan recipient's complete application, including budget forms;
and
3) A form on which the loan
recipient is to state the loan recipient's federal taxpayer identification
number or social security number.
b) The Agency shall not sign a loan agreement
until the loan recipient has corrected any errors identified by the Agency in
the loan application and has signed the loan agreement.
c) The loan takes effect on the date that the
Agency signs the loan agreement and interest begins to accrue on the date of
the first loan disbursement.
d)
Once signed by both the Agency and the loan recipient, the loan agreement,
comprising the written loan agreement documents, and any amendments thereto,
shall govern the loan.
e) The
Agency shall keep the original loan agreement documents and provide a copy to
the loan recipient.
f) The loan
agreement may be amended in accordance with Section
886.235
(Amendments to Loan Agreement) of this Part.
Notes
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
No prior version found.