La. Admin. Code tit. 19, § VII-7233 - Termination of and Withdrawal from Program
A. LEDC may terminate its obligation to
enroll qualified loans under the program for a lender on the date specified in
LEDC's notice of termination to the lender, or for all participating lenders
under the program upon 90 days notice, or such earlier date should the balance
in LEDC's available budget reach zero, or should LEDC anticipate that the
balance in the available budget will reach zero. Termination shall not apply to
any qualified loans made before the date of termination.
B. Should the balance of a lender's loss
reserve account be reduced to zero, LEDC may, at its sole discretion, terminate
the agreement.
C. A participating
financial institution may withdraw from the program after giving written notice
to LEDC. After receipt of this notice, LEDC shall, at its sole discretion,
determine the disposition of any remaining balance in the loss reserve
account.
Notes
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