Minn. R. agency 139, ch. 4305, pt. 4305.0080 - SECURITY REQUIREMENTS
The agency must require applicants to provide security for the loan equal to or in excess of the loan value. Security may be in the form of one or more of the following:
A. a
lien on real property owned by the applicant; or
B. other security satisfactory to the agency
such as:
(1) a senior, junior, or parity lien
on other assets of the applicant;
(2) a senior, junior, or parity lien on
assets of certain owners, officers, and affiliated proprietors and their
spouses, partners and their spouses, and major shareholders or corporate
officers; or
(3) a guaranty of
owners; officers; and affiliated persons of the applicant, including partners
and their spouses, and major shareholders or corporate officers and their
spouses; or other related corporations of the applicant.
Notes
Statutory Authority: MS s 14.389; 116J.996
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