6 Miss. Code. R. 11-3.7 - Ineligible Borrowers

A. The borrower may not be an executive officer, director, or principal shareholder of the partnering Financial Institution or a member of the immediate family of an executive officer, director, or principal shareholder of the partnering Financial Institution. Immediate family is defined as spouse, parent, child, or sibling of the applicant.

B. The borrower may not earn more than half its annual net revenue from lending activities and may not be a business that is engaged in the following activities:

i. Speculative activities that develop profits from fluctuations in price rather than the normal course of trade

ii. Pyramid sales, where a participant's primary incentive is based on the sales made by an ever-increasing number of participants

iii. Gambling enterprises

iv. Activities that are prohibited by federal law or applicable law in the jurisdiction where the business is located or conducted

Notes

6 Miss. Code. R. 11-3.7

Miss. Code Ann. § 57-119-1, et seq.

Adopted 2/24/2019 Amended 11/4/2022