Section 620.1066 – Rulemaking procedure.
Effective – 28 Aug 1995 620.1066. Rulemaking procedure. — The department of economic development is authorized to adopt, promulgate, amend or repeal any rules or regulations necessary to carry out the provisions of sections 620.1045 to 620.1081. ——– (L. 1994 H.B. 1248 & 1048 § 9, A.L. 1995 S.B. 3)
Section 620.1069 – Microenterprise loan program — definitions, purpose — oversight committee, duties.
Effective – 23 Dec 1997 620.1069. Microenterprise loan program — definitions, purpose — oversight committee, duties. — 1. The department of economic development is authorized to administer a microenterprise loan program. For purposes of sections 620.1069 to 620.1081, the term “microenterprise” means a small business, with no more than ten employees, in which the owner, […]
Section 620.1072 – Microenterprise loan fund created — purpose — lapse into general revenue prohibited — percentage to be reserved for female-owned microenterprises.
Effective – 23 Dec 1997 620.1072. Microenterprise loan fund created — purpose — lapse into general revenue prohibited — percentage to be reserved for female-owned microenterprises. — 1. The “Microenterprise Revolving Loan Fund” is hereby created in the state treasury. The fund shall consist of all moneys appropriated to it by the general assembly, all […]
Section 620.1075 – Standards for eligibility of lenders and borrowers — rules promulgation procedure — rules invalid, when.
Effective – 23 Dec 1997 620.1075. Standards for eligibility of lenders and borrowers — rules promulgation procedure — rules invalid, when. — The department of economic development, with the advice of the oversight committee established pursuant to section 620.1069, may adopt and promulgate rules and regulations for determining eligible lenders and eligible borrowers pursuant to […]
Section 620.1078 – Distribution of moneys — interest — categories of permissible loans.
Effective – 23 Dec 1997 620.1078. Distribution of moneys — interest — categories of permissible loans. — The department of economic development shall distribute moneys, in the form of loans or grants to eligible lenders from the microenterprise revolving loan fund within the limits of appropriations made by the general assembly. The eligible lenders shall […]
Section 620.1081 – Determination of basic policy, rules.
Effective – 28 Aug 1994 620.1081. Determination of basic policy, rules. — The department of economic development shall determine the basic policies for the microenterprise loan program and shall promulgate rules and regulations, if necessary, to establish the loan program and implement the provisions of sections 620.1069 to 620.1081. Such rules and regulations shall be […]
Section 620.1060 – Prohibited loans — definitions.
Effective – 28 Aug 1994 620.1060. Prohibited loans — definitions. — 1. No financial institution shall make a loan pursuant to sections 620.1045 to 620.1063 to a borrower if the borrower is an executive officer, director or principal shareholder of the institution or is a member of the immediate family of an executive officer, director […]
Section 620.1063 – Withdrawal from program, effect — withdrawal of funds — examination of accounts authorized.
Effective – 28 Aug 2008 620.1063. Withdrawal from program, effect — withdrawal of funds — examination of accounts authorized. — 1. A participating financial institution which withdraws from the program may not recover any set-aside contributions which have been made to a loss reserve account. If a program loan loss reserve account continuously exceeds the […]
Section 620.1045 – Citation of law.
Effective – 28 Aug 1994 620.1045. Citation of law. — Sections 620.1045 to 620.1063 shall be known and may be cited as the “Missouri Capital Access Program Act”. ——– (L. 1994 H.B. 1248 & 1048 § 1)
Section 620.1048 – Definitions.
Effective – 28 Aug 1994 620.1048. Definitions. — As used in sections 620.1045 to 620.1063, the following terms mean: (1) “Borrower”, any small business that receives a loan with respect to which an amount is added to a program loss reserve account as provided in sections 620.1045 to 620.1063; (2) “Department”, the Missouri department of […]