§516-131  Loans to lenders program. 
(a)  The corporation may make loans to mortgage lenders under terms and
conditions requiring that the loan proceeds be used within a time period
prescribed by the corporation to make eligible loans in an aggregate principal
amount substantially equal to the amount of the loan.



(b)  The loan made to a mortgage lender shall
be a general obligation of the respective mortgage lender.



(c)  The loan as determined by the corporation
shall:



(1)  Bear a date or dates;



(2)  Mature at a time or times;



(3)  Be evidenced by a note, bond, or other
certificate of indebtedness;



(4)  Be subject to prepayment; and



(5)  Contain other provisions consistent with this
part.



(d)  Subject to any agreement with the holders
of its revenue bonds, the corporation may consent to any modification to the
rate of interest, time, and payment of any installment of principal or
interest, security or any other term of any loan to a mortgage lender or any
bond, note, contract, or agreement of any kind to which the corporation is a
party. [L 1983, c 270, pt of §1; am L 1987, c 337, §16; am L 1988, c 104, §2;
am L 2005, c 196, §26(b); am L 2006, c 180, §16]