§206E-115  Loans to lenders program. (a)  The authority may make loans to mortgage lenders under terms andconditions requiring that the loan proceeds be used within a time periodprescribed by the authority to make eligible loans in an aggregate principalamount substantially equal to the amount of the loan.

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

(c)  The loan as determined by the authorityshall:

(1)  Bear a date or dates;

(2)  Mature at a time or times;

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

(4)  Contain other provisions consistent with thispart.

(d)  Subject to any agreement with the holdersof its revenue bonds, the authority may consent to any modification to the rateof 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 authority is a party. [L 1982,c 228, pt of §8]