CHAPTER 5. DISASTER FUNDS.LOW COST LOANS

IC 28-2-5
    Chapter 5. Disaster Funds.Low Cost Loans

IC 28-2-5-1
Proclamation of disaster area; meeting of board of publicdepository
    Sec. 1. Within thirty (30) days after the governor has designatedany area or areas of the state of Indiana as disaster areas by hisproclamation, the board of public depository shall meet for thepurpose of determination as to whether low cost loans are needed bythe victims of the disaster.
(Formerly: Acts 1967, c.148, s.1.)

IC 28-2-5-2
Determination of need for low cost loans; interest rate
    Sec. 2. If the board of public depository determines that low costloans are needed for use of the victims of the disaster it shall, by ruleor regulation, establish interest rates of not less than one per cent(1%) nor more than five per cent (5%) for terms of not less than six(6) months nor more than seventy-two (72) months' duration, unlessthe board in anticipation of the possibility of any such disaster, has,in the manner provided by law, already put into effect such rules andregulations in compliance with the provisions of this chapter.
(Formerly: Acts 1967, c.148, s.2.) As amended by Acts 1979,P.L.264, SEC.1.

IC 28-2-5-3
Deposit of matching state funds in disaster area bank
    Sec. 3. The treasurer of state shall deposit in any bank in thegeneral area of the disaster an amount of interest-free state moneyequal to the amount of the loan granted by the lending bank when thebank has provided the treasurer of state with a copy of the loaninstrument showing the name of the borrower, amount of loan, rateof interest and terms of loan.
(Formerly: Acts 1967, c.148, s.3.)