(a) The Agency mayguarantee the payment or collection of energy conservation loans pursuant toand in accordance with the provisions of this Chapter when the Agency has givenits approval prior to the initial making of the loan; provided that any suchguarantee shall be made only upon determination by the Agency that energyconservation loans were at the time of approval not otherwise available fromprivate lenders upon reasonably equivalent terms and conditions; and providedfurther, no single guarantee of payment or collection shall exceed the sum oftwelve hundred dollars ($1200) and no person or family of lower income shallbe entitled to more than one loan guarantee.
(b) At no time may theAgency have outstanding loan guarantees in which the liability of the Agencyexceeds 15 times any amounts remaining unspent from the specific fundsappropriated by the General Assembly for the energy conservation loan guaranteeprogram plus any specific grants or donations for this purpose; but the Agencyis authorized to expend any unspent amounts from these sources to satisfy itsliabilities under the loan guarantee program; provided no other assets of theAgency shall be obligated or expended in satisfaction of its energyconservation loan guarantee liability.
(c) The Agency shallfrom time to time adopt, modify, or repeal rules and regulations governing theguaranteeing of energy conservation loans including rules and regulations as toany or all of the following:
(1) Procedures for thesubmission and approval of requests to guarantee energy conservation loansincluding advance commitments by the Agency to guarantee loans;
(2) Limitations andrestrictions on the number of family units, location or other qualifications orcharacteristics of residences in regard to which energy conservation work isperformed to qualify for a loan guarantee;
(3) Restrictions as tointerest rates on energy conservation loans or the return which may be realizedby mortgage lenders on energy conservation loans guaranteed by the Agency;
(4) Schedules of anyfees and charges necessary to provide for the administrative expenses of theAgency allocable to the administration of the energy conservation loanguarantee program;
(5) Procedures regardingthe servicing of energy conservation loan guarantees including procedures forhonoring defaults and procedures to be implemented to enforce the obligationsof the borrowers to repay guaranteed energy conservation loans;
(6) Any other mattersrelated to the duties and the exercise of the power of the Agency with respectto the energy conservation loan guarantee program deemed necessary toeffectuate the purposes of this act. (1977, c. 1083, s. 3.)
(a) The Agency mayguarantee the payment or collection of energy conservation loans pursuant toand in accordance with the provisions of this Chapter when the Agency has givenits approval prior to the initial making of the loan; provided that any suchguarantee shall be made only upon determination by the Agency that energyconservation loans were at the time of approval not otherwise available fromprivate lenders upon reasonably equivalent terms and conditions; and providedfurther, no single guarantee of payment or collection shall exceed the sum oftwelve hundred dollars ($1200) and no person or family of lower income shallbe entitled to more than one loan guarantee.
(b) At no time may theAgency have outstanding loan guarantees in which the liability of the Agencyexceeds 15 times any amounts remaining unspent from the specific fundsappropriated by the General Assembly for the energy conservation loan guaranteeprogram plus any specific grants or donations for this purpose; but the Agencyis authorized to expend any unspent amounts from these sources to satisfy itsliabilities under the loan guarantee program; provided no other assets of theAgency shall be obligated or expended in satisfaction of its energyconservation loan guarantee liability.
(c) The Agency shallfrom time to time adopt, modify, or repeal rules and regulations governing theguaranteeing of energy conservation loans including rules and regulations as toany or all of the following:
(1) Procedures for thesubmission and approval of requests to guarantee energy conservation loansincluding advance commitments by the Agency to guarantee loans;
(2) Limitations andrestrictions on the number of family units, location or other qualifications orcharacteristics of residences in regard to which energy conservation work isperformed to qualify for a loan guarantee;
(3) Restrictions as tointerest rates on energy conservation loans or the return which may be realizedby mortgage lenders on energy conservation loans guaranteed by the Agency;
(4) Schedules of anyfees and charges necessary to provide for the administrative expenses of theAgency allocable to the administration of the energy conservation loanguarantee program;
(5) Procedures regardingthe servicing of energy conservation loan guarantees including procedures forhonoring defaults and procedures to be implemented to enforce the obligationsof the borrowers to repay guaranteed energy conservation loans;
(6) Any other mattersrelated to the duties and the exercise of the power of the Agency with respectto the energy conservation loan guarantee program deemed necessary toeffectuate the purposes of this act. (1977, c. 1083, s. 3.)
(a) The Agency mayguarantee the payment or collection of energy conservation loans pursuant toand in accordance with the provisions of this Chapter when the Agency has givenits approval prior to the initial making of the loan; provided that any suchguarantee shall be made only upon determination by the Agency that energyconservation loans were at the time of approval not otherwise available fromprivate lenders upon reasonably equivalent terms and conditions; and providedfurther, no single guarantee of payment or collection shall exceed the sum oftwelve hundred dollars ($1200) and no person or family of lower income shallbe entitled to more than one loan guarantee.
(b) At no time may theAgency have outstanding loan guarantees in which the liability of the Agencyexceeds 15 times any amounts remaining unspent from the specific fundsappropriated by the General Assembly for the energy conservation loan guaranteeprogram plus any specific grants or donations for this purpose; but the Agencyis authorized to expend any unspent amounts from these sources to satisfy itsliabilities under the loan guarantee program; provided no other assets of theAgency shall be obligated or expended in satisfaction of its energyconservation loan guarantee liability.
(c) The Agency shallfrom time to time adopt, modify, or repeal rules and regulations governing theguaranteeing of energy conservation loans including rules and regulations as toany or all of the following:
(1) Procedures for thesubmission and approval of requests to guarantee energy conservation loansincluding advance commitments by the Agency to guarantee loans;
(2) Limitations andrestrictions on the number of family units, location or other qualifications orcharacteristics of residences in regard to which energy conservation work isperformed to qualify for a loan guarantee;
(3) Restrictions as tointerest rates on energy conservation loans or the return which may be realizedby mortgage lenders on energy conservation loans guaranteed by the Agency;
(4) Schedules of anyfees and charges necessary to provide for the administrative expenses of theAgency allocable to the administration of the energy conservation loanguarantee program;
(5) Procedures regardingthe servicing of energy conservation loan guarantees including procedures forhonoring defaults and procedures to be implemented to enforce the obligationsof the borrowers to repay guaranteed energy conservation loans;
(6) Any other mattersrelated to the duties and the exercise of the power of the Agency with respectto the energy conservation loan guarantee program deemed necessary toeffectuate the purposes of this act. (1977, c. 1083, s. 3.)
