Section 81.144. Loan closing

(a) Loan closing. The Authority will allow a 90-day period from the date of the commitment letter for borrowers to meet the conditions and requirements of the commitment letter for closing. One 90-day extension may be granted by the Executive Director beyond this period but shall be reported to the Board at its next meeting following the action with an explanation of the extension.

(b) Escrow. Loan proceeds shall be placed in an escrow account under terms and conditions established by the Authority. The Authority will arrange for loan closings to be held at, and escrow accounts to be held by, financial institutions controlled by minority groups, whenever feasible and consistent with good lending practices.

The provisions of this § 81.144 adopted July 11, 1975, effective July 12, 1975, 5 Pa.B. 1781; amended February 6, 1987, effective February 7, 1987, 17 Pa.B. 634. Immediately preceding text appears at serial page (49507).

Notation

Authority

The provisions of this § 81.144 amended under section 9 of the Pennsylvania Minority Business Development Authority Act (73 P. S. § 390.9).