25jan01...0023h

2001 SESSION

01-0706

05/09

HOUSE BILL 204-FN

COMMITTEE: Finance

ANALYSIS

This bill extends the maturity date on New Hampshire business finance authority guarantee asset program loans to coincide with the loan maturity terms permitted by the United States Small Business Administration.

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Explanation: Matter added to current law appears in bold italics.

Matter removed from current law appears [in brackets and struckthrough.]

Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.

25jan01...0023h

01-0706

05/09

STATE OF NEW HAMPSHIRE

In the Year of Our Lord Two Thousand One

Be it Enacted by the Senate and House of Representatives in General Court convened:

1:1 Business Finance Authority; Capital Asset Backed Guarantee Program; Loan Maturity Date. Amend RSA 162-A:13, III (c) to read as follows:

(c) The final maturity date of the loan shall not be later than the later of 5 years from the date the loan was made or 5 years from the date the project was placed in service, provided that the final maturity date of the loan may be as late as the later of 10 years from the date the loan was made or 10 years from the date the project was placed in service to the extent necessary for the loan to qualify as a third party loan for a project receiving financing from the certified development company (504) loan program of the United States Small Business Administration and provided further that each loan may be renewed or refinanced for up to 2 additional 5-year periods.

1:2 Effective Date. This act shall take effect upon its passage.

(Approved: February 9, 2001)

(Effective Date: February 9, 2001)