§ 113.11. Loan repayment.
(a) The loan shall be repaid at the rate of interest of 2% per annum payable monthly on the unpaid balance of the loan commencing not later than 2 months after the date of the loan and payable on the first day of every month thereafter during the term of the loan until paid. There shall be a delinquent charge of 6% per annum for a loan repayment that is 30 or more days late of the original due date.
(b) The volunteer company may anticipate installments of principal or any payments of interest at any time prior to the respective payment date without notice or penalty.
(c) The principal and interest of the loan shall be payable at the office designated for these purposes. The check or money order shall be made payable to the Volunteer Companies Loan Fund and shall be delivered to the OSFC comptroller’s office before the close of business on the due date.
Source The provisions of this § 113.11 adopted December 23, 1982, effective December 25, 1982, 12 Pa.B. 4333; amended December 18, 1992, effective December 19, 1992, 22 Pa.B. 6019. Immediately preceding text appears at serial page (153422).
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