§ 81.146. Collection procedures.
(a) Collection of loans. The Executive Director is authorized to take actions necessary to preserve the position of the Authority with respect to a loan which is not in compliance with the terms and conditions thereof, including but not limited to, the initiation of collection procedures as the Executive Director deems appropriate. For this purpose, a legal contingency fund is established.
(b) Removal of discharged debts. If the Executive Director determines, after seeking the advice of legal counsel to the Board, that an amount owing to the Authority has been discharged in bankruptcy and that no practical legal remedies remain to pursue collection, the Executive Director will request the Board to request the comptroller to remove the discharged debts from the financial statements of the Authority.
Authority The provisions of this § 81.146 issued under section 9 of the Pennsylvania Minority Business Development Authority Act (73 P.S. § 390.9).
Source The provisions of this § 81.146 adopted February 6, 1987, effective February 7, 1987, 17 Pa.B. 634.
No part of the information on this site may be reproduced for profit or sold for profit.
This material has been drawn directly from the official Pennsylvania Code full text database. Due to the limitations of HTML or differences in display capabilities of different browsers, this version may differ slightly from the official printed version.
