SEC. 57-10-105. Definitions.
Whenever the following terms or similar terms are used herein they shall have the following meanings, unless the context clearly indicates otherwise:
(a) "Borrower" means any individual, firm, partnership or corporation approved by the committee, residing in Mississippi who applies for or borrows money from any lender under the provisions of this article.
(b) "Lender" shall mean any state or national bank, savings and loan association or insurance company doing business in Mississippi, which is approved by the committee.
(c) "Manager" means the * * * Executive Director of the Mississippi Business Finance Corporation.
(d) "Committee" means the Certified Development Company of Mississippi, Inc., created pursuant to Section 57-10-167.
(e) "Loan guaranty" means additional security to the lender by the state for loans to small businessmen in this state.
(f) "Guaranty fee fund" means a revolving fund maintained in the State Treasury as a separate fund composed of guaranty fee payments from loans made under the provisions of this article.
(g) "Small businessman's loan fund" means a separate and additional fund maintained in the State Treasury by appropriation from the state Legislature and used exclusively to guarantee loans as herein provided.
(h) "Transfer" means to loan, to give, to make available or to pass control of any available funds held in paragraphs (f) and (g) above to the Mississippi Economic Development Corporation, or its successor.
SOURCES: Codes, 1942, § 8940-133; Laws, 1972, ch. 441, § 3; Laws, 1982 ch. 422, § 4; Laws, 1983, ch. 434, § 12; Laws, 1988, ch. 518, § 46; Laws, 2001, ch. 337, § 30, HB 781, eff from and after passage (approved Mar. 6, 2001.)
PREVIOUS VERSIONS: Pre-2001
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