90-9-203. Rulemaking. The council shall adopt rules necessary to implement the provisions of this chapter, including rules:
     (1) governing the conduct of council business;
     (2) establishing application procedures for loans and grants authorized in 90-9-202;
     (3) establishing procedures to be followed by the council in its review process prior to making a loan or grant;
     (4) establishing postdisbursement activities to monitor the use of a loan or grant by its recipient, including:
     (a) any reporting requirements; and
     (b) procedures for repayment of a loan or grant upon failure of a recipient to meet the terms and conditions of that loan or grant;
     (5) establishing interest rates for loans in accordance with market factors and the purposes of this chapter;
     (6) limiting the amount of loans or grants that any company may receive or apply for over a given period of time;
     (7) governing the deferral or forgiveness of loans and any accrued interest; and
     (8) establishing other terms and conditions of loans and grants, as necessary, within the requirements and purposes of this chapter.

     History: En. Sec. 9, Ch. 284, L. 1989; amd. Sec. 4, Ch. 171, L. 2001; amd. Sec. 4, Ch. 106, L. 2009.