Connecticut Administrative Code
Title 32 - Commerce and Economic and Community Development
5a - Standards for Repayment of Loans or Grants Made to Business Organizations that Relocate Out of State
Section 32-5a-3 - Legitimate hardship
Current through September 9, 2024
(a) Upon the determination of a legitimate hardship, as defined in Section 32-5a-1(e) of these Regulations, the repayment of the outstanding balance of any loan, including interest thereon, or the full amount of any grant made to a business organization may be deferred for a period not to exceed five (5) years from the date of relocation.
(b) During the period that repayment of a loan or grant is deferred, the commissioner may require the business organization to provide appropriate security for such loan or grant, including but not limited to a lien on real property or a security interest in goods, equipment, inventory or other property.
If the business organization is required to provide security, it shall be enforceable against the business organization until repayment is made in full to the department.
