Mississippi Administrative Code
Title 6 - Economic Development
Part 11 - Mississippi Gulf Coast Restoration Fund Program
Chapter 3 - GCRF Loan and Loan Guaranty Program Rules & Regulations
Rule 6-11-3.7 - Ineligible Borrowers
Universal Citation: MS Code of Rules 6-11-3.7
Current through September 24, 2024
A. The borrower may not be an executive officer, director, or principal shareholder of the partnering Financial Institution or a member of the immediate family of an executive officer, director, or principal shareholder of the partnering Financial Institution. Immediate family is defined as spouse, parent, child, or sibling of the applicant.
B. The borrower may not earn more than half its annual net revenue from lending activities and may not be a business that is engaged in the following activities:
i. Speculative activities that develop
profits from fluctuations in price rather than the normal course of
trade
ii. Pyramid sales, where a
participant's primary incentive is based on the sales made by an
ever-increasing number of participants
iii. Gambling enterprises
iv. Activities that are prohibited by federal
law or applicable law in the jurisdiction where the business is located or
conducted
Miss. Code Ann. § 57-119-1, et seq.
Disclaimer: These regulations may not be the most recent version. Mississippi may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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