New Mexico Administrative Code
Title 12 - TRADE, COMMERCE AND BANKING
Chapter 21 - COMMUNITY REVITALIZATION AND DEVELOPMENT
Part 3 - LENDING PROCEDURES OF THE MAIN STREET REVOLVING LOAN FUND
Section 12.21.3.12 - MSRL CONTRIBUTIONS - INELIGIBLE COSTS
Universal Citation: 12 NM Admin Code 12.21.3.12
Current through Register Vol. 35, No. 18, September 24, 2024
A. MSRL contributions to the loan pool shall not be used to pay costs of land acquisition, legal costs, fiscal agents' fees, loan origination fees, points, or other charges incurred by the borrower or which may be imposed by the lending institution or other lending entity, including fees described in 12.21.3.17 NMAC of these regulations and costs that are not expressly permitted in 12.21.3.11 NMAC of these regulations.
B. The borrower shall not apply MSRL funds contributions to the loan pool toward the acquisition or purchase of property.
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