New Mexico Administrative Code
Title 2 - PUBLIC FINANCE
Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS
Part 16 - SEVERANCE TAX PERMANENT FUND POLICY GOVERNING PURCHASES OF SMALL BUSINESS ADMINISTRATION OR FARMERS HOME ADMINISTRATION OBLIGAT
Section 2.60.16.10 - GUARANTEED PAYMENTS
Universal Citation: 2 NM Admin Code 2.60.16.10
Current through Register Vol. 35, No. 18, September 24, 2024
To provide both timeliness and certainty in loan payments the state investment office may convert each SBA loan purchased after July 1, 1989 to a depository receipt, offered by Colson Acquisition Service to guarantee payments on the same day every month. Also, all loans currently held may be converted to the depository receipt, if they are eligible and it is cost effective. The state investment office will pay the cost of converting the SBA certificate to the depository receipt. The lender will continue to pay the initial standard setup fee.
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