Pennsylvania Code
Title 12 - COMMERCE, TRADE AND LOCAL GOVERNMENT
Part III - Business Financing
Subpart D - Minority Lending
Chapter 81 - MINORITY BUSINESS DEVELOPMENT AUTHORITY
Subchapter B - LOAN PROGRAM ADMINISTRATION
LOAN PAYMENT, REPAYMENT, PENALTIES AND ADMINISTRATION
Section 81.146 - Collection procedures

(a) Collection of loans. The Executive Director is authorized to take actions necessary to preserve the position of the Authority with respect to a loan which is not in compliance with the terms and conditions thereof, including but not limited to, the initiation of collection procedures as the Executive Director deems appropriate. For this purpose, a legal contingency fund is established.

(b) Removal of discharged debts. If the Executive Director determines, after seeking the advice of legal counsel to the Board, that an amount owing to the Authority has been discharged in bankruptcy and that no practical legal remedies remain to pursue collection, the Executive Director will request the Board to request the comptroller to remove the discharged debts from the financial statements of the Authority.