Relating to nonprofit organizations; appropriating money.
Catchline/Summary:
Requires Economic and Community Development Department to establish Junior Borrowers Access to Necessary Capital Insurance Policy program. Requires Economic and Community Development Department to establish Junior Borrowers Access to Necessary Capital Insurance Policy program. Authorizes department to create reserve fund for nonprofit organizations engaged in alternative lending. Creates Junior Borrowers Access to Necessary Capital Insurance Policy Fund. Appropriates moneys in fund to department for making payments to loss reserve accounts.
Sunsets program January 2, 2020.
Allocates moneys from Administrative Services Economic Development Fund to department to implement program.
Chapter Number:
Fiscal Impact:
May Have Fiscal Impact, But No Statement Yet Issued
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HB 2993 House Committee On Sustainability and Economic Development
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