H2503B3712A07056 VDL:JB 05/14/08 #90 A07056
AMENDMENTS TO HOUSE BILL NO. 2503
Sponsor: REPRESENTATIVE BOYD
Printer's No. 3712
1 Amend Sec. 2 (Sec. 2913), page 5, lines 1 through 16, by
2 striking out all of said lines and inserting
3 (a) Review of application.--Prior to the review and
4 investigation of an application submitted under section 2906
5 (relating to application and administration), the secretary may
6 forward the application to the authority to be reviewed and
7 investigated by the authority for a possible loan from the
8 authority in lieu of a loan from the department under this
9 chapter.
10 (b) Loans from authority.--In addition to the powers of the
11 authority under the PIDA Act, the authority is authorized to
12 make loans meeting the eligibility and other requirements of
13 this chapter.
14 (c) Minimum loan amount.--
15 (1) Except as set forth in paragraph (2), no less than
16 25% of the amount loaned by the authority in a single fiscal
17 year must meet the requirements of section 2905 (relating to
18 eligibility for loans; terms and conditions).
19 (2) If the total of applications under this chapter are
20 eligible for less than 25% of the amount loaned by the
21 authority in a single fiscal year, unused funds may be loaned
22 by the authority in accordance with the PIDA Act.
23 (d) Requirements.--A recipient of any loan made under this
24 section shall be subject to the requirements of this chapter as
25 though the secretary made the advances for the loan under
26 section 2905(a).
27 (e) Repayment.--Repayments of loans made by the authority
28 with funds transferred to the authority under section 2904(c)
29 (relating to Machinery and Equipment Loan Fund) shall be made
30 directly to the authority.
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