Minn. R. agency 139, ch. 4308, pt. 4308.0070
Current through Register Vol. 49, No. 14, September 30, 2024
All loans must be secured by collateral. The financial institution or the department shall take a security interest in any collateral acceptable to the financial institution and the state. The personal guarantee of principal owners must also be given to the financial institution or department before the loan is approved. For purposes of this part, principal owners are those having 20 percent or more ownership of a tourism project.
Minn. R. agency 139, ch. 4308, pt. 4308.0070
Statutory Authority: MS s 116J.035; 116J.617; 116J.980