The extent of the liability of either the guaranty fee fund or the small businessman's loan fund to the lender shall be seventy-five percent (75%) of the principal remaining due and unpaid after the lender has fully exhausted all remedies for recovery as provided herein, and neither of these funds shall be liable for interest which the borrower owes the lender under any such loan.
Structure Mississippi Code
Title 57 - Planning, Research and Development
Chapter 10 - Small Business Assistance
Article 3 - Small Businessman's Loan Assistance Law of 1972
§ 57-10-103. Declaration of intent; construction
§ 57-10-111. General powers and duties of committee
§ 57-10-113. Eligibility for loan guaranty
§ 57-10-117. Supplementary security requirement for corporate borrower
§ 57-10-119. Advancement of loan in installments
§ 57-10-121. Proceedings by lender upon default on loan; assignment of unsatisfied judgment to state
§ 57-10-123. Filing of claim for payment of loan from state funds
§ 57-10-127. Distribution of collections by state
§ 57-10-129. Extent of liability of state funds
§ 57-10-131. Investment of moneys in state funds
§ 57-10-133. Acceptance of federal and private grant funds
§ 57-10-137. Transfer of moneys to general fund upon termination of program