§ 42-64-37. Loan and loan guarantee programs.
(a) The board shall establish by January, 2014, a risk management program for all loans, loan guarantees and all other financial commitments into which the corporation enters. The program shall be established in conjunction with the state’s banking regulators and shall consist of at least the following components:
(1) A set of principles and guidelines for providing any financial commitments to be made by the corporation; and
(2) A public process for providing financial commitments to include the formation of a sub-committee of the board to review, analyze and approve all commitments. This process shall include the formation of a sub-committee that consists of members of the board and other non-board members that shall have no affiliation with the corporation or with the organization seeking the financial commitment. The board shall appoint the non-board members. No employee of the corporation shall be a member of the sub-committee. The sub-committee shall be required to approve or reject the financial commitment in accordance with the set of principles established by the board.
(b) The board shall approve in public session all financial commitments after the sub-committee has rendered its opinion regarding the commitment. The board shall opine that the commitment meets the principles and guidelines established by the board.
(c) The board shall annually audit and provide a risk analysis of all outstanding financial commitments. The board shall engage an external firm qualified to conduct such analysis and shall submit the report to the general assembly, chairs of the house finance committee and the senate finance committee.
(d) The board shall establish a monitoring process for each financial commitment which shall be a part of the risk analysis report.
(e) The board shall review the risk analysis report and make modifications to the financial commitment as it deems necessary.
History of Section.P.L. 2013, ch. 243, § 5; P.L. 2013, ch. 490, § 5.
Structure Rhode Island General Laws
Title 42 - State Affairs and Government
Chapter 42-64 - Rhode Island Commerce Corporation
Section 42-64-1. - Short title.
Section 42-64-1.1. - Change of name.
Section 42-64-2. - Legislative findings.
Section 42-64-3. - Definitions.
Section 42-64-6. - General powers.
Section 42-64-7. - Additional general powers.
Section 42-64-7.1. - Subsidiaries.
Section 42-64-7.2. - Amendment of the articles of incorporation of a subsidiary public corporation.
Section 42-64-7.3. - Voluntary dissolution of a subsidiary public corporation.
Section 42-64-7.4. - Water supply facilities.
Section 42-64-7.5. - Acceptance of federal grants.
Section 42-64-7.7. - Grant of powers to the corporation.
Section 42-64-7.9. - Orders as to pretreatment of sewage.
Section 42-64-7.11. - Venture capital forum program.
Section 42-64-7.12. - Transfer of functions to the Quonset Development Corporation.
Section 42-64-7.13. - National security infrastructure support fund.
Section 42-64-8. - Directors, officers, and employees.
Section 42-64-8.1. - Appropriation and expenses.
Section 42-64-8.2. - Role and responsibilities of board members.
Section 42-64-8.3. - Transparency requirements established.
Section 42-64-9. - Condemnation power.
Section 42-64-9.1. - Inspection powers.
Section 42-64-9.2. - Civil penalties.
Section 42-64-9.3. - Criminal penalties.
Section 42-64-9.4. - Procedures for enforcement.
Section 42-64-9.5. - Hearings.
Section 42-64-9.6. - Notice of decisions.
Section 42-64-9.7. - Notice of hearing on orders.
Section 42-64-9.8. - Procedure for hearings on orders.
Section 42-64-9.9. - Public access to information.
Section 42-64-9.10. - Rules and regulations — Notice of rule review.
Section 42-64-10. - Findings of the corporation.
Section 42-64-11. - Disposition of projects.
Section 42-64-12. - Community advisory committees.
Section 42-64-13. - Relations with municipalities.
Section 42-64-13.1. - Assistance to urban communities for economic revitalization.
Section 42-64-13.2. - Renewable energy investment coordination.
Section 42-64-14. - Relations with state agencies.
Section 42-64-15. - Bonds and notes of the corporation.
Section 42-64-16. - Short-term notes.
Section 42-64-17. - Security for bonds or notes.
Section 42-64-18. - Reserve funds and appropriations.
Section 42-64-19. - Trust funds.
Section 42-64-20. - Exemption from taxation.
Section 42-64-20.1. - Procedure.
Section 42-64-21. - Notes and bonds as legal investments.
Section 42-64-22. - Agreement of the state.
Section 42-64-23. - Credit of state.
Section 42-64-24. - State’s right to require redemption of bonds.
Section 42-64-25. - Remedies of bondholders and note-holders.
Section 42-64-26. - Authorization to accept appropriated moneys.
Section 42-64-27. - Assistance by state officers, departments, boards and commission.
Section 42-64-28. - Annual financial reports and performance report.
Section 42-64-29. - Inventory of development sites.
Section 42-64-30. - Inconsistent provisions.
Section 42-64-31. - Other statutes.
Section 42-64-31.1. - Rules and regulations.
Section 42-64-32. - Construction.
Section 42-64-33. - Severability.
Section 42-64-34. - Appointment of small business advocate.
Section 42-64-34.1. - Cooperation required.
Section 42-64-35. - Government contract procurement assistance.
Section 42-64-36. - Program accountability.
Section 42-64-37. - Loan and loan guarantee programs.
Section 42-64-38. - Audit of the corporation.
Section 42-64-39. - Business development center.
Section 42-64-40. - Court-approved settlements.
Section 42-64-41. - Report regarding small business lending.