Pennsylvania § 606 - Liability.
Full text of Pennsylvania Pennsylvania Consolidated Statutes § 606 — Liability., with citation guidance and answers to common questions.
§ 606. Liability.
(a) Immunity.--The Commonwealth, the State Treasurer and the commission shall not be liable to a lending institution in any manner for payment of the principal or interest on the loan made to an eligible borrower.
(b) Loss of subsidy upon default.--A default by an eligible borrower in repayment of an Agriculture-Linked Investment Loan shall result in the loss of the subsidy provided under this chapter, in which case the interest rate payable by the lending institution shall revert to the interest rate on deposits as established by the Board of Finance and Revenue from time to time as otherwise established by law. As used in this subsection, the term "default" means a loan which is more than 90 days in arrears on payments.
(c) Availability of funding.--The subsidy provided by this chapter shall continue only so long as the commission furnishes money to pay for it. In the event funding is exhausted or otherwise unavailable, the interest rate payable by lending institutions shall revert to the interest rate on deposits in State depositories as established from time to time by the Board of Finance and Revenue as otherwise provided by law.
Frequently Asked Questions About Pennsylvania § 606
What does Pennsylvania Consolidated Statutes § 606 cover?
Section 606 ("Liability.") is part of the Pennsylvania Consolidated Statutes, the codified statutory law of Pennsylvania. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Pennsylvania § 606?
A common citation format is "Pennsylvania Consolidated Statutes § 606" (Pennsylvania). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Pennsylvania law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Pennsylvania official source linked on this page or consult a licensed Pennsylvania attorney.
How does Pennsylvania § 606 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Pennsylvania can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Pennsylvania.