Pennsylvania § 1130 - Transfer of loans from certain programs.
Full text of Pennsylvania Pennsylvania Consolidated Statutes § 1130 — Transfer of loans from certain programs., with citation guidance and answers to common questions.
§ 1130. Transfer of loans from certain programs.
(a) Loan transfer.--On the effective date of this section, outstanding loans executed under the Small Business First Program and the Machinery and Equipment Loan Program and approved loan commitments that have not been executed by the effective date of this section, including necessary documentation and collateral security associated with the loans, shall be transferred from the department to the authority.
(b) Loan commitments.--An approved loan commitment transferred under subsection (a) shall be executed in accordance with 12 Pa.C.S. Chs. 23 (relating to small business first) and 29 (relating to machinery and equipment loans).
(c) Legal actions.--On the effective date of this section, each legal action relating to a loan under the Small Business First Program or the Machinery and Equipment Loan Program shall be transferred to the authority.
(d) Security or collateral.--No money deposited or to be deposited into the Small Business First Fund or the Machinery and Equipment Loan Fund may serve as security or collateral for any debt incurred by the board before the effective date of this section, unless proceeds made available by the debt are used by the board to fund loans or other financial assistance under the Small Business First Program or the Machinery and Equipment Loan Program to effectively carry out the purposes of the programs.
Frequently Asked Questions About Pennsylvania § 1130
What does Pennsylvania Consolidated Statutes § 1130 cover?
Section 1130 ("Transfer of loans from certain programs.") 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 § 1130?
A common citation format is "Pennsylvania Consolidated Statutes § 1130" (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 § 1130 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.