Mich. Comp. Laws § 324.95233: Marina dredging loan origination program; establishment; requirements; limitation on loan amount.

Sec. 3.

(1) The state treasurer may establish a marina dredging loan origination program as provided in this act.

(2) The program shall meet all of the following:

(a) A qualified financial institution shall make marina dredging loans before March 1, 2014.

(b) A person receiving a marina dredging loan shall pay an interest rate authorized under this act and established by the qualified financial institution.

(c) This state shall pay loan origination fees, on a first come first serve basis, for administrative costs incurred by the qualified financial institution equal to 5% of the original principal amount of the loan.

(3) A marina dredging loan shall comply with all of the following:

(a) Interest shall be set by the qualified financial institution at a rate of not more than the higher of 2.5% or the adjusted prime rate minus 0.75%. As used in this subdivision, "adjusted prime rate" means that term as it is defined in section 23 of 1941 PA 122, MCL 205.23.

(b) The term of the loan shall not be more than 5 years.

(c) The first principal payment required under the loan shall not occur before 24 months after the issuance of the loan.

(4) A marina dredging loan shall not exceed $500,000.00 per eligible marina.