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5-1.2-4-33. Financial assistance agreement; default by the participant

IN Code § 5-1.2-4-33 (2019) (N/A)
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Sec. 33. (a) Notwithstanding any other law and if provided in a financial assistance agreement related to any program, any state department or state agency, including the treasurer of state:

(1) that is the custodian of money payable to a participant, other than money in payment for goods or services provided by the participant; and

(2) after written notice from the public finance director that the participant is in default on the payment of principal of or interest on a loan or evidence of other financial assistance related to any program owed to the authority;

may withhold payment of money from that participant and pay over the money to the authority as directed by the public finance director, for the purpose of curing the default.

(b) The withholding of payment from the participant and payment to the authority may not adversely affect the validity of the loan or other financial assistance.

As added by P.L.189-2018, SEC.25.

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