Section 14K. There is hereby established a separate fund to be known as the Federal Loan Interest Fund which shall be administered by the commissioner, without liability on the part of the commonwealth beyond the amount credited to and earned by the fund. Said fund shall consist of all amounts received under section fourteen J which shall be credited to such fund, except as otherwise provided in said section fourteen J and any other monies authorized by law to be credited to said fund. Money in the fund shall be used only for the payment of interest required to be paid under section 1202(b) of the Social Security Act. The monies in said fund shall be continuously available to the commissioner for the payment of said interest and shall not lapse at any time or be transferred to any other fund or account except as herein provided. On September thirtieth of each calendar year, the commissioner shall transfer from the Federal Loan Interest Fund to the Unemployment Compensation Fund any amounts paid pursuant to section fourteen J prior to the immediately preceding twenty-four month period which have not been expended for the payment of interest. The commissioner shall credit such amounts transferred to the solvency account pursuant to paragraph (1) of subsection (e) of section fourteen as of October first of said calendar year.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal insurance products you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with access to legal services through a network of provider law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our provider law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your provider law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal insurance products, and access to the LegalFix network of provider law firms are subject to the LegalFix Terms of Service and Privacy Policy.
