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Pennsylvania Statutes Title 73 P.S. Trade and Commerce § 393.28. Penalties

Current as of January 01, 2025 | Updated by Findlaw Staff

(a) General rule.--Private companies or private developers who fail to create the number of jobs specified in a funded application or who fail to inject the required amount of private investment into the projects shall be liable for a penalty of up to the full amount of the grant, grant-to-loan or loan awarded by the department unless the penalty is waived by the secretary because the failure is due to circumstances outside the control of the private company or private developer. The penalty shall be payable in one lump sum or in installments, with or without interest, as the secretary deems appropriate.

(b) Repayment.--The secretary may, in the case of grant-to-loans or loans, elect:

(1) to demand repayment of the entire outstanding principal balance of the grant-to-loan or loan;

(2) to permit repayment of the loan in accelerated installments with an interest rate accruing on the unpaid balance of those installments at a rate not to exceed the prime interest rate plus 2% per annum; or

(3) not to accelerate any repayment of principal, but increase the interest rate charged on the outstanding principal of the grant-to-loan or loan at a rate not to exceed the prime interest rate plus 2% per annum.

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Cite this article: FindLaw.com - Pennsylvania Statutes Title 73 P.S. Trade and Commerce § 393.28. Penalties - last updated January 01, 2025 | https://codes.findlaw.com/pa/title-73-ps-trade-and-commerce/pa-st-sect-73-393-28/

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