234.907 (2m) Origination fees.
The authority may charge a guarantee 6
origination fee on every loan guaranteed under this section. The amount of the fee 7
may not exceed 1.5 percent of a loan's guaranteed principal. The participating lender 8
shall collect the fee and remit it to the authority. The authority shall deposit all fees 9
received under this subsection in the Wisconsin development reserve fund.
234.907 (3) Guarantee of collection.
The authority may guarantee collection 12
of up to 90 percent of the disbursed
principal of any loan eligible for a guarantee 13
under sub. (2). The authority shall establish the percentage of the unpaid principal
of an eligible loan that will be guaranteed, using the procedures described in the 2
guarantee agreement under s. 234.93 (2) (a). The authority may establish a single 3
percentage for all guaranteed loans or establish different percentages for eligible 4
loans on an individual basis.”.
“(b) In the event of default, the amount guaranteed under par. (a) shall be 8
payable in full to the authorized lender regardless of the amount due after all 9
available collateral securing the loan has been liquidated and applied to the loan, 10
except that if that amount due is less than the amount guaranteed under par. (a), the 11
amount due shall be payable to the authorized lender.”.