A loan made pursuant to § 11-15-9 must: (1) Bear interest payable at the rate of two percent per year; (2) Be unsecured; (3) Require equal annual payments based on a twenty-year amortization; (4) Require that the first payment be due one year from the date of the funding of the loan; and (5) Be closed and funded on or before June 30, 2030.
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