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Esbfpgc 043020 v0.2 <br />FEES AND EXPENSES <br /> <br />Borrows will be responsible for covering non-sufficient funds (NSF) charges that result from insufficient funds to cover the monthly loan payment draft. <br /> <br />LOAN REPAYMENT <br /> <br />Loan repayments shall be: <br /> <br />1. Finalized upon loan execution. <br />2. Due as stipulated in the repayment schedule and terms. <br />3. Collected through Automated Clearing House (ACH)/ Electronic Funds Transfer (EFT). <br />4. Eligible for prepayment. <br />5. Past due after 30 days. <br /> <br />DELINQUENT ACCOUNT COLLECTIONS <br /> <br />Staff will generate system generated Accounts Receivable and Aging Reports to review <br />collection status of all loans and at; <br /> <br />30 Days- Department of Economic Development staff will mail/email 30 Day Past Due Notice <br />and Department of Finance will initiate Automated Clearing House draft; <br /> <br />60 Days- Department of Economic Development staff will mail/email 60 Day Past Due Notice, <br />Department of Finance will resubmit Automated Clearing House draft, Debt Set-Off and County <br />Attorney Letter; <br /> <br />90 Days- Department of Economic Development staff will mail/email 90 Day Past Due Notice, <br />Department of Finance will resubmit Automated Clearing House draft, Debt Set-Off, County <br />Attorney Letter and Credit Bureau Reporting; and <br /> <br />90 Days and Older- Department of Economic Development staff will mail/email 90 Day Past Due <br />Notice, Department of Finance will resubmit Automated Clearing House draft, Debt Set-Off, <br />County Attorney Letter, Credit Bureau Reporting and Retain Collection Agency <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /><br />       <br />