Claims by eligible financial institutions. Assignment of guaranteed loans to state. Recordkeeping. Termination of loan guarantees. Maximum amount of claims.

(b) The authority shall maintain records in the regular course of administration of the loan guarantee program, including a record of loans issued and of payments made to honor loan guarantees issued under this section. (c) The authority may terminate any loan guarantee if the financial institution misrepresents any information pertaining to the guarantee or fails to comply with any requirements of this section in connection with the guarantee of the underlying loan. (d) The total amount of claims processed by the authority and paid by the Comptroller to honor loan guarantees under this section shall not exceed two million dollars. When the total amount of claims processed by the authority and paid by the Comptroller reaches two million dollars, the authority shall immediately cease to process claims and shall notify the Comptroller and each eligible financial institution participating in the program that the authority has ceased honoring loan guarantees.