Bill: Draft Willow Loans Act

[EmeraldGuuy]

A
BILL
To

Establish a Loan System for Businesses in Willow​

The residents of Willow, through their elected representatives in the Commission and the force of law ordained to that Commission by the people through the Willow Charter, do hereby enact the following provisions into law:

PART I - PRELIMINARIES

1 - Short Title and Enactment
(1) This Act may be cited as the 'Willow Loans Act.'
(2) This Act shall be enacted immediately upon its signage.
(3) This Act has been authored by EmeraldGuuy
(4) This Act has been co-sponsored by

2 - Reasons and Intent
(1) While a grant system would be better, a loan system is much more preferable due to Willow not currently having the funding for grants.
(2) This bill intends to establish a loan system.

3 - Definitions
(1) For the purpose of this Act, the following definitions shall apply:
(a) Business - A corporation, limited liability company or any other legal entity registered with the Department of Commerce.
(b) Willow based - Any business that mainly operates in the Town of Willow, up to discretion by the Commission.
(c) Partner - A manager, executive officer, or any other high position at a business, up to discretion of the Commission.

PART II - LOANS

4 - Loan Applications
(1) Any citizen of Willow, that has been a citizen for a least 2 weeks (14 days), may apply for a business loan on the Discord, if they meet the requirements for the loan.
(2) The requirements for applying for the loan are as follows:

(a) All partners at the business must be residents of the Town of Willow, and have been for at least 2 weeks (14 days) before applying for the loan.
(b) The business must be Willow based, and benefit Willow residents (up to the discretion of the Commission).
(c) This business must be registered with the Department of Commerce.
(d) The business must prove it has a way of paying back the loaned money and any additional interest collected.

5 - Loan Process
(1) Following a loan application being submitted to the Willow Commission through a Commission ticket on the Town of Willow Discord, the Commission will deliberate and vote on applications once the applicant answers all questions given and they meet the requirements.
(2) All loans require a simple majority to pass.
(3) The poll will be in the Commission chat, with a poll that goes for 24 hours, or until a simple majority to pass or reject is achieved.

(a) The options on the poll will be "Aye", "Nay", or "Abs".
(b) The Commission will then be pinged and asked to vote.

(4) The Mayor or Deputy Mayor will then inform them of the outcome of the poll.

(a) If rejected, they can reapply 2 weeks after the rejection.
(i) If they reapply within 2 weeks of the rejection, however, the 2 week countdown will restart.

6 - Miscellaneous
(1) Loans may not exceed $5,000 Redmontian.
(2) All loans have a 1.5% interest rate.
(3) All loans be paid back within 30 days.

(a) Repayment methods include:
(i) Up front Payment. This payment method means the loan is paid in full at the 30 day mark, with interest included.
(ii) Over time. This payment method means the loan is paid back across the 30 days, with payment plan being discussed and finalized before the loan amount is given to the applicant. This method also includes interest.