To apply for financial assistance from the Program under this part, a principal and, if applicable, a surety shall submit to the Authority an application on the form that the Authority provides with the information the Authority requires. The Authority may require an applicant to provide an audited balance sheet before the Authority approves or denies the application. The Authority may not approve a guaranty or bond under this part for a principal that has defaulted on a loan or guaranty from the Authority unless: 2 years have passed since the time of the default; and the principal has cured any default in any financing program administered by the Department.