Plain Text Law

Regulation .05 Initial Loan Application.

Regulation .05 Initial Loan Application.Copy Citation

A.
An applicant may choose to submit an application directly to:
(1)
One or more participating financial institutions; or
(2)
The Department, to be forwarded to all participating financial institutions.
B.
For an application submitted directly to a financial institution under §A(1) of this regulation, the following procedures apply:
(1)
Before making a loan commitment to the applicant, the financial institution shall submit an application to the Department on forms prescribed by the Department;
(2)
The Department may require that the application be submitted in electronic form; and
(3)
After receipt of a completed application, the Department shall either:
(a)
Confirm that the applicant is a certified minority business enterprise or a small business and notify the applicant and the financial institution in writing that the applicant meets the program requirement that it be a certified minority business enterprise or a small business; or
(b)
Notify the applicant and the financial institution in writing that the application has been denied because the applicant is not a certified minority business enterprise or a small business.
C.
For an application submitted to the Department under §A(2) of this regulation, the following procedures apply:
(1)
An applicant shall submit a completed application to the Department on forms prescribed by the Department;
(2)
An applicant may submit the application in electronic form or written form;
(3)
After the receipt of a completed application, the Department shall either:
(a)
Confirm that the applicant is a certified minority business enterprise or a small business; or
(b)
Notify the applicant in writing if its application has been denied because it is not a certified minority business enterprise or a small business; and
(4)
If the Department confirms that the applicant is a certified minority business enterprise or a small business, the Department shall provide:
(a)
All financial institutions eligible to participate in the Program with a copy of the completed application; and
(b)
The applicant with a list of all financial institutions that received a copy of the application.