Regulation .06 Financial Institution Application.
Regulation .06 Financial Institution Application.LinkCopy Citation
A.
If a financial institution decides to offer the applicant a loan, it shall:
(1)
Provide the applicant and the Department with a commitment letter describing the terms and conditions of the loan, including the interest rate and fees charged by the financial institution; and
(2)
Certify to the Department on forms approved by the Department that the loan will meet the requirements of Regulation .03 of this chapter.
B.
If a financial institution declines to offer the applicant a loan, it shall:
(1)
Notify the applicant and Department in writing; and
(2)
Comply with all State and federal requirements regarding the denial of a loan.