If a financial institution decides to offer the applicant a loan, it shall: 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 Certify to the Department on forms approved by the Department that the loan will meet the requirements of Regulation .03 of this chapter. If a financial institution declines to offer the applicant a loan, it shall: Notify the applicant and Department in writing; and Comply with all State and federal requirements regarding the denial of a loan.