Utah Admin. Code R51-5-6 - Loan Review
(1) Loan staff
shall review and discuss the application and required documentation with the
applicant or the applicants representative. Loan staff shall shall conduct a
policy compliance review, credit analysis, and underwriting before presenting a
written loan proposal to the Executive Committee for approval.
(2) The Executive Committee shall make
decisions concerning the use of loan program funds , and shall consider the
recommendation of the Commissioner and the department loan staff.
(3) The Board shall ensure, to the best of
its ability, that available Rural Rehabilitation Loan funds are made available
in accordance with this rule and state and federal laws. If there are
insufficient funds to fund each loan application, funds shall be distributed
based on the date the complete application is received, in sequential order.
(4) The Executive Committee shall
approve loans by majority vote.
(5)
The Executive Committee shall report approved loans to the Board .
Notes
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