Section 001-31-F - Commitment or Rejection1. Upon approval of an application, the Commissioner will execute a letter of commitment setting forth the terms and conditions upon which the loan will be made.2. No commitment shall become effective until the applicant has accepted the terms and conditions of the commitment letter.3. In the event the application is rejected, the Commissioner will notify the applicant promptly of the reasons for the rejection.01-001 C.M.R. ch. 31, § F