Section 178-501-5 - Application Procedure and ContentsA. Applications are to be submitted as directed by the board and must include such information as necessary and required by the board.B. The following shall be considered in approving or denying an application for a loan: 1) Whether an applicant is eligible for a loan.2) Whether the loan proceeds will be put to an eligible use.3) Whether the applicant has the ability to repay the loan.4) Whether any other financing sources may be used to supplement the loan.5) Whether there are sufficient assets to provide adequate collateral for the loan.C. A financial services provider to whom the board has delegated loan approval and denial authority shall approve or deny loan applications according to the Act and this rule and underwriting guidelines approved and reviewed at least annually by the board.D. Such financial services provider shall, on behalf of the board, issue a loan commitment if the loan application is approved or notify the applicant of its findings regarding a denied loan application with notice of the appeal process.94- 178 C.M.R. ch. 501, § 5