94- 457 C.M.R. ch. 204, § 22
The Chief Executive Officer may approve any loan pursuant to this Program which the Chief Executive Officer may approve pursuant to the Small Business and Veteran's Small Business Programs or the Mortgage Insurance Program. In the event that any request by a Lender is denied by the Chief Executive Officer, the Lender shall have the right to appeal the decision of the Chief Executive Officer to the members. Notice of the appeal, together with a statement of the reasons why the Chief Executive Officer's decision should be reversed or modified, shall be given to the Chief Executive Officer in writing within twenty days after the date on which the Chief Executive Officer mailed the notice of decision to the Lender. The appeal shall be heard at a meeting of the members, and the Lender must be present to support the appeal. The members ordinarily meet once each month. The appeal shall be based on the record before the Chief Executive Officer on the date of the decision. The decision of the Chief Executive Officer shall be final unless the members determine that the decision by the Chief Executive Officer was arbitrary, capricious or an abuse of discretion, in which event the members may overturn or modify the decision of the Chief Executive Officer and may direct the Chief Executive Officer to take further action with respect to the request.
94- 457 C.M.R. ch. 204, § 22