Section 457-301-8 - Recommendation to the AuthorityA. After the application is complete, has been presented to the Advisory Board, and the applicant has had an opportunity to support the application and provide any further information or answers to questions, the Advisory Board shall vote on whether to recommend that the Authority accept or reject the application. A majority of the Advisory Board shall be necessary to recommend approval of a loan. In the event that a majority vote cannot be obtained either to recommend approval or rejection, then the recommendation shall be deemed to be to reject. No Advisory Board member may participate in a vote on an application where that member has a direct or indirect pecuniary interest in the outcome of the vote.B. The Advisory Board, in cooperation with the Coordinator, shall prepare a report on each application and shall forward the report to the Authority within ten (10) business days of the vote on the application. The report shall contain the following: 1 The complete application as presented to the Advisory Board.2 A detailed summary of the testimony at the Advisory Board meeting at which the application was considered, including comments of the applicant, answers provided by the applicant to questions, any comments by any members of the public, and any statements by the Coordinator or any member of the Advisory Board,3 A statement of the results of the vote,4 A statement of reasons for the vote, if the majority based its vote on agreed reasons,5 A statement by any members who voted contrary to the majority giving reasons for their stance, if they so desire.6 If the vote is to approve the loan, a recommendation for the amount of the loan, the term of the loan, the security for the loan, if any, and any other recommendations regarding the terms or conditions,7 such other information or analysis as the Advisory Board feels should be considered by the Authority.B.1. In the event that the Authority has provided for the community action agency to administer the Maine Job Start Program and to control a portion of the job start revolving loan fund, then the provisions of sub- paragraphs C, D, E and F shall apply to the community action agency instead of the Authority, mutatis mutandis, and subparagraph G shall not apply, and there shall be no appeal to the Authority. C. The chief executive officer shall be responsible for insuring that the recommendation of the Advisory Board, and the reasons therefor, are considered and action is taken by the chief executive officer either issuing a commitment or rejecting the loan. The chief executive officer shall consider the application and recommendation within three (3) weeks of receipt from the Advisory Board, provided that if the chief executive officer determines that the application is not complete or additional information is necessary, the chief executive officer may consider the application within three (3) weeks of the time the application is completed or the additional information is presented by the applicant to the chief executive officer's satisfaction. The chief executive officer shall take the recommendation of the Advisory Board, and the reasons therefore, into account, particularly to the extent the recommendation is based on knowledge of local business and economic conditions, but shall be entitled to exercise his or her own judgment based on the application, this rule and the Act.D. Upon approval of an application by the chief executive officer, a commitment will be issued setting forth the terms and conditions of the loan, including the amount approved, the interest rate, the term, the security required and shall also require the submission in final form within a time specified of all appropriate documents, appraisals, guarantees, permits, approvals, opinions, certifications and other instruments or documentation evidencing full compliance with Authority requirements and in form and content satisfactory to the chief executive officer.E. No commitment shall be valid unless authorized by the chief executive officer and a commitment shall be effective for a stated period. A commitment may be renewed in the manner stated in the commitment, and may be subject to such reasonable conditions as the Authority may impose.F. No commitment shall become effective until the applicant and any guarantors have signed it and agreed to its terms.G. If, upon examination of the application, supporting information and the Advisory Board recommendation, the chief executive officer rejects such application, the borrower and the Coordinator shall be so informed. The notice of the rejection shall provide that the applicant may appeal the chief executive officer's denial of the application to the members of the Authority by notifying the chief executive officer in writing, provided that the chief executive officer receives such notice of appeal within fourteen (14) days after the sending of notice of denial. The appeal shall be heard at a regularly scheduled meeting of the members as soon as it can reasonably be scheduled, and the applicant must be present to support the appeal. The members of the Authority shall not overturn the decision of the chief executive officer unless the members determine that the rejection by the chief executive officer was arbitrary, capricious or an abuse of discretion. If such a determination is made, the members may reverse or modify the decision of the chief executive officer and may direct the chief executive officer to take further action with respect to the application.94-457 C.M.R. ch. 301, § 8