Section 457-320-7 - Loan Commitment:A. Upon approval of a loan application by the Chief Executive Officer, a Loan Commitment will be issued setting forth the terms and conditions upon which the loan will be extended.B. In the event the Chief Executive Officer denies any application, the Chief Executive Officer will promptly send the applicant notice containing reasons for the rejection. The notice shall include a statement that the Chief Executive Officer's decision is final agency action appealable to the Superior Court and the Authority is not obligated to retain funds for any successful appeal.94- 457 C.M.R. ch. 320, § 7