Current through Register Vol. XLI, No. 50, December 13, 2024
Section 193-1-5 - Application Procedure and Contents5.1. An individual may obtain an application form from the Board and shall submit the completed application to the Board. The Board shall assist or otherwise provide for assistance to any applicant who requires assistance in completing the loan application documents. The application shall include the following information:5.1.a. Certification from the applicant that the applicant meets all eligibility requirements;5.1.b. Satisfactory evidence of the applicant's net income and net worth;5.1.c. A statement including the cost, description and intended use of the technology-related device or service that the applicant proposes to purchase;5.1.d. A statement of contributing sources of financing for the device or service if required by the Board; and5.1.e. Proof of disability of the applicant or the intended user if required by the Board. The proof may include a statement from a physician indicating how the applicant's disability affects one or more major life activities. The Board may also require an assistive technology evaluation prior to consideration of the loan application.5.1.f. The Board shall refer all applications received, together with any supporting documentation, to its Application Committee. The Application Committee shall consist of four members of the Board who are appointed by the chairperson. At least one of the members of the Application Committee shall be an individual with a disability or have a family member who has a disability. The Application Committee shall consider the following in recommending approval or rejection of an application for a loan:5.1.f.1. Whether an applicant is eligible for a loan;5.1.f.2. Whether the loan proceeds will be put to an eligible use;5.1.f.3. Whether the proposed loan is an efficient use of loan funds;5.1.f.4. Whether any other financing sources may be used to supplement the loan;5.1.f.5. Whether there are sufficient assets to provide adequate collateral for the loan;5.1.f.6. Whether the application is complete and the applicant has supplied all information necessary for financial review and analysis of the application;5.1.f.7. The applicant's ability to repay the loan; and5.1.f.8. The adequacy of security provided for the loan.5.1.g. In considering the factors set forth in Subdivision 5.1.f. of this section, the Board shall determine the appropriate weight to give to each factor in each case.5.1.h. The Board's Application Committee shall determine whether and when an application is complete and its decision is final. When the Application Committee determines that a loan application is complete and ready for review, it shall then request a credit report from the appropriate credit bureau. The Application Committee shall not consider the absence of a credit history a negative factor in it's evaluation of an application nor is the absence grounds, in and of itself, for the Board to deny an application for a loan.