Current through Register Vol. XLI, No. 50, December 13, 2024
Section 193-1-6 - Action by the Application Committee6.1. After the application is complete and the applicant has had an opportunity to support the application with any further information requested by the Application Committee or which the applicant determines will further support the loan request, the Application Committee shall prepare an analysis of each application. The analysis shall be presented to the Board within fifteen business days of the Board's receipt of the applicant's credit check. The analysis shall contain the following:6.1.b. A statement of the strengths and weaknesses of the proposed loan; and6.1.c. Any other information the Board may require.6.2. Based on the analysis, the Application Committee shall recommend approval or denial of the loan application, then forward that recommendation as follows:6.2.a. If the Application Committee recommends approval of the loan, the Application Committee shall forward to the Board the complete loan application. The Application Committee shall include a certification that it has reviewed the loan and considered each of the criteria in this rule, and shall include the basis for its recommendation;6.2.b. If the Application Committee recommends denial of the loan, it shall forward the complete loan application and statement of its basis for the recommendation directly to the Board for a final determination;