Current through Register Vol. XLI, No. 50, December 13, 2024
Section 193-1-7 - Board Action7.1. A quorum of at least four active Board members is necessary for Board action. No 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. The Application Committee is responsible for insuring that the action of the Board is carried out.7.2. No loan commitment is effective until the applicant and any co-applicants or guarantors have signed it and agreed to its terms.7.3. The Board shall notify the applicant within three business days of its decision regarding the application and provide a statement of the basis of its findings by either:7.3.a. Issuing a loan commitment, including terms and conditions of the loan; or7.3.b. Issuing a letter of rejection, which shall include an explanation for the rejection and a notification of the right to appeal as provided in this rule.