§ 66A.12.

INITIAL REVIEW OF LOAN APPLICATIONS BY FINANCIAL CONSULTANT

Applicants shall submit completed applications to the Program Administrator for an initial review of consistency with program requirements. The Program Administrator shall then take one of the following actions:

1.

Return any incomplete or insufficient loan application to the Applicant, together with a brief explanation of any additional information needed to complete the application; or

2.

Transmit the complete loan application to the Financial Consultant for review. The Financial Consultant would then (a) assess the application to make sure that it meets the minimum criteria set forth in Sections 66A.4, and (b) develop a summary of the loan package that will aid the review and discussion of the application by the Loan Committee and (c) recommend approval or disapproval of the loan, and provide the basis for such recommendation. The Program Administrator shall provide copies of the Financial Consultant’s recommendation to the Applicant at least five days prior to consideration of the application by the Loan Committee.

History

(Former Sec. 66A.13; added by Ord. 100-94, App. 3/11/94; amended and renumbered by Ord. 2-01, File No. 001969, App. 1/12/2001)

(Former Sec. 66A.12 was renumbered as Sec. 66A.11 by Ord. 2-01.)

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