Appeals, Servicing, Amendments, Assumptions and Modifications
(1)If the Director denies a loan request, the applicant may appeal the Director’s decision to the Finance Committee. The Finance Committee may:
(a)Affirm the Director’s denial; or
(b)Decide to consider the loan request itself.
(2)If the Finance Committee denies a loan request, the applicant has the right to appeal to the Finance Committee for a rehearing of its application.
(3)An applicant has the right to appear in person at the appeal hearing, and to introduce whatever books, documents and data it regards as necessary to support the appeal.
(4)An applicant whose appeal of the Director’s or the Finance Committee’s decision has been denied by the Finance Committee must submit a new application, including a new application fee, to be eligible for further consideration of a new loan request.
(5)All loans shall be monitored by, and all loan repayments shall be made to, the Department.
(6)It is the responsibility of the Borrower to ensure that the Department receives its payment by the due date.
(7)Any request for modification or amendment to any loan condition shall be made in writing to the Department and approved by the Finance Committee or Director. However, in those cases where a requested amendment or modification will not have a serious adverse effect on the State’s security position, the Chairperson or his/her designee from the Finance Committee or the Director may approve such requested amendment or modification.
(8)If the Director, the Finance Committee, its Chairperson or designee, consents to any requested modification, assumption or amendment, the Borrower shall be responsible for all costs, including filing fees, of modifying or amending of any loan documents, filings, recordings or financing statements.
Rule 123-017-0037 — Appeals, Servicing, Amendments, Assumptions and Modifications,