Rule Rule 123-019-0060
Appeals, Monitoring, Amendments and Modifications


If the Director denies a loan request and if requested in writing by the Applicant within 30 days of the denial, the Department shall inform the Applicant in writing of the reasons for such denial.


A denied Applicant has the right to appeal the denial in writing within 30 days of the Director’s denial. Within 30 days of the appeal, the Applicant may submit whatever books, documents and data necessary to support the appeal. After reviewing the additional documentation, the Department shall schedule an appeal review by the Director, the Director’s designee or the Loan Committee, as the Department may decide. If the Department elects to have the appeal reviewed by the Loan Committee, the Applicant may appear at the Loan Committee meeting to provide additional context to the information provided to support the appeal.


An Applicant whose appeal has been denied must submit a new credit application to be eligible for consideration of a new loan request. This requirement may be waived by the Director, in his or her sole discretion.


All loans shall be monitored by, and all loan repayments shall be made to, the Department or its assignee.


It is the responsibility of the borrower to ensure that its payment arrives in the Department by the due date.


Any request for modification or amendment to any loan condition shall be made in writing to the Department and approved by the Director. The Director may refer a request for modification or amendment to the Loan Committee for recommendation.


If the Director consents to any requested modification or amendment, the borrower shall be responsible for all costs of modifying or amending any loan documents, filings, recordings or financing statements.
Last accessed
Feb. 4, 2021