R51-5-6. Loan Review

  (1) The application and required documentation shall be reviewed by loan staff and discussed with the Applicant(s) or their representative. Loan staff shall proceed with a policy compliance review, credit analysis and underwriting prior to presenting a written loan proposal to the Executive Loan Committee for approval.

  (2) Decisions concerning the use of loan program funds shall be the decision of the Agricultural Advisory Board by recommendation of the Commissioner and the Department loan staff.

  (3) The Board shall ensure, to the best of its ability, that available rural rehabilitation loan funds can be borrowed in accordance with this rule and state and federal laws. If there are insufficient funds to fund all loan applications, funds shall be distributed based on the date the complete application is received, in sequential order.

  (4) All loans shall be approved by a majority of the Executive Loan Committee and ratified by the Agricultural Advisory Board.

  (5) All credit approved on this basis shall be reported to the Board for ratification at the next scheduled Board meeting.