§ 10A-10. Loan procedures.

Latest version.

(a) The director must select a loan review committee to recommend the disposition of each loan application. The director must approve each loan.
(b) The County Executive must adopt regulations under method (2) to administer the loan program. These regulations should include:
(1) Lending standards and priorities;
(2) Interest rates, terms and conditions;
(3) Payment schedules, which may be granted;
(4) Application procedures, and ways to document need;
(5) Procedures for referring applicants to other sources of funds, and for cooperating with other public and private sources of funds;
(6) Procedures to ask the director to reconsider any denial of a loan or any decision on interest rate, terms and conditions;
(7) Criteria for adequate security; and
(8) Procedures for nonpayment or default. (1989 L.M.C., ch. 19, § 1; , § 5.)

                    
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