Section 32-23z-3 - Procedures for loans or lines of credit(a) Applications shall be reviewed and approved by the commissioner or his designee and authorized by the authority or, if the authority so determines, by a committee of the authority consisting of the chairman and either one other member of the authority or its executive director, as specified in the determination of the authority.(b) Upon approval by the commissioner and authorization by the authority, the borrower shall be issued a commitment letter which shall set forth the terms and conditions applicable to the loan or line of credit, including but not limited to the amount for which such loan or line of credit was made and approved, a description of the type and amount of security required to be provided the department, the term of the loan or line of credit, loan guaranty requirements, the rate of interest, affirmative action requirements, requirements concerning legal opinions to be submitted by the borrower's attorney, requirements concerning the provision of financial statements to the department or the authority and the permitted use of the proceeds of the loan or line of credit.(c) Each commitment letter shall be effective only upon execution by the commissioner and the borrower.(d) If, upon examination of the application, supporting information and results of any investigation, the department and the authority reject such application, then the loan or line of credit shall not be made and the department shall cause the applicant to be notified that the application has been denied.Conn. Agencies Regs. § 32-23z-3
Effective October 25, 1990