Section 7-6 - Application Procedure (a) Applications. - (i) Each prospective borrower shall submit a written loan application, on the form furnished by the Office.
- (ii) Incomplete applications shall not be submitted to the Board for consideration.
- (iii) Any false or misleading statements made by the applicant in an application shall be grounds for summary rejection of the application.
- (iv) A fee as established by W.S. 11-34-121 shall be deposited with the Board before the application is considered. The unused portion of the fee shall be returned to the applicant if the loan is not granted.
- (v) Applications, financial statements, appraisals, and all other information pertaining to an application which has not been submitted to the Board shall be held as confidential information. Upon consideration by the Board, the application and all information with respect thereto in the Office's files are public records available for inspection and reproduction as provided by law.
- (vi) Timing. Loan applications must be received by the Director at least ninety (90) calendar days prior to any regularly scheduled meeting of the Board. Applicants must cure any defects in their application no later than forty-five (45) calendar days before any regularly scheduled meeting of the Board.
(b) Consideration. - (i) The Office shall conduct a preliminary review of all applications received. If the Office identifies problems with the application which would result in a negative recommendation to the Board, the Office shall notify the applicant of the problem and the applicant shall have the opportunity to withdraw the application from further consideration.
- (ii) All applications, not withdrawn under paragraph (i) of this subsection, shall be presented to the Board for its consideration.
- (iii) The Board shall take the following into account, when considering applications:
- (A) The applicant's net worth;
- (B) The applicant's ability to repay the loan based on viable, continuous income from any source;
- (C) The applicant's credit history; and
- (D) The applicant's need.
- (iv) The Board shall take action on applications only once. The Board shall not reconsider an application that is substantially the same as an application previously acted upon. Applicants may submit a substantially different application, provided that it complies with all the requirements for filing a new application.