1501:47-1-25 Recreation marine loan program, letter of endorsement.

(A) Upon approval of a recreation marine loan program application by the director of the department of natural resources and the chief of the division of watercraft, the chief of the division of watercraft shall issue a letter of endorsement to the applicant. This letter of endorsement shall not be construed to represent any guarantee of funding for the applicant's project or an obligation of either the department of natural resources or the division of watercraft to the applicant, not shall it be construed as a warranty of any kind, whether statutory, expressed or implied, as to the suitability of the applicant or the applicant's project for financing by a participating financial institution or lending institution.

(B) The letter of endorsement issued by the chief of the division of watercraft may be voided by the division in the event that any provision of the recreation marine loan program agreement or program procedures are violated by the applicant.

(C) For the purposes of this section, "financial institution" shall have the same meaning as defined by ORC 122.60 .

Effective: 08/24/2006
R.C. 119.032 review dates: 08/24/2011
Promulgated Under: 119.03
Statutory Authority: 1547.52
Rule Amplifies: 1547.71 , 1547.72 , 1547.74