901:3-63-14 Lending institution submission of loan application to Ohio department of development.

(A) Any lending institution which is certified to conduct business in the state of Ohio and which desires to participate in the FFLP must enter into and sign a letter of commitment pursuant to paragraph (D) of rule 901:3-63-16 of the Administrative Code.

(B) Within three working days of completion and approval of an FFLP loan application, a participating lending institution shall submit the following items to the OFI, for loan application servicing:

(1) All lending institution completed loan application forms and all related documents, attachments, and exhibits;

(2) Completed form ODA RFGA1, applicant’s request for guarantee application;

(3) Completed form ODA PPS1, applicant’s family farm loan guarantee program project summary;

(4) Completed form ODA DAE 1, demonstration of applicant eligibility;

(5) All other documents, correspondence, exhibits and items related to the loan, loan conditions, realty and personalty covered by the loan application; to applicant’s plan and management strategy; and to applicant’s ability to repay the loan

(C) After submittal of a loan application to the OFI, a participating lending institution shall provide to the OFI all information and assistance required for adequate and appropriate servicing of the loan.

(D) Where required, and following transmittal of an FFLP loan application from the OFI to the director, a participating lending institution shall provide to the director and the AFC all information and assistance required for adequate and appropriate review of and decision upon the loan application.

R.C. 119.032 review dates: 08/13/2003 and 08/13/2008

Promulgated Under: 119.03

Statutory Authority: 901.82

Rule Amplifies: 122.011, 901.81, 901.82

Prior Effective Dates: 8/7/98