901:3-63-15 Ohio department of development submission of loan application to director.

(A) Within ten working days of receipt of an FFLP loan application from a participating lending institution, the OFI shall process the loan application and shall forward the processed application, in a package to include all documentation received from the lending institution and all documentation added to the application file by the OFI, to the director.

(B) At the time that it forwards an FFLP loan application to the director, the OFI shall notify the lending institution and the applicant that it has so forwarded the application.

(C) In the event that an FFLP loan application cannot be processed by the OFI pursuant to the requirements of paragraph (A) of this rule, the OFI shall:

(1) Notify the lending institution and the applicant that it cannot process the loan application as received and request in writing all information and action needed from the lending institution and/or the applicant to complete processing of the application; and

(2) Notify the director that the loan application cannot be processed as received by the OFI and provide to the director copies of all written requests made pursuant to paragraph (C)(1) of this rule.

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, 901.82

Prior Effective Dates: 8/7/98