Loan application and agreement (Repealed)

(a) Applications for loans shall be submitted to the Department on loan forms prescribed by the Department and available at their office upon written request. No application shall be considered unless all exhibits required by such form are furnished. (b) Upon approval of an application by the Department, the applicant and Department shall enter into a loan agreement which shall set forth the terms and conditions upon which the loan shall be made, as determined by the Commissioner. (c) Each loan agreement shall be effective only upon execution by the Commissioner and the applicant. (d) Such agreement shall provide without limitation that the applicant agrees: (1) That the funds provided will be used exclusively for working capital, capital equipment purchases, real estate purchase or real estate improvement or rehabilitation. Refinancing will not be permitted. (2) To provide the Department with such financial and other reports as the Commissioner in his discretion may require from time to time; (3) To notify the Department promptly of any material adverse change in the financial condition or business prospects of the applicant; (4) To represent and warrant that it has the power and authority to enter into the loan agreement and to incur the obligations therein provided for, and that all documents and agreements executed and delivered in connection with the loan will be valid and binding upon the borrower in accordance with their respective terms; and (5) To provide such security for the loan as the Commissioner may deem necessary and appropriate.