R 390.1611 Delegation of authority.

Rule 11. (1) The executive director of the authority shall have authority and responsibility for administration of the loan programs as prescribed in these rules, Michigan statutes, and applicable federal laws and regulations. (2) The executive director's authority shall include, but not be limited to, all of the following: (a) Issuance of public information relative to the programs. (b) Design of necessary forms. (c) Prescription of application procedures. (d) Prescription of procedures and terms for the collection and repayment of loans, including the purchase of other individual loans for consolidation purposes. (e) Prescription of terms, conditions, and agreements with participating lenders for purposes of a secondary market activity. (f) Approval or disapproval of loan applications. (g) Establishment of policies and practices deemed necessary for the effective administration of the loan programs as prescribed by law and by these rules.