(a)

1. (1) The amount of a loan shall cover the reasonable cost of the assistive equipment and services, as indicated by materials submitted with the applications.
2. (2) Loan applications up to eight thousand dollars ($8,000) will be evaluated and approved by the AATAFP Executive Director.
3. (3) Loan applications between eight thousand dollars ($8,000) and fifty thousand dollars ($50,000) will be evaluated and approved by the loan subcommittee.
4. (4) Loans will be booked and serviced by the AATAFP in accordance with established criteria and procedures.
5. (5) Terms shall not exceed twenty (20) years.

(b)

1. (1) The Technology Equipment Revolving Loan Fund Committee shall establish the loan interest rate parameters.
2. (2) Interest rates in effect at the time an application is received by Arkansas Rehabilitation Services are fixed for the term of the loan.

(d) Arkansas Rehabilitation Services will coordinate the filing of documents required to provide Arkansas Rehabilitation Services a security interest in:

1. (1) Items purchased or modified with AATAFP funds through deeds of trust;
2. (2) Liens on titled vehicles; and
3. (3) Uniform Commercial Code, Arkansas Code § 4-9-101 et seq., filings for collateral.

(e)

1. (1) A borrower must request permission from the committee and notify Arkansas Rehabilitation Services if collateral will be relocated to and/or registered in a state other than Arkansas.
2. (2) Uniform Commercial Code filings will be required for the additional state at the borrower’s expense.

3. (3)

   1. (A) The borrower must obtain two (2) bids from licensed contractors when requesting a loan of more than five thousand dollars ($5,000) for home modifications.
   2. (B) Bidding contractors must:

(i) Document home construction work performed; and

1. (ii) Provide a firm turnkey price in the bid.

(h) A loan is considered delinquent or in default according to the criteria set forth in the loan document.

1. (i) Borrowers will be assessed late payment and insufficient check fees as established by the committee.