(b) All loan decisions approved by the Director of Arkansas Rehabilitation Services will be:

1. (1) Considered final; and
2. (2) Ratified by the committee at its next regular meeting.

(c) The structure of the loan subcommittee is as follows:

1. (1) The loan subcommittee will meet to evaluate loan requests;
2. (2) The loan subcommittee will consist of five (5) members with a quorum of three (3) members;
3. (3) No committee member and loan subcommittee member may participate in a vote on an application in which that member has a direct or indirect financial interest in the outcome of the vote;
4. (4) The Executive Director of the AATAFP will recommend approval of loans up to eight thousand dollars ($8,000);

5. (5) The executive director will:

   1. (A) Prepare the loan summary sheet for each pending application; and
   2. (B) Present the loan to the committee at the meeting;
6. (6) Loan subcommittee members will discuss the application and then vote to recommend approval, denial, or request additional information;
7. (7) Approvals or denials made outside of AATAFP credit policy require documentation of exceptional circumstances;
8. (8) Appeals will be heard by the committee; and
9. (9) A summary of loan decisions since the previous loan subcommittee meeting will be provided to the committee for ratification at its next scheduled meeting.