27—11.21(161A) Financial partner.

1. 11.21(1)  Responsibilities. The financial partner may assist with the following responsibilities:

   1. a. Making determinations regarding an applicant’s ability to repay the loan. Making this determination may include evaluating the applicant’s net worth or securing other information as deemed necessary.
   2. b. Securing valid liens on real estate on which the conservation practices are applied.
   3. c. Disbursing loan funds and processing loan payments.
   4. d. Collecting application fees for servicing loans. Maximum application fees assessed to the borrower will be 2 percent of the loan plus filing costs.
   5. e. Pursuing delinquent loan payments and collections.
2. 11.21(2)  Reserved.

The division may designate or enter into an agreement with a financial partner to assist with servicing loans under this program.