b) In order to participate in the Program, financial institutions must meet the following criteria:

1. 1) have a CRA rating of satisfactory or outstanding or be a credit union that does not have a CRA rating at the time of application;
2. 2) have an IDC rating of at least 75;
3. 3) be an FDIC-insured financial institution, or a credit union insured by the NCUA or other approved share insurer pursuant to the Illinois Credit Union Act [205 ILCS 305/58];
4. 4) be an Illinois or national financial institution that is authorized to do business in Illinois, and be in good standing with the financial institution's regulators;
5. 5) have a presence in Illinois; and
6. 6) comply with all Program requirements.

c) Participating financial institutions are responsible for the following:

1. 1) understanding and complying with the Program requirements found in Section 715.420;
2. 2) ensuring that the business meets the eligibility requirements for the Program found in Section 715.500;
3. 3) the day-to-day management of the loans guaranteed by the Program in accordance with the participating financial institution's established internal loan processes; and
4. 4) submitting annual reports to the Treasurer that include the following information for each business loan guaranteed through the Program:
5. A) the percentage of the loan that is guaranteed by the Program;
6. B) the dollar amount of the guarantee;
7. C) the type of loan (e.g., fixed or variable rate);
8. D) the terms of the loan;
9. E) the interest rates being charged to the business for the loan;
10. F) the frequency of interest rate changes, if applicable;
11. G) the highest interest rate possible over the life of the loan;

12. H) any pre-payment penalties that may apply on the loan;

    1. I) the payment history for loans that have been guaranteed through the Program; and
    2. J) any other information that is relevant to a full, fair, and effective disclosure of the operations of the Program.