1. (1) The board shall adopt rules to establish:

   1. (a) procedures for soliciting and evaluating applications and for notifying the local government of the application for purposes of complying with 17-5-1526 and 17-5-1527; and

   2. (b) a system for evaluating applications, considering the following criteria:

      1. (i) the applicant's net worth;
      2. (ii) the applicant's training and experience in the industry involved in the proposed project;
      3. (iii) the applicant's prospects for succeeding in the proposed project;
      4. (iv) the degree to which the new or increased business resulting from the loan will meet the objectives of 17-5-1502; and
      5. (v) any other factors the board may prescribe.

2. (2) The board shall adopt rules for the:

   1. (a) organization, approval, standards, and regulation of project applicants;
   2. (b) approval, standards, and regulation of financial institutions under this part;
   3. (c) assessment, collection, and payment of all fees and charges in connection with making, purchasing, and servicing of its bonds and notes, mortgage lending, construction lending, temporary lending, and guaranty programs; and
   4. (d) such other matters as the board considers necessary or desirable.

History: En. Sec. 19, Ch. 686, and Sec. 21, Ch. 701, L. 1983.