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PARRIS N. GLENDENING, Governor Ch. 240
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(3) ESTABLISH A LOW INTEREST REVOLVING LOAN ACCOUNT BOARD;
AND
(4) RECOMMEND TO THE BOARD THE APPROVAL OR DENIAL OF LOANS.
(B) A VOLUNTEER COMPANY MAY SUBMIT A LOAN REQUEST FOR FINANCIAL
ASSISTANCE TO THE ASSOCIATION.
(C) EACH LOAN REQUEST SHALL INCLUDE:
(1) A DETAILED EXPLANATION OF THE REASONS FOR THE REQUEST;
(2) FINANCIAL STATEMENTS FOR THE 2 FISCAL YEARS IMMEDIATELY
PRIOR TO THE FISCAL YEAR IN WHICH THE APPLICATION IS MADE; AND
(3) THE AUDIT OF THE FINANCIAL STATEMENT, IF AN AUDIT WAS
CONDUCTED.
46G.
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(A) (1) THE LOW INTEREST REVOLVING LOAN ACCOUNT BOARD
ESTABLISHED BY THE ASSOCIATION UNDER § 46F OF THIS SUBTITLE SHALL REVIEW
EACH LOAN REQUEST RECEIVED BY A VOLUNTEER COMPANY IN ACCORDANCE WITH
CRITERIA DEVELOPED UNDER § 46F OF THIS SUBTITLE.
(2) THE LOW INTEREST REVOLVING LOAN ACCOUNT BOARD SHALL
RECOMMEND TO THE ASSOCIATION THE APPROVAL OR REJECTION OF EACH LOAN
REQUEST.
(3) (I) THE ASSOCIATION MAY AGREE OR DISAGREE WITH THE LOW
INTEREST REVOLVING LOAN ACCOUNT BOARD RECOMMENDATION.
(II) IF THE LOW INTEREST REVOLVING LOAN ACCOUNT BOARD
RECOMMENDS TO THE ASSOCIATION THAT A LOAN REQUEST BE REJECTED AND THE
ASSOCIATION AGREES, THE ASSOCIATION SHALL PROMPTLY SEND A WRITTEN
NOTICE TO THE VOLUNTEER COMPANY STATING THAT THE REQUEST HAS BEEN
REJECTED.
(III) IF THE LOW INTEREST REVOLVING LOAN ACCOUNT BOARD
RECOMMENDS TO THE ASSOCIATION THAT A LOAN REQUEST BE APPROVED AND THE
ASSOCIATION AGREES, THE ASSOCIATION SHALL SUBMIT THE LOAN REQUEST TO
THE BOARD FOR APPROVAL.
(B) UPON FINAL APPROVAL BY THE BOARD, THE LOAN SHALL BE MADE TO
THE REQUESTING VOLUNTEER COMPANY.
46H.
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(A) THE ASSOCIATION SHALL SUBMIT AN ANNUAL REPORT TO THE
DEPARTMENT AND TO THE BOARD BY AUGUST 30 OF EACH FISCAL YEAR TO INCLUDE
THE FOLLOWING INFORMATION:
(1) THE NUMBER OF LOANS MADE DURING THE FISCAL YEAR;
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- 1521 -
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