ROBERT L. EHRLICH, JR., Governor

Ch. 5

(B)   SUBMISSION TO ASSOCIATION; CONTENTS.

(1)   A VOLUNTEER COMPANY MAY SUBMIT A LOAN REQUEST TO THE
ASSOCIATION.

(2)   EACH LOAN REQUEST SHALL INCLUDE:

(I) A DETAILED EXPLANATION OF THE REASONS FOR THE
REQUEST;

(II)  FINANCIAL STATEMENTS FOR THE 2 FISCAL YEARS
IMMEDIATELY PRECEDING THE FISCAL YEAR IN WHICH THE LOAN REQUEST IS
MADE; AND

(III)  ANY AVAILABLE AUDIT OF THE FINANCIAL STATEMENTS.

(C)   LOW INTEREST REVOLVING LOAN ACCOUNT BOARD.

(1)   THE LOW INTEREST REVOLVING LOAN ACCOUNT BOARD SHALL
REVIEW EACH LOAN REQUEST IN ACCORDANCE WITH CRITERIA DEVELOPED BY THE
ASSOCIATION UNDER SUBSECTION (A) OF THIS SECTION.

(2)   THE LOW INTEREST REVOLVING LOAN ACCOUNT BOARD SHALL
RECOMMEND TO THE ASSOCIATION THE APPROVAL OR DENIAL OF EACH LOAN
REQUEST.

(3)   (I) THE ASSOCIATION MAY AGREE OR DISAGREE WITH THE
RECOMMENDATION OF THE LOW INTEREST REVOLVING LOAN ACCOUNT BOARD.

(I)  IF THE LOW INTEREST REVOLVING LOAN ACCOUNT BOARD
RECOMMENDS TO THE ASSOCIATION THAT A LOAN REQUEST BE DENIED AND THE
ASSOCIATION AGREES, THE ASSOCIATION SHALL SEND PROMPTLY TO THE
VOLUNTEER COMPANY A WRITTEN NOTICE THAT STATES THAT THE REQUEST HAS
BEEN DENIED.

(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 OF PUBLIC WORKS FOR APPROVAL.

(D)  APPROVAL BY BOARD OF PUBLIC WORKS.

ON FINAL APPROVAL BY THE BOARD OF PUBLIC WORKS, THE LOAN SHALL BE
MADE TO THE REQUESTING VOLUNTEER COMPANY.

REVISOR'S NOTE: This section is new language derived without substantive
change from former Art. 38A, §§ 46F and 46G.

In subsection (a)(2) of this section, the former reference to the
"establishment of" interest rates is deleted as included in the requirement
to develop loan terms.

In subsection (b)(1) of this section, the former phrase "for financial
assistance" is deleted as implicit in the reference to a "loan".

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