(a) The Division of Public School Academic Facilities and Transportation shall review and assess the accuracy of the information provided in each loan application within a reasonable time after receiving a loan application.
(b) (1) After reviewing and considering the merits of the application, the division may:
(A) Approve the loan requested for the full amount;
(B) Approve the loan requested for an amount less than requested; or
(C) Deny the loan.
(2) The division shall notify the open-enrollment public charter school in writing of the decision.
(c) An open-enrollment public charter school may apply for and accept a loan from the Open-Enrollment Public Charter School Facilities Loan Fund without prior approval from the Commissioner of Education under § 6-23-401(a)(5).
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