For loans authorized under section 2306 (relating to capital development loans), 2307 (relating to EDA loans), 2308 (relating to loans in distressed communities), 2309 (relating to pollution prevention assistance loans) or 2310 (relating to export financing loans), the board may delegate the review and approval of applications totaling less than $200,000 to the authorized staff of the authority by adopting a resolution authorizing the delegation, subject to any conditions established by the board. The resolution must do all of the following:
(1) Enumerate the qualifications and training required for authority staff to be authorized to review and approve applications.
(2) Set loan guidelines and underwriting standards for the authorized staff to follow during the review and approval of applications.
(3) Require authorized staff to provide a monthly report to the board of all actions to a pending or approved application taken during the reporting period.
(Oct. 22, 2014, P.L.2569, No.161, eff. Nov. 1, 2014)
2014 Amendment. Act 161 added section 2310.1.
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