(1) The name and address of the commercial lending
institution and the name and title of the individual who will
serve as the point of contact for the commercial lending
institution.
(2) A statement defining the service area of the
commercial lending institution.
(3) A statement describing the commercial lending
activities engaged in by the commercial lending institution
and how the commercial lending institution intends to expand
the activities as a result of its participation in the
program authorized by this section.
(4) Any other information required by the board.
(c) Enrollment approval.--Upon being satisfied that all
requirements have been met, the board may enroll the commercial
lending institution in the program authorized under this
section, and, if enrolled, the authority shall execute a master
guarantee agreement in favor of the commercial lending
institution. In addition to any other terms and conditions
required by the board, the master guarantee agreement shall
provide for the following:
(1) The procedure for the submission of a claim for
payment by the commercial lending institution. The procedure
shall require that the commercial lending institution
demonstrate that it has exhausted all available remedies
against the borrower, other guarantors and collateral for the
loan before seeking payment under the agreement.
(2) A requirement that a percentage of any money
recovered by the commercial lending institution subsequent to
any payment made under the master guarantee agreement by the
authority be remitted to the authority.
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