17-6-510. (Temporary) Loan review committee -- conflict of interest -- servicing of loans. (1) The department shall establish a loan review committee to administer this part. The committee shall accept and review loan applications pursuant to rules adopted by the department. The committee shall recommend to the board the approval or disapproval of loans. A loan may not exceed $500,000.
     (2) If a member of the committee has a financial interest in a business that submits a job investment loan application, then the application must be denied.
     (3) The department shall contract for the servicing of loans.

     17-6-510. (Effective July 1, 1999) Loan review committee -- conflict of interest -- servicing of loans. (1) The department shall establish a loan review committee to administer this part. The committee shall accept and review loan applications pursuant to rules adopted by the department. The committee shall recommend to the department the approval or disapproval of loans. A loan may not exceed $500,000.
     (2) If a member of the committee has a financial interest in a business that submits a job investment loan application, then the application must be denied.
     (3) The department may contract for the servicing of loans.
     (4) The department is the successor in interest to all agreements, contracts, loans, notes, or other instruments entered into under this part.

     History: En. Sec. 7, Ch. 559, L. 1995; amd. Sec. 10, Ch. 549, L. 1997.