Section 125.122. Eligible applicants.

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(1) A development fund loan, mortgage loan or part of a development fund loan or mortgage loan, shall not be made or disbursed to an applicant until such time as the applicant is an eligible applicant.

(2) An eligible applicant is an applicant authorized by the act to receive a development fund loan or a mortgage loan. To become an eligible appli-cant, an applicant shall obtain the authority's approval of its organi-zational documents, where applicable, as provided in the act.

History: 1979 AC; 1998-2000 AACS.

                    
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