Adoption Of Rules

(1) The board shall adopt rules to establish: (a) procedures for soliciting and evaluating applications and for notifying the local government of the application for purposes of complying with 17-5-1526 and 17-5-1527; and (b) a system for evaluating applications, considering the following criteria: (i) the applicant's net worth; (ii) the applicant's training and experience in the industry involved in the proposed project; (iii) the applicant's prospects for succeeding in the proposed project; (iv) the degree to which the new or increased business resulting from the loan will meet the objectives of 17-5-1502; and (v) any other factors the board may prescribe. (2) The board shall adopt rules for the: (a) organization, approval, standards, and regulation of project applicants; (b) approval, standards, and regulation of financial institutions under this part; (c) assessment, collection, and payment of all fees and charges in connection with making, purchasing, and servicing of its bonds and notes, mortgage lending, construction lending, temporary lending, and guaranty programs; and (d) such other matters as the board considers necessary or desirable.