| (a) The board may independently establish a rate reduction
(percent and amount) from time to time in its sole discretion to be
eligible in the form of a rebate to qualifying eligible borrowers;
however, in any one calendar year, the rate reduction per eligible
borrower shall not exceed three percentage points or a maximum amount
of $10,000.
(b) The interest rebate payment is calculated for the
term and amount of the guarantee commitment provided by the Authority.
(c) The eligible borrower and lender must agree to
all the criteria for the program found in this subchapter.
(d) The lender must agree to provide the necessary
information to the eligible borrower to verify the interest payment
on the guaranteed loan.
(e) To verify the amount of interest paid the eligible
borrower must submit one or more of the following to the Authority:
(1) A payment remittance advice from the lender that
identifies the amount of the interest paid by the eligible borrower
on the guaranteed loan;
(2) A copy of the lender's transaction history for
the loan identifying the application of the payment; or
(3) Any other documentation required by the Authority
that verifies the calculation of the total interest paid by the approved
applicant on the guaranteed loan.
(f) The Authority will notify the eligible applicant
in writing if the verification documentation is deemed insufficient
for processing.
(g) Within 30 days of receipt of proper verification
documentation, the Authority will prepare and present documentation
to the comptroller for issuance of a voucher from the account.
(h) The Authority will file appropriate federal tax
statements each year as required by the United States Internal Revenue
Code.
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