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     1-16E-24.   Rules and regulations of authority. The authority may, pursuant to chapter 1-26, adopt such rules or regulations as it deems necessary or desirable to implement the purposes of this chapter, including, but not limited to:
             (1)      Setting forth the procedures for applicants to apply for loans under this chapter;
             (2)      Establishing criteria for determining which applicants will receive such loans;
             (3)      Governing the use of proceeds of such loans;
             (4)      Establishing criteria for the terms and conditions upon which such loans shall be made, including the terms of security given, if any, to secure such loans;
             (5)      Governing the use of proceeds by lenders of funds advanced to such lenders by the authority including the terms and conditions upon which such proceeds shall be loaned to borrowers for the purposes described in this chapter.

Source: SL 1986, ch 16, ยง 25.

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