§ 7-610. Requirements

   (a) In general. -- The Board may enter into an agreement with an applicant to guarantee a loan or provide a subsidy for loan interest to the applicant only if the applicant demonstrates:

   (1) that the loan to be guaranteed or the subsidy of loan interest will be used to acquire assistive technology;

   (2) the ability to repay the loan;

   (3) creditworthiness; and

   (4) the inability to qualify for a loan from a lending institution without a loan guarantee or a subsidy of loan interest.

(b) Election to provide borrower with rate equivalent to guaranteed rate. -- The Board may elect to provide the borrower with an interest rate equivalent to the guaranteed rate by either guaranteeing the loan or subsidizing the interest rate if:

   (1) a participating lending institution approves a loan without the requirement of a guarantee; and

   (2) the interest rate is higher than the interest rate otherwise available for a guaranteed loan.

HISTORY: An. Code 1957, art. 41, § 14-901(g), 14-910, 14-911(b); 2007, ch. 3, § 2; 2008, ch. 62.