261—80.9 (83GA,SF2389) Recommendation; loan agreement.
	 80.9(1) Recommendation. Upon final review of the application, the administrator shall prepare loan closing documents, including a loan agreement, for those businesses the administrator recommends to participate in the program and deliver them, along with the business’s file, to the department for its review and approval. The administrator shall recommend and make part of the proposed loan agreements requirements in addition to standard loan provisions when the business poses a higher risk.
	 80.9(2) Loan agreement required. The administrator shall prepare a loan agreement, which includes, but is not limited to, a description of the project to be completed by the business, the term of the loan, conditions to disbursement, a requirement for annual reporting to the department, and the repayment requirements of the business or other penalties imposed on the business in the event the business does not fulfill its obligations described in the loan agreement and other specific repayment provisions (“clawback provisions”) to be established on a project-by-project basis.
	 80.9(3) Security. The department may take security for any loan. The form of such security may include but not be limited to one or more of the following:
	  a.   	 Promissory note.
	  b.   	 First real estate mortgage.
	  c.   	 Assignment of option.
	  d.   	 Assignment of lease.
	  e.   	 Lien on personal property.
[ARC 8920B, IAB 6/30/10, effective 6/11/10]