KRS 154.20-583: Commercial loans -- Procedures.

(1) A qualified lender of a commercial loan to an eligible company shall not be eligible

to apply for inducements until final approval has been made by the qualified lender

and funding has been completed in accordance with the commercial loan.

(2) Commercial l oan proceeds shall be spent by the eligible company on approved

costs within three (3) years of final approval, unless an extension is required by the

qualified lender or necessitated by circumstances beyond the control of the eligible

company or the qualified lender.

(3) The eligible company shall submit all documentation, including documentation

evidencing expenditures, as required by the qualified lender.

(4) Qualified lenders may provide applications to an eligible company and then decide,

regardless of further processing or underwriting results, to not provide final

approval so long as the decision is not prohibited by state or federal law. If the

qualified lender decides not to proceed, the qualified lender shall provide the

application to a cooperativ e lender for further review and possible assignment to

one (1) or more other qualified lenders.

(5) A qualified lender that is unable to fund the entire amount requested in an

application shall submit all or any portion of the requested amount to a coopera tive

lender for further review and possible assignment of the unfunded portion to one (1)

or more qualified lenders.