Section 340.207  Reports to the Authority

Each Lending Institution shall provide a written report to the Authority not less frequently than annually, prepared in accordance with the accounting standards of the Financial Accounting Standards Board of the American Institute of Certified Public Accountants (AICPA) (June 1984). This incorporation includes no subsequent amendments to these standards. Each report shall include, but not be limited to, the following information:

a)         The name and address of each Loan Recipient from the Lending Institution made under the Program;

b)         The amount of each loan made by the Lending Institution under the Program;

c)         The status of each loan made by the Lending Institution under the Program;

d)         The outstanding principal balance of the loan made by the Authority to the Lending institution under the Program; and

e)         In the event the information provided is incomplete, of insufficient detail, includes discrepancies and conflicts in information, or needs further clarification, such additional information as shall be required by the Authority to ensure compliance with the Act, this Part, the terms of the documents executed in connection with the loan from the Authority to the Lending Institution, and all State and federal laws applicable to Lending Institutions, as defined in this Act, shall be supplied to the Authority.