68:02:02:32Delegation of administrative functions.

The GOED shall perform the administrative functions of the creation, processing, and review of loan applications; the preparation and negotiation of loan agreements; the review of the financial status of an applicant; loan servicing; and other functions necessary to expedite and assist it in the performance of its duties. Notwithstanding any assurance, guarantee, communication, or representation made to the contrary, there is no commitment of the VASF without specific authorization by the board. Only the board may make a loan award from the VASF to an applicant.

Source: 34 SDR 68, effective September 13, 2007.