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(a) The Finance Department shall maintain loan records for each borrower:

(1) Through a Commission financial system; or

(2) As provided by the administrator.

(b) The Finance Department shall prepare an annual report for the Commission summarizing the activities of the loan program during each fiscal year.

(c) The annual report shall include:

(1) The number and dollar amount of loans outstanding at July 1st;

(2) The annual funding amount;

(3) The number of loans and the dollar amount of loans provided during the fiscal year;

(4) The principal, interest and penalties paid during the fiscal year;

(5) Interest earned on the funds remaining in the loan fund;

(6) The June 30th ending balance and number of the loan fund; and

(7) The number and dollar amount of loans in default. (Res. 2019-2218)

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