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Purpose: The purpose of the Loan Review Committee is to review the work of the OCD staff, and to ensure that Town sponsored loans comply with all Federal, State, and local laws, as well as the requirements set forth in this resolution. The LRC shall act on the following items:
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Review of staff work on all loan applications to determine compliance with all applicable laws and regulations.
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Review of staff work for all recommendations for approvals and denials. Final determinations of the LRC shall appear in writing and be delivered to the OCD, outside lending institutions, and the applicant.
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Recommend changes in policies and guidelines to keep loan programs current.
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Attend training courses and seminars to remain current in lending practices.
Membership: The voting membership of the LRC shall be comprised of the following:
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Two (2) members of the Town Council
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Three (3) citizen members who shall reside in or have a place of business within the Town of Enfield
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Two (2) alternate members
Term of Office:
Members shall be appointed by the Town Council for a term no longer than two (2) years and may be reappointed to the Committee every two (2) years by the Town Council. The terms of the appointees to the LRC going forward shall be staggered as follows: Two (2) Town Council members whose terms shall expire on December 31, 2006, and two (2) alternate members whose terms shall expire on July 1, 2006, and three (3) community members whose terms shall expire on July 1, 2007. When vacancies within the LRC exist, the Town Council shall seek to appoint qualified, competent individuals who have practical experience in residential and/or commercial lending, or a related field.
In addition to the above, the Director of Community Development, or a designated member of the staff, shall serve as an ex-officio member of the Committee. |