(a) Upon receipt of an application for a loan guarantee made by a landfill operator or owner, the Board shall review the application to determine if the application is complete. If the application is not complete, it shall be returned and the applicant notified of the deficiencies in the application within thirty (30) days. The applicant may resubmit an application to correct the identified deficiencies one time without paying a new application fee.

(b) Within ninety (90) days of the receipt of the complete application, the Board shall approve, modify or deny the application for a loan guarantee.

(c) Upon approval of a requested loan guarantee, the Chairman of the Board shall insure that the criteria and priority imposed by sections 18401 and 18402, have been fully met.

(d) Before a loan guarantee commitment is issued by the Board, the terms of a loan guarantee shall be set forth in a contract agreed to by the borrower, the lender, and the Board.

(e) In the event the Board disapproves any application, the Board will notify the applicant of the disapproval and the reasons for the disapproval. The notice shall include a statement of the applicant's right to appeal for reconsideration upon meeting the requirements set forth in the notice of disapproval. An applicant may appeal for reconsideration one time without paying a new application fee.