(1) The Division of Public School Academic Facilities and Transportation shall review and assess the accuracy of the information provided in each loan application within a reasonable time after receiving a loan application.
(2) After reviewing and considering the merits of the application, the division may: Approve the loan requested for the full amount;
(3) Approve the loan requested for an amount less than requested; or
(4) Deny the loan.
(5) The division shall notify the open-enrollment public charter school in writing of the decision.
(6) An open-enrollment public charter school may apply for and accept a loan from the Open-Enrollment Public Charter School Facilities Loan Fund without prior approval from the Commissioner of Education under § 6-23-401(a)(5).