(1) To be eligible for a loan approved by the authority for issuance of a bond, an applicant:
(a) shall declare the intention to maintain the applicant's residence in Montana during the length of the loan;
(b) must have been approved by a financial institution; and
(c) must have a net worth not to exceed $450,000.
(2) Applications for loans to be approved by the authority for issuance of bonds may be submitted by individuals, partnerships, associations, or joint ventures. All persons involved in the application must meet the requirements of subsection (1). Corporations may not apply.