A. The purpose of the loan must be to improve, install or erect equipment which that reduces hazards to and promotes the health and safety of workers;

C. No loan may be made in an amount in excess of $50,000 to any single applicant, or at an interest rate in excess of 3%. A loan made by the department may not have an interest rate in excess of 3%.__A loan receiving an interest rate subsidy may not have an effective rate in excess of 3%. The maximum term of an individual loan shall be is 10 years. The Commissioner of Labor may waive the limitation on the amount, the duration, or both, of a loan to address severe circumstances, as funds are available;

D. A majority vote of the Commission on Safety and Health in the Maine Workplace is necessary to recommend approval of a loan or an interest rate subsidy that is then transmitted to the department for final disposition in accordance with the policies adopted by the department;

E. Loan and interest rate subsidy applications must be reviewed by both the Commission on Safety and Health in the Maine Workplace and the department for feasibility, such as, for the general reasonableness and safety need for the proposal, whether the applicant has sufficient capital, whether an adequate safety analysis or other counseling requirement has been completed, whether the applicant is creditworthy within the scope of this program and whether the collateral offered to secure the loan is adequate;

F. Loans are not insured or guaranteed by the State, but the department shall require collateral in the form of security for the loan, if available, and may, in appropriate cases, take a mortgage on real estate;

G. Loan and interest rate subsidy applications must be on forms and accompanied by additional information as required by the department. Loan and interest rate subsidy applicants may be required to submit whatever personal or business related business-related financial information as may be necessary to determine eligibility for the Occupational Safety Loan Program; and

H. Loans and interest rate subsidies may not be approved without a prior safety inspection by the division of industrial safety and a recommendation by the division for the installation of the safety device.