§ 159I-26. Withdrawal of commitment.
§ 159I‑26. Withdrawal of commitment.
Failure of an applicant, within one year of the date of acceptance of aloan application to arrange for necessary financing of the proposed project,shall constitute sufficient cause for withdrawal of the commitment. Prior towithdrawal of a commitment, the Division shall give due consideration to anyextenuating circumstances presented by the applicant as reasons for its failureto arrange necessary financing. The commitment may be extended for anadditional period of time if, in the judgment of the Division, an extension isjustified. (1989, c. 756, s.1.)