30Developing and applying loan management policies and procedures

30 Developing and applying loan management policies and procedures

(1) For the purposes of paragraph 15(1)(e) of the Act, the Board has the functions of: (a) ensuring that the Corporation develops the policies and procedures described in subsection (2), having regard to the following matters: (i) the concessional nature of expanded drought loans; (ii) the effect on eligible farm businesses of taking action in accordance with those policies and procedures; and (b) ensuring that the Corporation applies those policies and procedures, and takes those matters into account when doing so. (2) Subsection (1) applies to policies and procedures for managing expanded drought loans in a prudential manner to minimise the risk of default, including policies and procedures for the following: (a) arrears management; (b) recovery action; (c) foreclosure arrangements; (d) waiving debt after consulting the responsible Ministers; (e) writing off debt; (f) handling disputes and complaints.