26Developing and applying loan management policies and procedures

26 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 policies and procedures described in subsection (2), taking into account the following matters: (i) the concessional nature of small business drought loans; (ii) the effect on drought‑affected small businesses of taking action in accordance with those policies and procedures; and (b) ensuring that the Corporation applies those policies and procedures taking those matters into account. (2) Subsection (1) applies to policies and procedures for managing small business drought loans in a prudential manner to minimise the risk of default, including policies and procedures for: (a) arrears management; and (b) recovery action; and (c) foreclosure arrangements; and (d) waiving debt after consulting the responsible Ministers; and (e) writing off debt; and (f) handling disputes and complaints.