Section 1: All funds supplying the treasury of the Loan Committee shall be received through voluntary church and individual donations and gifts, by voluntary conveyance or real or other property and valuables, by funds derived from property sale or rental income, by interest earned on loans and deposits, or by loans to this Loan Committee at interest rates in keeping with current rates.
Section 2: All funds of the Loan Committee shall be used in accordance with the general purposes set forth in Article III, Section 1.
Section 3: No loan shall be made without proper investigation of the borrower and the intended use by no less than three trustees and the Director of Missions of the Association and with the approval of the majority of the Trustees.
Section 4. Loans to new state missions projects shall be interest free as long as the project remains a mission. Loans to qualifying churches and missions projects that become churches, shall be charged an interest rate of 1/2 percent above the Federal Prime Rate, adjusted annually at the State meeting, but never to exceed 6%.
Section 5: the Trustees shall secure all loans by borrowers trustees signatures and sufficient collateral.
Section 6: Payment of any loan shall not begin later than one year after the loan is made, with full principle and interest due within five years of the loan date. A schedule of payments, including the amount of each payment and the date of the first periodic payment, shall be determined by a joint written agreement between the R.L.F. Committee and the trustees of the borrower annually.
Section 7: The conditions relative to interest (Section 4) and repayment (Section 6) may be altered by (a) Recommendation of the Missionary Committee, and (b) approval of the messengers of the BMA of Oklahoma.
Section 8: The trustees are to maintain 10% of the total worth of the R.L.F. in reserve to secure payment of any indebtedness incurred by the Loan committee.