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EXHIBIT 3Loan Policy Statement State of Michigan 401K and 457 Plans (Revised March 10, 2014) This is an explanation of the rules for taking a loan from an account under the State of Michigan 401K

How to fill out loan policy statement

How to fill out a loan policy statement:

1. Start by gathering all the necessary information related to the loan. This includes details about the borrower, such as their name, contact information, and financial history. Additionally, gather information about the loan itself, such as the loan amount, interest rate, and repayment terms.
2. Review any existing loan policy guidelines or templates provided by your organization. These documents may outline specific requirements or formatting guidelines to follow when filling out the loan policy statement.
3. Begin filling out the loan policy statement by providing a clear and concise introduction. This should state the purpose of the loan policy and provide a brief overview of its key components.
4. Proceed to outline the goals and objectives of the loan policy. This section should clearly articulate the reasons for establishing the policy and the desired outcomes it aims to achieve.
5. Describe the criteria for loan eligibility. This should include information on the borrower's creditworthiness, income requirements, collateral, and any other factors that will be considered when evaluating loan applications.
6. Define the loan terms and conditions. This section should outline important details such as the interest rate, repayment schedule, default provisions, and any fees or penalties associated with the loan.
7. Outline the loan application process. Include step-by-step instructions for borrowers on how to apply for a loan, what documentation is required, and the timeline for loan approval.
8. Provide information on loan servicing and administration. This should include details on how the loan will be disbursed, how payments will be collected, and how any changes or modifications to the loan will be handled.
9. Include any additional policies or guidelines related to loan management, such as refinancing options, loan monitoring procedures, and financial reporting requirements.

Who needs a loan policy statement?

1. Financial institutions: Banks, credit unions, and other lending institutions need a loan policy statement to establish guidelines and criteria for evaluating loan applications and managing risks.
2. Businesses: Companies that provide loans to customers or employees may need a loan policy statement to ensure consistency and transparency in their lending practices.
3. Non-profit organizations: Non-profit organizations that offer loans as part of their mission may require a loan policy statement to ensure prudent and responsible lending practices.

Overall, a loan policy statement serves as a crucial document for lenders and organizations that provide loans. It helps establish clear guidelines, protects against risk, and ensures fair and consistent lending practices.

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