(1) Unless otherwise required by law, information submitted by a financial institution and borrower will be treated as confidential, except the following:

(a) name and address of financial institution;

(b) name and address of borrower;

(c) short description of proposed project, including location of project;

(d) amount of proposed loan;

(e) the program(s) under which the financial institution or borrower is applying:

(f) any other information in which the demand of individual privacy does not clearly exceed the merits of public disclosure; and

(g) any information in which the demand of individual privacy clearly exceeds the merits of public disclosure when the borrower has expressly waived his right to privacy.

(2) The board shall maintain public files on each completed application received containing the following information:

(a) items (1) (a) through (g) of this rule;

(b) all written documents received or prepared concerning items (1) (a) through (g) of this rule;

(c) the investment officer's or his designee's recommendation to the board regarding items (1) (a) through (g) and his recommendation for approval or denial of the application; and

(d) a summary of board action regarding the application including the board's approval or disapproval of the application, the terms and interest rate of the financing, and the loan repayment record.

(3) This rule is based on the board's finding that except for the information described in items (1) (a) through (g) , the demands of individual privacy clearly exceed the merits of public disclosure of the personal, financial and business information that is contained in applications to the board.