SECTION 355:1-5-3. Record of hearing

(a)   A record of the hearing, by means of tape recording or shorthand notes, will be made of all hearings conducted by the Authority unless the loan applicant notifies the Authority that he wishes a court reporter to transcribe the hearing at the loan applicant's expense. A transcript of the proceedings shall not be transcribed except upon written application by any party to the action. The party requesting transcription will bear the cost and will pay a fee according to a schedule established by the Authority. An initial deposit set by the Authority also must be paid by said party.

(b)   The record of the hearing and the file containing the proceedings will be maintained in a place designated by the President. The tape recordings of the proceedings shall be maintained for a period of one year. All minutes in individual proceedings shall be in writing. The minutes shall include all actions taken by the Authority.