Section 3 AAC 75.060 - Assumptions(a) A request for permission to assume the obligations and benefits of a loan made under AS 44.33.650-44.33.690 and this chapter will be processed in the same manner as a loan application.(b) A loan committee may permit an assumption if the(1) applicant is a good financial risk; and(2) security of the state's investment is preserved.(c) Wraparound financing that includes a loan made under AS 44.33.650-44.33.690 and this chapter is prohibited and constitutes a default on the loan.Eff. 8/22/2008, Register 187