Current through October 17, 2024
Section 3 AAC 79.020 - Loan committee(a) A loan committee consists of one or more persons appointed by the director to act on a loan request.(b) A loan committee may approve, deny, or modify and approve a loan request, or may table a loan request subject to obtaining additional information.(c) A loan committee may impose reasonable conditions on the approval of a loan, including (1) additional collateral to secure the loan;(2) additional guarantors; and(3) subordination of prior lienholders' rights to the interests of the state.(d) A loan committee shall consider the applicant's financial and credit record, ability to repay, and proposed collateral. A loan committee may consider recommendations of the loan officer assigned to process the application, and other relevant information.(f) If a loan request is denied or significantly modified by a loan committee, the loan committee shall provide the applicant with a statement of the reasons for the action and the information relied on.(g) A material misstatement or omission of fact made by an applicant constitutes grounds for denial of a loan request.Eff. 9/11/85, Register 95; am 8/10/97, Register 143Acting under AS 01.05.031, the revisor of statutes renumbered former AS 45.89.030 as AS 45.88.120; former AS 45.89.070 as AS 45.88.150. As of Register 203 (January 2013), the regulations attorney made conforming technical revisions under AS 44.62.125(b)(6) to 3 AAC 79.020 to reflect the statutory renumbering.
Authority:AS 45.88.120
AS 45.88.150