Section 3 AAC 81.080 - Assumptions(a) A request to assume the obligations and benefits of a loan made under AS 16.10.500 - 16.10.620 and this chapter will be processed in the same manner as a loan request.(b) A loan committee may permit an assumption if the applicant is a good financial risk and the security of the state's investment is preserved.(c) Wraparound financing that includes a loan made under AS 16.10.500 - 16.10.620 and this chapter is prohibited, and constitutes a default on the loan.Eff. 9/11/85, Register 95; am 7/4/91, Register 119