Section 3 AAC 86.020 - Loan committee(a) A loan committee consists of one or more persons appointed by the director to act on a request for assumption.(b) A loan committee may approve, deny, or modify and approve a request for assumption, or may table a request subject to obtaining additional information.(c) A loan committee may impose reasonable conditions on the approval of an assumption, 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 the proposed collateral. A loan committee may also consider the recommendations of the loan officer assigned to process the application, and any other relevant information.(e) If a request for an assumption is denied or significantly modified by a loan committee, the loan committee will provide the applicant with a statement of the reasons for the action and the information relied on.(f) A material misstatement or omission of fact made by an applicant constitutes grounds for denial of a request for an assumption.Eff. 9/11/85, Register 95; am 8/10/97, Register 143Acting under AS 01.05.031, the revisor of statutes renumbered former AS 45.95.010 as AS 45.81.200; former AS 45.95.020 as AS 45.81.210. As of Register 203 (January 2013), the regulations attorney made conforming technical revisions under AS 44.62.125(b)(6) to 3 AAC 86.020 to reflect the statutory renumbering.
Authority:AS 45.81.200
AS 45.81.210