Section 3 AAC 102.050 - Loan committee(a) A loan committee consists of one or more persons the authority's executive director appoints to act on a request for an NMTC leverage loan product.(b) A loan committee shall consider the recommendations of the loan officer assigned to process the application and any other relevant information. A loan committee shall also consider the applicant's eligibility for NMTC financing, financial and credit record, ability to repay, operating plan, and the adequacy of collateral offered to secure the loan or guarantee.(c) After considering a guarantee or loan request as described in (b) of this section, a loan committee shall approve or deny the request, approve the request subject to modification, or table the request subject to obtaining additional information.(d) A loan committee may impose reasonable conditions on the approval of an NMTC leverage loan product, including requiring additional guarantors.(e) If a guarantee or loan request is denied, significantly modified, or tabled by a loan committee, the loan committee shall provide the applicant with a statement explaining reasons for the action.(f) An applicant's material misstatement or omission of fact constitutes grounds for denial of a guarantee or loan request.Eff. 3/29/2013, Register 207Even though 3 AAC 102.050 was adopted and effective 3/29/2013, it was not published until Register 207, October 2013.
Authority:AS 44.88.085
AS 44.88.770