Section 3 AAC 102.100 - Loans(a) The authority may make a loan under this chapter only if the authority determines that the applicant was unable to use the authority's guarantee to obtain a loan from a financial institution under commercially reasonable terms. Before making the determination to extend a loan, the authority shall require the applicant to submit documentation evidencing that at least two financial institutions have reviewed an application for a loan for which the authority issued a guarantee, and either rejected the application or approved the application subject to terms the authority determines are commercially unreasonable. The authority may require the applicant to submit applications for a loan to one or more additional financial institutions.(b) The authority's loan officer will request whatever additional information the authority requires to evaluate the loan request. On the basis of all of the information provided, the loan officer will then make a recommendation to the appropriate loan committee as to whether the authority should convert the guarantee into a loan and what, if any, additional conditions should be applied, including whether the loan amount should be less than the guarantee amount. The recommendation of a loan officer is not binding on a loan committee.Eff. 3/29/2013, Register 207Even though 3 AAC 102.100 was adopted and effective 3/29/2013, it was not published until Register 207, October 2013.
Authority:AS 44.88.085
AS 44.88.700
AS 44.88.750
AS 44.88.770