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(a) A request for permission to assume the obligations and benefits of a loan made under AS 16.10.300 - 16.10.370 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 meets residency requirements as outlined in this chapter, 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 16.05.300 - 16.10.370 and this chapter is prohibited and constitutes a default on the loan.
History: Eff. 9/11/85, Register 95; am 8/10/97, Register 143
Authority: AS 16.10.310
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Last modified 7/05/2006