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(a) A loan committee consists of one or more persons appointed by the director to act on loan and grant requests.
(b) A loan committee may approve, deny, or modify and approve a loan or grant request, or may table a loan or grant request subject to obtaining additional information.
(c) A loan committee may impose reasonable conditions on the approval of a loan or grant request, 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 an applicant's eligibility for a loan, corporate management, financial and credit record, ability to repay, operating plan, and the adequacy of collateral offered to secure the loan. A loan committee may also consider the recommendations of the loan examiner assigned to process the loan application and any other relevant information.
(e) A loan committee may fix, within the requirements set by AS 16.10.510 and 16.10.520, the term of a loan and repayment schedule.
(f) If a loan or grant request 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.
(g) A material misstatement or omission of fact made by an applicant constitutes grounds for denial of a loan or grant request.
History: Eff. 9/11/85, Register 95; am 8/10/97, Register 143
Authority: AS 16.10.510
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Last modified 7/05/2006