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(a) To apply for an assumption of an existing small business loan, an applicant shall file with the department
(1) a completed application for a small business loan assumption, on a form provided by the department;
(2) repealed 8/10/97;
(3) an individual financial statement from each individual applicant, including each member of a partnership or other association, or, if the applicant is a corporation, each individual owning 10 percent or more of any outstanding shares, on a form provided by the department;
(4) a business financial statement, if applicable, on a form provided by the department;
(5) an actual statement of profit and loss, on a form provided by the department;
(6) a projected statement of profit and loss, on a form provided by the department;
(7) a personal resume, on a form provided by the department;
(8) a business resume, on a form provided by the department;
(9) a signed credit authorization, on a form provided by the department;
(10) repealed 8/10/97;
(11) an earnest money agreement explaining all terms and conditions of the transaction, with signatures by all parties;
(12) signed copies of the applicant's federal income tax returns for the preceding three years, including returns for each member of a partnership or other association;
(13) a $100 nonrefundable application fee; and
(14) repealed 8/10/97;
(15) any other information that might be helpful to the applicant in demonstrating eligibility for the assumption, as requested by the department.
(b) The department will, in its discretion, process an application for an assumption without the information described in (a) of this section, if the department determines that the department can make an informed lending decision without access to the information.
History: Eff. 9/11/85, Register 95; am 1/11/87, Register 101; am 8/10/97, Register 143
Authority: AS 45.95.010
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Last modified 7/05/2006