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(a) A loan committee consists of one or more persons appointed by the director to act on a request for assumption.
(b) A loan committee may approve, deny, or modify and approve a request for assumption, or may table a request subject to obtaining additional information.
(c) A loan committee may impose reasonable conditions on the approval of an assumption, 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 the applicant's financial and credit record, ability to repay, and the proposed collateral. A loan committee may also consider the recommendations of the loan officer assigned to process the application, and any other relevant information.
(e) If a request for an assumption 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.
(f) A material misstatement or omission of fact made by an applicant constitutes grounds for denial of a request for an assumption.
History: Eff. 9/11/85, Register 95; am 8/10/97, Register 143
Authority: AS 45.95.010
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Last modified 7/05/2006