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(a) Repealed 9/25/92.
(b) If the authority approves an application, the authority will issue a guarantee authorization to the financial institution stating that a guarantee will be provided for a specified portion of the loan under terms and conditions specified by the authority in the guarantee authorization. Such terms and conditions, under which the guarantee will be valid and binding, will be set out in the loan guarantee agreement and guarantee authorization. No guarantee will be effective until the loan guarantee agreement is executed by the financial institution and returned to the authority and until the terms of the guarantee authorization are met. Any violation by the financial institution of the terms and conditions set forth in the loan guarantee agreement or in the guarantee authorization which causes or contributes to a subsequent loss, will, at the option of the authority, cause the guarantee to become null and void and absolutely unenforceable against the authority as of the date of the violation. If the authority disapproves an application, the authority will notify the financial institution of the disapproval.
History: Eff. 8/1/88, Register 107; am 11/30/90, Register 118; am 9/25/92, Register 124
Authority: AS 44.88.080
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Last modified 7/05/2006