Made available by Touch N' Go Systems, Inc., and the
Law Offices of James B. Gottstein.

You can also go to The Alaska Legal Resource Center or search the entire website search.

Touch N' Go, the DeskTop In-and-Out Board makes your office run smoother. Visit Touch N' Go's Website to see how.
Title 3 . Commerce, Community, and Economic Development
Chapter 99 . Commercial and Industrial Financing
Section 840. Loan committee

3 AAC 99.840. Loan committee

(a) A loan committee consists of one or more persons appointed by the director to act on a loan request.

(b) A loan committee shall consider the recommendations of the loan officer assigned to process the application and any other relevant information. A loan committee shall also consider the applicant's eligibility for a loan, financial and credit record, ability to repay, and operating plan, and the adequacy of collateral offered to secure the loan.

(c) After considering a loan request as described in section (b), a loan committee shall approve or deny the loan request, approve the loan request subject to modification, or table the loan request subject to obtaining additional information.

(d) A loan committee may impose reasonable conditions on the approval of a loan, including:

(1) additional collateral to secure the loan;

(2) additional guarantors; and

(3) subordination of prior lienholders' rights to the interest of the rural development initiative fund.

(e) A loan committee shall establish the term of a loan and repayment schedule within the limitations set by 3 AAC 99.870.

(f) If a loan request is denied, significantly modified, or tabled by a loan committee, the loan committee shall provide the applicant with a statement explaining reasons for the action.

(g) A material misstatement or omission of fact made by an applicant constitutes grounds for denial of a loan request.

History: Eff. 2/8/2001, Register 158

Authority: AS 44.88.600

AS 44.88.610

AS 44.88.620


Note to HTML Version:

The Alaska Administrative Code was automatically converted to HTML from a plain text format. Every effort has been made to ensure its accuracy, but neither Touch N' Go Systems nor the Law Offices of James B. Gottstein can be held responsible for any possible errors. This version of the Alaska Administrative Code is current through June, 2006.

If it is critical that the precise terms of the Alaska Administrative Code be known, it is recommended that more formal sources be consulted. Recent editions of the Alaska Administrative Journal may be obtained from the Alaska Lieutenant Governor's Office on the world wide web. If any errors are found, please e-mail Touch N' Go systems at E-mail. We hope you find this information useful. Copyright 2006. Touch N' Go Systems, Inc. All Rights Reserved.

Last modified 7/05/2006