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(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
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Last modified 7/05/2006