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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

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Last modified 7/05/2006