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(a) Unless the board previously disapproved the loan application, an applicant may request emergency approval under this chapter of a loan for not more than $50,000. A staff report shall be prepared on the loan application.
(b) An emergency loan committee shall review the emergency loan application and staff report. The board shall appoint persons to the emergency loan committee. The emergency loan committee must include the board chair, at least one other board member, and the director. If the emergency loan committee determines, by majority vote of members present, an emergency exists that requires loan consideration before a meeting of the entire board can be held, the emergency loan committee shall act on the application. The emergency loan committee may only approve, deny, or table an emergency loan application by majority vote of members present.
(c) The emergency loan committee may hold a meeting telephonically or by video conference.
(d) Unless an application requirement is mandated by AS 03.10, the emergency loan committee may waive an application requirement under this chapter for good cause.
(e) The emergency loan committee shall provide to the board a written report on actions taken on emergency loan applications for presentation at the board's next public meeting. The applicant may request the board to review the decision of the committee.
History: Eff. 10/27/2002, Register 164
Authority: AS 03.09.040
Editor's note: Before Register 164, January 2003, the substance of 11 AAC 39.032 was contained in former 11 AAC 39.320. The history note of 11 AAC 39.032 does not reflect the history of the material under its former number.
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Last modified 7/05/2006