11 AAC 39.640. Application for restructuring

(a) An applicant for restructuring must submit an application on a form approved by the board. The applicant shall include on the application the following from each person who is included on the application to be liable on the restructured loan:

(1) income tax returns for three consecutive years preceding the date of the application;

(2) a financial statement detailing all farm and non-farm income, expenses, assets, and liabilities as of the date of the application;

(3) projected farm and non-farm income and expenses for the year after the date of application;

(4) a statement of anticipated events that may significantly affect farm or non-farm income, expenses, assets, or liabilities in the future.

(b) The board may require the applicant to provide additional information and records needed to support or clarify the application, tax returns, financial and other statements, or projected income and expenses.

(c) The board may waive submission of the application, information, and records, in whole or in part, if the borrower's records on file with the board contain all or substantially all of that information, or for good cause shown.

History: Eff. 10/23/88, Register 108; am 6/1/2001, Register 158

Authority: AS 03.09.040

AS 03.10.020

AS 03.10.030

AS 03.10.033

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