3 AAC 41.020 - Loan committee
(a) A loan committee consists of one or more
persons appointed by the director to act on a request for assumption.
(b) A loan committee may approve, deny, or
modify and approve a request for assumption, or may table a request subject to
obtaining additional information.
(c) A loan committee may impose reasonable
conditions on the approval of an assumption, including
(1) additional collateral to secure the
loan;
(2) additional guarantors;
and
(3) subordination of prior
lienholders rights to the interests of the state.
(d) A loan committee shall evaluate the
applicant's financial and credit record, ability to repay, and the proposed
collateral. A loan committee may also consider the recommendations of the loan
officer assigned to process the application, and any other relevant
information.
(e) If a request for
an assumption is denied or significantly modified by a loan committee, the loan
committee will provide the applicant with a statement of the reasons for the
action and the information relied on.
(f) A material misstatement or omission of
fact made by an applicant constitutes grounds for denial of a request for an
assumption.
Notes
Authority:AS 26.15.010
AS 26.15.030
AS 26.15.040
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