3 AAC 41.080 - Assumptions
(a) The department will, in its discretion,
allow an assumption of a loan made under AS 26.15 and this chapter, if the
department determines the assumption is in the best interests of the
state.
(b) A request for an
assumption of a loan made under AS 26.15 and this chapter will be processed in
the same manner as a loan application. If necessary to evaluate the request,
the department will, in its discretion, require that the applicant supply one
or more of the items specified in
3
AAC 41.010, before the request will be
processed.
(c) Wraparound financing
that includes a loan made under AS 26.15 and this chapter is prohibited and
constitutes a default on the loan.
Notes
Authority:AS 26.15.010
AS 26.15.030
AS 26.15.040
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