3 AAC 78.080 - Assumptions
(a) A request for an assumption of a loan
made under
AS
45.88.010-45.88.090 and this chapter will be
processed in the same manner as an application for a loan.
(b) A loan committee may permit an assumption
if the applicant meets residency requirements under
AS
45.88.025 and
3
AAC 78.025, is a good financial risk, and the security
of the state's investment is preserved.
(c) Wraparound financing that includes a loan
made under
AS
45.88.010-45.88.090 and this chapter is
prohibited, and constitutes a default on the loan.
Notes
Authority:AS 45.88.020
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