3 AAC 80.020 - Loan committee
(a) A loan committee consists of one or more
persons appointed by the director to act on a loan request.
(b) A loan committee may approve, deny, or
modify and approve a loan request, or may table a loan request subject to
obtaining additional information.
(c) A loan committee may impose reasonable
conditions on the approval of a loan, 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 consider the
applicant's eligibility for a loan, financial and credit record, ability to
repay, operating plan, and the adequacy of collateral offered to secure the
loan. A loan committee may also consider the recommendations of the loan
officer assigned to process the application and any other relevant
information.
(e) A loan committee
may fix, within the limitations set by
AS
16.10.320, the term of a loan and repayment
schedule.
(f) If a loan request is
denied or significantly modified by a loan committee, the loan committee shall
provide the applicant with a statement of the reasons for the action and the
information relied on.
(g) A
material misstatement or omission of fact made by an applicant constitutes
grounds for denial of a loan request.
Notes
Authority:AS 16.10.310
AS 16.10.339
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