3 AAC 82.020 - 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 an
applicant's eligibility, financial and credit record, ability to repay,
operating plan, 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(e) Repealed 8/10/97.
(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 request for an assumption.
Notes
Authority:AS 44.33.245
AS 44.33.255
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