3 AAC 83.020 - 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 financial and credit record, ability to repay, and proposed collateral. A loan committee may 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(e) Repealed 8/10/97.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

3 AAC 83.020

Eff. 9/11/85, Register 95; am 8/10/97, Register 143

Authority:AS 45.98.020

AS 45.98.030