3 AAC 83.080 - Assumptions
(a) A request to assume the obligations and
benefits of a loan made under AS 45.98 and this chapter will be processed in
the same manner as a loan request.
(b) A loan committee may permit an assumption
if the applicant 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 45.98 and this chapter
is prohibited, and constitutes a default on the loan.
Notes
Authority:AS 45.98.020
AS 45.98.030
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