Section 3.161.020. Examination.

	(a)  The division will process the material described in 3 AAC 161.010 and 3 AAC 161.040 and evaluate  
		(1) the eligibility of the community;  
		(2) the applicant's eligibility, financial and credit records, and ability to repay the loan; and  
		(3) any other information relevant to eligibility for or the issuance of a bulk fuel loan or bulk fuel bridge loan.  
	(b)  If the application is incomplete, or if the division needs additional information in order to complete an evaluation described in (a) of this section, the division will request the information necessary from the applicant. The applicant must provide the requested information not later than 30 days after the date that the division received the application. If the applicant fails to provide the requested information timely, the division will inactivate the application.  
	(c)  On the basis of the evaluation described in (a) of this section, the division will  
		(1) deny the application, if the applicant is ineligible; or  
		(2) approve the application as a bulk fuel loan or a bulk fuel bridge loan; in its approval, the division may include modifications to the applicant's original request.  
	(d)  The division will fix, in accordance with AS 42.45.250 - 42.45.299, the terms of a loan, including the interest rate and a repayment schedule.  
	(e)  If the division denies or significantly modifies a loan request, the division will provide the applicant with a written statement of the reasons for the action and the information on which the division relied for the denial or modification.  
	(f)  An applicant's material misstatement or omission of fact constitutes grounds for denial of a loan request.  

Authorities

42.45.250;42.45.260;42.45.270

Notes

Authority

AS 42.45.250 AS 42.45.260 AS 42.45.270

History

Eff. 9/2/2008, Register 188; am 1/28/2009, Register 189; am 3/8/2013, Register 205