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Alaska Administrative Code (Last Updated: January 12, 2017) |
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Title 3. Commerce, Community, and Economic Development. |
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Part 3.1. Banking, Securities, Small Loans and Corporations. |
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Chapter 3.170. Rural Development Initiative Fund. |
Section 3.170.120. Assumptions and modifications.
Latest version.
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(a) A loan in which the division has purchased a participation under 3 AAC 170.030 may be assumed if the person assuming the loan would be eligible for a loan under 3 AAC 170.050. (b) The division will consent to a modification of the terms of a loan in which the division has purchased a participation interest under 3 AAC 170.030 if the borrower and the eligible lender submit to the division a written application for the modification and if the division determines based upon the information available to it that the modification is necessary to either prevent a default or to further the purposes of the fund or to protect the interests of the state.
Authorities
44.33.765;44.33.770