Section 3.41.020. Loan committee.

	(a)  A loan committee consists of one or more persons appointed by the director to act on a request for assumption.  
	(b)  A loan committee may approve, deny, or modify and approve a request for assumption, or may table a request subject to obtaining additional information.  
	(c)  A loan committee may impose reasonable conditions on the approval of an assumption, 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 evaluate the applicant's financial and credit record, ability to repay, 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)  If a request for an assumption is denied or significantly modified by a loan committee, the loan committee will provide the applicant with a statement of the reasons for the action and the information relied on.  
	(f)  A material misstatement or omission of fact made by an applicant constitutes grounds for denial of a request for an assumption.  

Authorities

26.15.010;26.15.030;26.15.040

Notes

Authority

AS 26.15.010 AS 26.15.030 AS 26.15.040

History

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