Section 3.74.020. 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 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 lien holders' rights to the interests of the state.  
	(d)  A loan committee shall consider the applicant's eligibility for a loan, financial and credit record, ability to repay, experience, and the adequacy of collateral offered to secure the loan. A loan committee may also consider the recommendations of the loan officer assigned to process the application and any other relevant information.  
	(e)  A loan committee may fix, within the limitations set by AS 44.33.965, the term of a loan and repayment schedule.  
	(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 loan request.  

Authorities

44.33.955;44.33.965

Notes

Authority

AS 44.33.955 AS 44.33.965

History

Eff. 11/3/2012, Register 204