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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 3.74. Alaska Microloan Revolving Loan Fund. |
Section 3.74.060. Assumptions.
Latest version.
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(a) A request for permission to assume the obligations and benefits of a loan made under AS 44.33.950 - 44.33.990 and this chapter will be processed in the same manner as an application for a loan. (b) A loan committee may permit an assumption if the applicant meets eligibility requirements under AS 44.33.960 and this chapter, 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 44.33.950 - 44.33.990 and this chapter is prohibited and constitutes a default on the loan.
Authorities
44.33.955;44.33.960