Section 3.78.080. Assumptions.

Latest version.

	(a)  A request for an assumption of a loan made under AS 45.88.010 - 45.88.090 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 residency requirements under AS 45.88.025 and 3 AAC 78.025, 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 45.88.010 - 45.88.090 and this chapter is prohibited, and constitutes a default on the loan.

Authorities

45.88.020

Notes

Authority
 AS 45.88.020  
History Eff. 9/11/85, Register 95; am 11/5/87, Register 104; am 9/7/2012, Register 203

                    
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