Section 3.79.020. 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 and approve 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 lienholders' rights to the interests of the state.  
	(d)  A loan committee shall consider the applicant's financial and credit record, ability to repay, and proposed collateral. A loan committee may consider recommendations of the loan officer assigned to process the application, and other relevant information.  
	(e)  repealed 8/10/97.  
	(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

45.88.120;45.88.150;01.05.031;45.89.030;45.89.070;44.62.125

Notes

Authority

AS 45.88.120 AS 45.88.150 Editor's note: Acting under AS 01.05.031, the revisor of statutes renumbered former AS 45.89.030 as AS 45.88.120; former AS 45.89.070 as AS 45.88.150. As of Register 203 (January 2013), the regulations attorney made conforming technical revisions under AS 44.62.125(b)(6) to 3 AAC 79.020 to reflect the statutory renumbering.

History

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

References

3.79.020