Section 3.79.080. Assumptions.

	(a)  The department will, in its discretion and when it is in the state's best interests, allow an assumption of a loan made under AS 45.88  and this chapter.  
	(b)  A request for an assumption of a loan made under AS 45.88  and this chapter will be processed in the same manner as a loan application. The department will, in its discretion, require one or more of the items specified in 3 AAC 79.010.  
	(c)  Wraparound financing that includes a loan made under AS 45.88  and this chapter is prohibited, and constitutes a default on the loan.  

Authorities

45.88.120;45.88.150;01.05.031;45.89;45.88;44.62.125;45.89.030;45.89.070

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 as AS 45.88. As of Register 203 (January 2013), the regulations attorney made conforming technical revisions under AS 44.62.125(b)(6) to 3 AAC 79.080 to reflect the statutory renumbering. 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 79.080 to reflect the statutory renumbering.

History

Eff. 9/11/85, Register 95; am 11/5/87, Register 104

References

3.79.080