Alaska Administrative Code (Last Updated: January 12, 2017) |
Title 3. Commerce, Community, and Economic Development. |
Part 3.1. Banking, Securities, Small Loans and Corporations. |
Chapter 3.80. Commercial Fishing Loans. |
Article 3.80.1. Community Fishing Revolving Loan Fund. |
Section 3.80.020. Loan committee.
Latest version.
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(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 eligibility for a loan, financial and credit record, ability to repay, operating plan, 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 16.10.320, 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
16.10.310;16.10.339