Section 3.80.020. Loan committee.  


Latest version.
  • 	(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

Notes


Authority
AS 16.10.310 AS 16.10.339
History
Eff. 9/11/85, Register 95; am 3/16/95, Register 133