 |
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 3.80.2. Community Quota Entity Revolving Loan Fund. |
Section 3.80.250. Assumptions.
Latest version.
-
(a) A request for permission to assume the obligations and benefits of a loan made under AS 16.10.310(a)(1)(E) and 3 AAC 80.200 - 3 AAC 80.265 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 eligibility requirements as outlined in 3 AAC 80.200 - 3 AAC 80.265, 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 16.10.310(a)(1)(E) is prohibited and constitutes a default on the loan.