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Alaska Administrative Code (Last Updated: January 12, 2017) |
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Title 3. Commerce, Community, and Economic Development. |
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Part 3.1. Banking, Securities, Small Loans and Corporations. |
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Chapter 3.80. Commercial Fishing Loans. |
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Article 3.80.3. Community Charter Fisheries Revolving Loan Fund. |
Section 3.80.360. Assumptions.
Latest version.
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(a) A request for permission to assume the obligations and benefits of a loan made under AS 16.10.801 - 16.10.890 and 3 AAC 80.310 - 3 AAC 80.380 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 under AS 16.10.801 and 3 AAC 80.310 - 3 AAC 80.380, 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 16.10.801 - 16.10.890 and 3 AAC 80.310 - 3 AAC 80.380 is prohibited and constitutes a default on the loan.
Authorities
16.10.805;16.10.810