 |
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 3.80.3. Community Charter Fisheries Revolving Loan Fund. |
Section 3.80.420. 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 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 lien holders' 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, experience, 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 16.10.915, 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
16.10.905;16.10.915