Section 3.80.480. Confidentiality of loan information.

	(a)  The following information is not confidential and is available for public inspection upon request:  
		(1) a document that is already a public record, including a deed of trust, financing statement, limited entry permit, quota share, warranty deed, bill of sale, mortgage, lien, vehicle title, or vessel documentation;  
		(2) general information regarding loans, including the original loan amount, loan terms, personal guarantees, and disbursement and repayment schedules;  
		(3) insurance matters, including title insurance policies and correspondence with insurance companies or borrowers regarding losses, accident reports, and nonpayment of premiums;  
		(4) foreclosure and default proceedings.  
	(b)  The following information is confidential and is not subject to public disclosure:  
		(1) personal and financial information, including income tax returns, financial statements, business income statements, pro forma profit and loss statements, credit information obtained from banks and other creditors, reports from consumer reporting agencies, processor statements, and commercial fishing pink slips (fish tickets);  
		(2) loan committee memoranda and minutes containing information relating to creditworthiness of an applicant;  
		(3) the payment history on a loan, unless the loan is in default.  
	(c)  Information not described in (a) or (b) of this section may be subject to public disclosure. Requests for disclosure must be made, and will be determined, in accordance with 2 AAC 96. Upon receipt of a request for disclosure, the department will notify the loan applicant and other persons with a privacy interest in the request to permit them to present reasons why the requested information should not be disclosed.  

Authorities

16.10.905;40.25.110;40.25.120

Notes

Reference

3 AAC 80.445
3 AAC 80.450
3 AAC 80.455
3 AAC 80.460
3 AAC 80.470
3 AAC 80.900

Authority

Art. I, sec. 22, Ak Const. AS 16.10.905 AS 40.25.110 AS 40.25.120 ________________________

History

Eff. 10/16/2012, Register 204