Section 3.83.020. Loan committee.

	(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 financial and credit record, ability to repay, and proposed collateral. A loan committee may consider the recommendations of the loan officer assigned to process the application, and any other relevant information.  
	(e)  Repealed 8/10/97.  
	(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 request for an assumption.  

Authorities

45.98.020;45.98.030

Notes

Authority

AS 45.98.020 AS 45.98.030

History

Eff. 9/11/85, Register 95; am 8/10/97, Register 143