Section 3.86.080. Assumptions.

	(a)  The department will, in its discretion, allow an assumption of a loan made under AS 45.81  and this chapter, if the department determines the assumption is in the best interest of the state.  
	(b)  A request for an assumption of a loan made under AS 45.81  and this chapter will be processed in the same manner as a loan application. If necessary to evaluate the request, the department will, in its discretion, require that the applicant supply one or more of the items specified in 3 AAC 86.010, before the request will be processed.  
	(c)  Wraparound financing that includes a loan made under AS 45.81  and this chapter is prohibited and constitutes a default on the loan.  

Authorities

45.81.200;45.81.210;01.05.031;45.95;45.81;44.62.125;45.95.010;45.95.020

Notes

Authority

AS 45.81.200 AS 45.81.210 Editor's note: Acting under AS 01.05.031, the revisor of statutes renumbered former AS 45.95 as AS 45.81. As of Register 203 (January 2013), the regulations attorney made conforming technical revisions under AS 44.62.125(b)(6) to 3 AAC 86.080 to reflect the statutory renumbering. Acting under AS 01.05.031, the revisor of statutes renumbered former AS 45.95.010 as AS 45.81.200; former AS 45.95.020 as AS 45.81.210. As of Register 203 (January 2013), the regulations attorney made conforming technical revisions under AS 44.62.125(b)(6) to 3 AAC 86.080 to reflect the statutory renumbering.

History

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

References

3.86.080