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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 3.87. Mining Loans. |
Section 3.87.020. Loan committee.
Latest version.
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(a) A loan committee consists of one or more persons appointed by the director to act on a request for an assumption. (b) A loan committee may approve, deny, or modify and approve a request for an assumption, or may table a loan request subject to obtaining additional information. (c) A loan committee may impose reasonable conditions on the approval of an assumption, 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 an applicant's financial and credit record, ability to repay, operating plan, 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 (e) Repealed 8/10/97.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 request for an assumption 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
27.09.040;27.09.050