Section 3.87.080. Assumptions.

Latest version.

	(a)  A request to assume the obligations and benefits of a loan made under AS 27.09  and this chapter will be processed in the same manner as a loan request.  
	(b)  A loan committee may permit an assumption if the applicant is a good financial risk and the security of the state's investment is preserved.  
	(c)  Wraparound financing that includes a loan made under AS 27.09  and this chapter is prohibited, and constitutes a default on the loan.

Authorities

27.09.050

Notes

Authority
 AS 27.09.050  
History Eff. 9/11/85, Register 95; am 7/4/91, Register 119

                    
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