Section 3.99.885. Assumptions.

Latest version.

	(a)  A request for permission to assume the obligations and benefits of a loan made under AS 44.88.610 and this article will be processed in the same manner as a loan application.  
	(b)  A loan committee may permit an assumption if the applicant is a good financial risk and the security of the rural development initiative fund is preserved or improved.  
	(c)  Wraparound financing that includes a loan made under AS 44.88.610 and this article is prohibited and constitutes a default on the loan.

Authorities

44.88.600;44.88.610;44.88.620

Notes

Authority
 AS 44.88.600  
AS 44.88.610  
AS 44.88.620  
History Eff. 2/8/2001, Register 158

                    
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