Section 11 AAC 39.900 - Modification of an agreement(a) Only the board may approve a modification of a loan, installment contract, land purchase agreement, easement, lease, permit, contract, or other agreement under AS 03.10 and this chapter. A person must submit a written application to the division for a modification, describe the reasons that a modification is needed, and include documentation that supports the application for a modification.(b) An application for a modification shall be submitted to the board at a meeting under 11 AAC 39.031 if the application complies with AS 03.10 and this chapter and is received by the division at least 30 days before the date of the next scheduled meeting.(c) For a borrower in good financial standing that would qualify for an interest credit under 11 AAC 39.511, regardless of whether the board has approved an interest credit, the board will not approve a modification of a loan that includes(1) an interest rate reduction; (2) forgiveness of principal;(4) a reduction in the value of the collateral securing the loan below the requisite loan-to-value ratio on the outstanding principal and interest. Eff. 10/27/2002, Register 164; am 12/10/2021, Register 240, January 2022Authority:AS 03.09.040
AS 03.10.020
AS 03.10.050