Section 3 AAC 74.060 - Assumptions(a) A request for permission to assume the obligations and benefits of a loan made under AS 44.33.950-44.33.990 and this chapter will be processed in the same manner as an application for a loan.(b) A loan committee may permit an assumption if the applicant meets eligibility requirements under AS 44.33.960 and this chapter, 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 44.33.950-44.33.990 and this chapter is prohibited and constitutes a default on the loan.Eff. 11/3/2012, Register 204Authority:AS 44.33.955
AS 44.33.960