Section 3 AAC 75.020 - Loan committee(a) A loan committee consists of one or more persons appointed by the director to act on a loan request.(b) A loan committee may approve, deny, or modify and approve a loan request, or may table a loan request subject to obtaining additional information.(c) A loan committee may impose reasonable conditions on the approval of a loan, including (1) additional collateral to secure the loan;(2) additional guarantors; and(3) adding the department as loss payee on an existing aircraft insurance policy.(d) A loan committee shall consider the applicant's eligibility for a loan, financial and credit record, and ability to repay, and the adequacy of collateral offered to secure the loan. A loan committee may also consider the recommendations of the loan officer assigned to process the application and any other relevant information.(e) A loan committee may fix, within the limitations set by AS 44.33.670, the term of a loan and repayment schedule.(f) If a loan request 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 upon.(g) A material misstatement or omission of fact made by an applicant constitutes grounds for denial of a loan request.Eff. 8/22/2008, Register 187Authority:AS 44.33.660
AS 44.33.665
AS 44.33.670