Section 3 AAC 78.020 - 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) subordination of prior lien holders' rights to the interests of the state.(d) A loan committee may consider the appropriateness and cost effectiveness of the energy conservation or the alternative energy system to be installed, the applicant's eligibility for a loan, financial and credit record, ability to repay, and the adequacy of the collateral offered to secure the loan. The loan committee may also consider the recommendations of the loan officer assigned to process the application, and any other relevant for information.(f) If a loan request is denied or significantly modified by a loan committee, the loan committee shall provide the applicant with 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 ground for denial of a loan request.(h) A loan committee may fix, within the limitations set by AS 45.88.030, the term of a loan and repayment schedule.Eff. 9/11/85, Register 95; am 8/10/97, Register 143; am 9/7/2012, Register 203Authority:AS 45.88.020
AS 45.88.030