Section 3 AAC 80.020 - 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 lienholders' rights to the interests of the state.(d) A loan committee shall consider the applicant's eligibility for a loan, financial and credit record, ability to repay, operating plan, 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 16.10.320, 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 on.(g) A material misstatement or omission of fact made by an applicant constitutes grounds for denial of a loan request.Eff. 9/11/85, Register 95; am 3/16/95, Register 133Authority:AS 16.10.310
AS 16.10.339