3 Alaska Admin. Code § 80.080

Current through December 21, 2024
Section 3 AAC 80.080 - Assumptions
(a) A request for permission to assume the obligations and benefits of a loan made under AS 16.10.300-16.10.370 and this chapter will be processed in the same manner as a loan request.
(b) A loan committee may permit an assumption if the applicant meets residency requirements as outlined in 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 16.10.300-16.10.370 and this chapter is prohibited and constitutes a default on the loan.

3 AAC 80.080

Eff. 9/11/85, Register 95; am 8/10/97, Register 143

Authority:AS 16.10.310