Section 3 AAC 80.250 - Assumptions(a) A request for permission to assume the obligations and benefits of a loan made under AS 16.10.310(a)(1)(E) and 3 AAC 80.200 - 3 AAC 80.265 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 as outlined in 3 AAC 80.200 - 3 AAC 80.265, 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 16.10.310(a)(1)(E) is prohibited and constitutes a default on the loan.Eff. 10/16/2012, Register 204