Section 3 AAC 80.360 - Assumptions(a) A request for permission to assume the obligations and benefits of a loan made under AS 16.10.801-16.10.890 and 3 AAC 80.310 - 3 AAC 80.380 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 under AS 16.10.801 and 3 AAC 80.310 - 3 AAC 80.380, 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 16.10.801-16.10.890 and 3 AAC 80.310 - 3 AAC 80.380 is prohibited and constitutes a default on the loan.Eff. 10/16/2012, Register 204Authority:AS 16.10.805
AS 16.10.810