Section 3 AAC 80.460 - Assumptions(a) The department will process a request for permission to assume the obligations and benefits of a loan made under AS 16.10.890 - 16.10.945 and 3 AAC 80.410 - 3 AAC 80.480 in the same manner as an application for a loan.(b) A loan committee may permit an assumption if the applicant (1) meets eligibility requirements under AS 16.10.910 and 3 AAC 80.410 - 3 AAC 80.480;(2) is a good financial risk; and(3) the security of the state's investment is preserved.(c) Wraparound financing that includes a loan made under AS 16.10.890 - 16.10.945 and 3 AAC 80.410 - 3 AAC 80.480 is prohibited and constitutes a default on the loan.Eff. 10/16/2012, Register 204; am 7/24/2024, Register 251, October 2024Authority:AS 16.10.905
AS 16.10.910