Section 3 AAC 87.020 - Loan committee(a) A loan committee consists of one or more persons appointed by the director to act on a request for an assumption.(b) A loan committee may approve, deny, or modify and approve a request for an assumption, or may table a loan request subject to obtaining additional information.(c) A loan committee may impose reasonable conditions on the approval of an assumption, 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 an applicant's financial and credit record, ability to repay, operating plan, and proposed collateral. A loan committee may consider the recommendations of the loan officer assigned to process the application, and any other relevant information.(f) If a request for an assumption 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 request for an assumption.Eff. 9/11/85, Register 95; am 8/10/97, Register 143Authority:AS 27.09.040
AS 27.09.050