Section 3 AAC 102.090 - Review by authority(a) The authority will not guarantee a loan under this chapter that is made before issuance of a guarantee authorization under this section. The authority will not guarantee a loan under this chapter without making the determination required under AS 44.88.700(c).(b) If the authority approves an application for a guarantee, the authority will issue a guarantee authorization to the applicant stating that a guarantee will be provided for a specified portion of the loan under terms and conditions specified by the authority in the guarantee authorization. The terms and conditions, under which the guarantee will be valid and binding, will be set out in the guarantee authorization and in the loan guarantee agreement made with the financial institution providing the loan. No guarantee will be effective until the loan guarantee agreement is executed by the financial institution and returned to the authority and until the terms of the guarantee authorization are met. Any violation by the financial institution of the terms and conditions set out in the loan guarantee agreement or in the guarantee authorization that causes or contributes to a subsequent loss will, at the option of the authority, cause the guarantee to become null and void and absolutely unenforceable against the authority as of the date of the violation.(c) If the authority denies an application, the authority will notify the applicant of the denial.Eff. 3/29/2013, Register 207Even though 3 AAC 102.090 was adopted and effective 3/29/2013, it was not published until Register 207, October 2013.
Authority:AS 44.88.085
AS 44.88.700
AS 44.88.770