Section 3 AAC 99.840 - Loan committee(a) A loan committee consists of one or more persons appointed by the director to act on a loan request.(b) A loan committee shall consider the recommendations of the loan officer assigned to process the application and any other relevant information. A loan committee shall also consider the applicant's eligibility for a loan, financial and credit record, ability to repay, and operating plan, and the adequacy of collateral offered to secure the loan.(c) After considering a loan request as described in section (b), a loan committee shall approve or deny the loan request, approve the loan request subject to modification, or table the loan request subject to obtaining additional information.(d) A loan committee may impose reasonable conditions on the approval of a loan, including: (1) additional collateral to secure the loan;(2) additional guarantors; and(3) subordination of prior lienholders' rights to the interest of the rural development initiative fund.(e) A loan committee shall establish the term of a loan and repayment schedule within the limitations set by 3 AAC 99.870.(f) If a loan request is denied, significantly modified, or tabled by a loan committee, the loan committee shall provide the applicant with a statement explaining reasons for the action.(g) A material misstatement or omission of fact made by an applicant constitutes grounds for denial of a loan request.Eff. 2/8/2001, Register 158Authority:AS 44.88.600
AS 44.88.610
AS 44.88.620