Section 3 AAC 99.885 - Assumptions(a) A request for permission to assume the obligations and benefits of a loan made under AS 44.88.610 and this article will be processed in the same manner as a loan application.(b) A loan committee may permit an assumption if the applicant is a good financial risk and the security of the rural development initiative fund is preserved or improved.(c) Wraparound financing that includes a loan made under AS 44.88.610 and this article is prohibited and constitutes a default on the loan.Eff. 2/8/2001, Register 158Authority:AS 44.88.600
AS 44.88.610
AS 44.88.620