- (a) A request for permission to assume the obligations and benefits of a loan made under AS 44.33.950 - 44.33.990 and this chapter will be processed in the same manner as an application for a loan.
- (b) A loan committee may permit an assumption if the applicant meets eligibility requirements under AS 44.33.960 and this chapter, is a good financial risk, and the security of the state's investment is preserved.
- (c) Wraparound financing that includes a loan made under AS 44.33.950 - 44.33.990 and this chapter is prohibited and constitutes a default on the loan.
(Eff. 11/3/2012, Register 204)
Authority: AS 44.33.955, AS 44.33.960