Effective Aug 22, 2008Alaska Register 187(Eff. 8/22/2008, Register 187) | Authority: AS 44.33.660
(a) A request for permission to assume the obligations and benefits of a loan made under AS 44.33.650 - 44.33.690 and this chapter will be processed in the same manner as a loan application.
(b) A loan committee may permit an assumption if the
(1) applicant is a good financial risk; and
(2) security of the state's investment is preserved.
(c) Wraparound financing that includes a loan made under AS 44.33.650 - 44.33.690 and this chapter is prohibited and constitutes a default on the loan.