Effective Sep 7, 2012Alaska Register 203(Eff. 9/11/85, Register 95; am 11/5/87, Register 104; am 9/7/2012, Register 203) | Authority: AS 45.88.020
(a) A request for an assumption of a loan made under AS 45.88.010 - 45.88.090 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 residency requirements under AS 45.88.025 and 3 AAC 78.025, 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 45.88.010 - 45.88.090 and this chapter is prohibited, and constitutes a default on the loan.
(Eff. 9/11/85, Register 95; am 11/5/87, Register 104; am 9/7/2012, Register 203)