1. (a) The department will, in its discretion and when it is in the state's best interests, allow an assumption of a loan made under AS 45.88 and this chapter.
2. (b) A request for an assumption of a loan made under AS 45.88 and this chapter will be processed in the same manner as a loan application. The department will, in its discretion, require one or more of the items specified in 3 AAC 79.010.
3. (c) Wraparound financing that includes a loan made under AS 45.88 and this chapter is prohibited, and constitutes a default on the loan.

(Eff. 9/11/85, Register 95; am 11/5/87, Register 104)