Effective Oct 16, 2012Alaska Register 204(Eff. 10/16/2012, Register 204) | Authority: AS 16.10.805, AS 16.10.810
(a) A request for permission to assume the obligations and benefits of a loan made under AS 16.10.801 - 16.10.890 and 3 AAC 80.310 - 3 AAC 80.380 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 16.10.801 and 3 AAC 80.310 - 3 AAC 80.380, 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 16.10.801 - 16.10.890 and 3 AAC 80.310 - 3 AAC 80.380 is prohibited and constitutes a default on the loan.