An assumption agreement will be considered by the department to be closed when
- (1) all required signatures have been obtained and the assumption agreement has been properly recorded;
- (2) the borrower has complied with the insurance requirements contained in an instrument signed by the borrower;
- (3) requirements of the loan committee have been met; and
- (4) the borrower is in compliance with all other provisions of the loan documents and this chapter.
(Eff. 9/11/85, Register 95)