Made available by Touch N' Go Systems, Inc., and the
Law Offices of James B. Gottstein.

You can also go to The Alaska Legal Resource Center or search the entire website search.

Touch N' Go,® the DeskTop In-and-Out Board makes your office run smoother. Visit Touch N' Go's Website to see how.
Title 3 . Commerce, Community, and Economic Development
Chapter 41 . Veteran's Loan Assumptions
Section 20. Loan committee

3 AAC 41.020. Loan committee

(a) A loan committee consists of one or more persons appointed by the director to act on a request for assumption.

(b) A loan committee may approve, deny, or modify and approve a request for assumption, or may table a request subject to obtaining additional information.

(c) A loan committee may impose reasonable conditions on the approval of an assumption, including

(1) additional collateral to secure the loan;

(2) additional guarantors; and

(3) subordination of prior lienholders rights to the interests of the state.

(d) A loan committee shall evaluate the applicant's financial and credit record, ability to repay, and the proposed collateral. A loan committee may also consider the recommendations of the loan officer assigned to process the application, and any other relevant information.

(e) If a request for an assumption is denied or significantly modified by a loan committee, the loan committee will provide the applicant with a statement of the reasons for the action and the information relied on.

(f) A material misstatement or omission of fact made by an applicant constitutes grounds for denial of a request for an assumption.

History: Eff. 9/11/85, Register 95; am 8/10/97, Register 143

Authority: AS 26.15.010

AS 26.15.030

AS 26.15.040

Note to HTML Version:

The Alaska Administrative Code was automatically converted to HTML from a plain text format. Every effort has been made to ensure its accuracy, but neither Touch N' Go Systems nor the Law Offices of James B. Gottstein can be held responsible for any possible errors. This version of the Alaska Administrative Code is current through June, 2006.

If it is critical that the precise terms of the Alaska Administrative Code be known, it is recommended that more formal sources be consulted. Recent editions of the Alaska Administrative Journal may be obtained from the Alaska Lieutenant Governor's Office on the world wide web. If any errors are found, please e-mail Touch N' Go systems at E-mail. We hope you find this information useful. Copyright 2006. Touch N' Go Systems, Inc. All Rights Reserved.

Last modified 7/05/2006