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(a) The department will, in its discretion, allow an assumption of a loan made under AS 26.15 and this chapter, if the department determines the assumption is in the best interests of the state.
(b) A request for an assumption of a loan made under AS 26.15 and this chapter will be processed in the same manner as a loan application. If necessary to evaluate the request, the department will, in its discretion, require that the applicant supply one or more of the items specified in 3 AAC 41.010, before the request will be processed.
(c) Wraparound financing that includes a loan made under AS 26.15 and this chapter is prohibited and constitutes a default on the loan.
History: Eff. 9/11/85, Register 95; am 8/10/97, Register 143
Authority: AS 26.15.010
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Last modified 7/05/2006