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Title 3 . Commerce, Community, and Economic Development
Chapter 79 . Fisheries Enhancement Tax Appropriations
Section 80. Assumptions

3 AAC 79.080. Assumptions

(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 45.89 and this chapter.

(b) A request for an assumption of a loan made under AS 45.89 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.

(c) Wraparound financing that includes a loan made under AS 45.89 and this chapter is prohibited, and constitutes a default on the loan.

History: Eff. 9/11/85, Register 95; am 11/5/87, Register 104

Authority: AS 45.89.030

AS 45.89.070

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Last modified 7/05/2006