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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) all 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.
History: Eff. 8/10/97, Register 143
Authority: AS 16.10.510
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Last modified 7/05/2006