3 AAC 82.010. Application process

(a) To apply for an assumption of an existing child care facility loan, an applicant shall file with the department

(1) a completed application for an assumption of a child care facility loan, on a form provided by the department;

(2) an individual financial statement, on a form provided by the department;

(3) a business financial statement, on a form provided by the department;

(4) an actual statement of profit and loss, on a form provided by the department;

(5) a projected statement of profit and loss, on a form provided by the department;

(6) a personal resume, including three personal references, on a form provided by the department;

(7) a business resume, on a form provided by the department;

(8) a signed credit authorization, on a form provided by the department;

(9) signed copies of the applicant's federal income tax returns for the preceding three years;

(10) an earnest money agreement explaining all terms and conditions of the transaction with signatures by all parties;

(11) a copy of the application for the license required to operate the facility or, if the facility has already been licensed, a copy of the license;

(12) a $100 nonrefundable application fee; and

(13) any other information that might be helpful to the applicant in demonstrating eligibility for an assumption, as requested by the department.

(b) The department will, in its discretion, process an application for an assumption without the information described in (a) of this section, if the department determines that the department can make an informed lending decision without access to the information.

History: Eff. 9/11/85, Register 95; am 1/11/87, Register 101; am 8/10/97, Register 143

Authority: AS 44.33.245

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