3 AAC 87.010. Application process

(a) To apply for an assumption of a mining loan, an applicant shall file with the department

(1) a completed application for a mining loan assumption, on a form provided by the department;

(2) an individual financial statement from the applicant and from each person owning 10 percent or more of the mining firm, 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 from the applicant, the business manager, and each person owning 10 percent or more of the mining firm, on a form provided by the department;

(7) a mining resume from the applicant;

(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, including returns for each member of a partnership or other association;

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

(11) a $100 nonrefundable application fee; and

(12) any other information that might be helpful to the applicant in qualifying 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 27.09.020

AS 27.09.050

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