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(a) A loan in which the division has purchased a participation under 3 AAC 170.030 may be assumed if the person assuming the loan would be eligible for a loan under 3 AAC 170.050.
(b) The division will consent to a modification of the terms of a loan in which the division has purchased a participation interest under 3 AAC 170.030 if the borrower and the eligible lender submit to the division a written application for the modification and if the division determines based upon the information available to it that the modification is necessary to either prevent a default or to further the purposes of the fund or to protect the interests of the state.
History: Eff. 1/19/93, Register 125
Authority: AS 44.33.765
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Last modified 7/05/2006