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(a) Upon receipt of an application under 3 AAC 170.030, the division will form a loan committee of one or more persons which may consist of employees of the division or persons selected for their expertise in commercial financing from outside the division. The loan committee will review the application and will make a recommendation to the division director whether the requirements of this chapter have been met with respect to the loan. If the division director determines that the requirements of this chapter have been met, the division will enter into a commitment to purchase the participation interest in the loan from available money in the fund.
(b) If the division director determines that the requirements of this chapter have not been met, the division will decline the application. Within 15 days after receipt of notice of the decision denying the loan, the lender may appeal the decision to the commissioner. The appeal must be in writing. Within 30 days of receipt of an appeal of a decision, the commissioner will review the application and any supplemental material and will notify the lender of the final determination affirming, reversing or modifying the decision and the reasons for the final determination. If the lender fails to file an appeal within 15 days after receipt of the division director's decision, the division director's decision constitutes the final determination of the department.
History: Eff. 1/19/93, Register 125; am 6/13/93, Register 126
Authority: AS 44.33.765
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Last modified 7/05/2006