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(a) A loan committee consists of one or more department employees, appointed by the department to act on a loan request under AS 46.03.422 .
(b) A loan committee may approve, deny, or modify and approve a loan, or may table a request subject to obtaining additional information.
(c) A loan committee may impose reasonable conditions on the approval of a loan, including
(1) additional collateral to secure the loan;
(2) additional guarantors; and
(3) subordination of a prior lienholder's rights to the interests of the state.
(d) A loan committee shall consider the applicant's eligibility for a loan, financial and credit record, ability to repay, and operating plan, and the adequacy of collateral offered to secure the loan. A loan committee may also consider the recommendations of the loan officer assigned to process the application, and any other relevant information.
(e) A loan committee may fix, within the limitations set by AS 46.03.422 , the terms of a loan and a repayment schedule that is based on the collateral offered. A loan committee may also consider the purpose of the loan, the size of the loan, and the needs of the applicant when determining the terms of repayment.
(f) If a loan committee denies or significantly modifies a request for a loan, the loan committee shall provide the applicant with a statement of the reasons for the action and the information on which the loan committee relied.
(g) An intentional material misstatement or omission of fact made by an applicant constitutes grounds for denial of a loan request.
History: Eff. 4/16/2000, Register 154
Authority: AS 46.03.020
Sec. 16, ch. 70,
SLA 1999
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Last modified 7/05/2006