Alaska Administrative Code
Title 11 - Natural Resources
Part 4 - Agriculture
Chapter 39 - Agricultural Revolving Loan Fund
Article 5 - Restructuring Delinquent Loans
11 AAC 39.660 - Board consideration
Universal Citation: 11 AK Admin Code 39.660
Current through August 30, 2024
(a) Complete applications will be considered by the board.
(b) The board may approve an application if
(1) the borrower
cannot repay the loan according to its existing terms from agricultural and
non-agricultural income and liquidation of assets;
(2) the board determines, based on the
financial information, that the borrower can repay the loan if restructured;
and
(3) restructuring the loan is
expected to increase the return to the state.
(c) As a condition of approval of an application, the board may require a borrower to
(1) provide additional collateral;
(2) obtain and maintain life, casualty,
liability, title, or other insurance;
(3) procure a co-borrower;
(4) agree to other terms and conditions that
the board considers necessary to secure the loan.
(d) The board may deny an application if the borrower
(1) has not complied with all terms,
except payment terms, of any agreement with the department;
(2) has not complied with the conditions of a
permit required by the state or federal government for the borrower's
agricultural operations; or
(3)
submits an application that contains false or misleading information or omits
material information.
Authority:AS 03.09.040
AS 03.10.020
AS 03.10.030
AS 03.10.033
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