Alaska Administrative Code
Title 3 - Commerce, Community, and Economic Development
Part 10 - Economic Development
Chapter 74 - Alaska Microloan Revolving Loan Fund
3 AAC 74.020 - Loan committee

Universal Citation: 3 AK Admin Code 3 AAC 74.020

Current through February 27, 2024

(a) A loan committee consists of one or more persons appointed by the director to act on a loan request.

(b) A loan committee may approve, deny, or modify a loan request, or may table a loan 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 prior lien holders' 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, experience, 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 44.33.965, the term of a loan and repayment schedule.

(f) If a loan request is denied or significantly modified by a loan committee, the loan committee shall provide the applicant with a statement of the reasons for the action and the information relied on.

(g) A material misstatement or omission of fact made by an applicant constitutes grounds for denial of a loan request.

Authority:AS 44.33.955

AS 44.33.965

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