(a) To apply for an assumption of an existing
small business loan, an applicant shall file with the department
(1) a completed application for a small
business loan assumption, on a form provided by the department;
(2) repealed 8/10/97;
(3) an individual financial statement from
each individual applicant, including each member of a partnership or other
association, or, if the applicant is a corporation, each individual owning 10
percent or more of any outstanding shares, on a form provided by the
department;
(4) a business
financial statement, if applicable, on a form provided by the
department;
(5) an actual statement
of profit and loss, on a form provided by the department;
(6) a projected statement of profit and loss,
on a form provided by the department;
(7) a personal resume, on a form provided by
the department;
(8) a business
resume, on a form provided by the department;
(9) a signed credit authorization, on a form
provided by the department;
(10)
repealed 8/10/97;
(11) an earnest
money agreement explaining all terms and conditions of the transaction, with
signatures by all parties;
(12)
signed copies of the applicant's federal income tax returns for the preceding
three years, including returns for each member of a partnership or other
association;
(13) a $100
nonrefundable application fee; and
(14) repealed 8/10/97;
(15) any other information that might be
helpful to the applicant in demonstrating eligibility for the assumption, as
requested by the department.
(b) The department will, in its discretion,
process an application for an assumption without the information described in
(a) of this section, if the department determines that the department can make
an informed lending decision without access to the information.
Acting under
AS
01.05.031, the revisor of statutes renumbered
former AS 45.95.010 as
AS
45.81.200; former AS 45.95.020 as
AS
45.81.210. As of Register 203 (January 2013),
the regulations attorney made conforming technical revisions under
AS
44.62.125(b)(6) to
3
AAC 86.010 to reflect the statutory
renumbering.
