Alaska Administrative Code
Title 3 - Commerce, Community, and Economic Development
Part 5 - Division of Veterans' Affairs
Chapter 41 - Veteran's Loan Assumptions
3 AAC 41.020 - Loan committee

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

(b) A loan committee may approve, deny, or modify and approve a request for assumption, or may table a request subject to obtaining additional information.

(c) A loan committee may impose reasonable conditions on the approval of an assumption, including

(d) A loan committee shall evaluate the applicant's financial and credit record, ability to repay, and the proposed collateral. A loan committee may also consider the recommendations of the loan officer assigned to process the application, and any other relevant information.

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

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