Section 44.88.555. Servicing of guaranteed loans.

Latest version.

   (a) The financial institution that holds a loan guaranteed by the authority under AS 44.88.500 - 44.88.599 shall
        (1) service the loan;
        (2) exercise diligence in collecting amounts due under the loan; and
        (3) comply with all requirements of the loan guarantee agreement.
   (b) Amounts received toward satisfaction of a default on a loan guaranteed under AS 44.88.500 - 44.88.599 shall be allocated between the lender and the fund according to the guaranteed percentage of the loan until the principal balance and accrued interest have been repaid.

Notes

References

3 AAC 99.780

History

(Sec. 2 ch 162 SLA 1988; am Sec. 17 ch 109 SLA 1998)

                    
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