3 AAC 77.900. Definitions

In 3 AAC 77.010 - 3 AAC 77.900

(1) "debtor" means an individual, partnership, corporation or other entity which contracts for a loan, assumes a loan, or guarantees or co-signs a loan administered by the department;

(2) "default" means a violation of a provision of the loan documents, including failure to make any payment within 15 days after it is due or failure to maintain insurance required by the department;

(3) "department" means the Department of Commerce, Community, and Economic Development;

(4) "loan committee" means those persons designated by the department to serve as a loan committee;

(5) "repossessed property" means collateral on a loan or other property obtained by the department through legal process, including default or other means; and

(6) "senior loan committee" means those persons designated by the department to serve as a senior loan committee.

History: Eff. 3/29/86, Register 97

Authority: AS 16.10.310 (a)

AS 16.10.510 (4)

AS 44.33.020 (1)

AS 44.33.245 (a)

AS 45.86.040 (a)

AS 45.87.060

AS 45.88.020 (a)

AS 45.89.070

AS 45.90.020 (a)

AS 45.95.020

AS 45.98.030 (3)

Editor's note: As of Register 171 (October 2004), the regulations attorney made technical revisions under AS\n 44.62.125(b)(6) to reflect the name change of the Department of Community and Economic Development to the Department of Commerce, Community, and Economic Development made by ch. 47, SLA 2004 and the corresponding title change of the commissioner of community and economic development.

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