3 AAC 78.075. Costs

(a) All expenses incurred by the department in processing an application must be paid by the applicant. These expenses include the cost of title reports and insurance, recording fees, appraisals, surveys, travel, and other direct costs.

(b) An assumption fee of one percent of the loan balance is due from the borrower when applicable provisions of this chapter have been met.

(c) A late fee not to exceed five percent of the payment amount will, in the department's discretion, be charged to a borrower for each loan payment that is more than 15 days past due.

(d) An extension fee not to exceed $100 will, in the department's discretion, be charged to a borrower to process a loan extension.

History: Eff. 9/11/85, Register 95; am 1/11/87, Register 101; am 11/5/87, Register 104; am 7/4/91, Register 119; am 8/10/97, Register 143

Authority: AS 45.88.020

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