3 AAC 78.900. Definitions

Unless the context requires otherwise, in this chapter

(1) repealed 8/10/97;

(2) "default" includes a violation of any provision of this chapter, AS 45.88, or the loan document, failure to make the necessary payment within 15 days after it is due, or failure to maintain the insurance required by the department;

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

(4) "wraparound financing" means a contract that includes the balance due on an existing debt and an additional amount to cover the difference between the selling price and the existing debt; and

(5) "director" means the director of the division of investments or its successor agency in the department.

History: Eff. 9/11/85, Register 95; am 8/10/97, Register 143

Authority: AS 45.88.020

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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