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If a loan is in default, the department will, in its discretion, require the borrower to furnish annual financial statements consisting of a balance sheet, profit-and-loss statement, sources and application of all money received, and a schedule of change of owner's equity. The department will, in its discretion, also require an audit or audits to determine whether the borrower has complied with the provisions of the loan, and conduct periodic inspection of collateral securing repayment of the loan. If a vessel is used as collateral, a current marine survey must be supplied upon request by the department, at the borrower's expense.
History: Eff. 9/11/85, Register 95; am 8/10/97, Register 143
Authority: AS 16.10.310
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Last modified 7/05/2006