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If an individual who is required to sign a promissory note under 8 AAC 87.135 fails to make the required monthly payments, the department will send a notice, by certified mail, return receipt requested, to the individual's last known address. In the notice, the department will advise the individual that, unless payment of the amount in default is received within 30 days after the individual receives the notice, the department will, as required by AS 23.15.640 (c),
(1) obtain a judgment for default on the promissory note; and
(2) seek satisfaction of the judgment from the individual's permanent fund dividend.
History: Eff. 12/24/2004, Register 172
Authority: AS 23.15.640
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Last modified 7/05/2006