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(a) Loans or loan installments under AS 46.03.422 will be disbursed when
(1) a security interest in the collateral on behalf of this state has been perfected;
(2) requirements of the loan committee have been met; and
(3) the borrower is in compliance with all other provisions of the loan documents and this chapter.
(b) Misuse of loan money by a borrower constitutes a default on the loan, making the loan immediately due and payable in full.
History: Eff. 4/16/2000, Register 154
Authority: AS 46.03.020
Sec. 16, ch. 70,
SLA 1999
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Last modified 7/05/2006