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(a) A borrower may be charged an origination fee on a consolidation loan not to exceed three percent of the principal amount of the loan, if provided for in the promissory note.
(b) If the corporation discounts a maximum rate of interest under AS 14.42.200 and 14.42.210, the executive director shall reduce the rate for the applicable loans, based on that discounted maximum rate.
(c) Interest on the loan shall be set at a fixed-interest rate for the life of the loan.
(d) Interest on a consolidation loan begins to accrue on the date of loan origination.
(e) After origination, the commission staff may capitalize any outstanding interest, not paid when due, as part of the principal to be repaid as provided for in the promissory note.
History: Eff. 3/19/2003, Register 166; am 7/31/2003, Register 167
Authority: AS 14.42.030
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Last modified 7/05/2006