20 AAC 18.150. Default

(a) A loan is in default if

(1) a loan payment has become 180 or more days past due;

(2) neither the borrower nor the cosigner, if any, complies with the applicable reporting requirements of 20 AAC 18.100(a) ; or

(3) the borrower or cosigner, if any, has falsified any information on the loan application or information required under AS 14.44 or this chapter.

(b) To prevent default under (a)(1) of this section, the borrower or cosigner, if any, must pay the delinquent amount before that amount is 180 days past due. Alternatively, a borrower or cosigner, if any, may enter into an alternative payment arrangement acceptable to the commission if the borrower or the cosigner can demonstrate that neither the borrower nor the cosigner, if any, is able to pay the delinquent amount.

(c) If a person entering into an alternative payment arrangement under (b) of this section fails to comply with the terms of the agreement, the person will be notified that the agreement will be void unless, within 30 days after notification of payment delinquency is sent, the person pays the entire delinquent amount owed under the agreement and cures any other failure to comply with the agreement. The agreement is void if the person does not cure the breach within that time.

History: Eff. 11/8/2000, Register 156

Authority: AS 14.44.035

AS 14.44.040

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