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(a) At the closing of a loan or modification, the applicant shall
(1) meet all conditions imposed by the board to be met by closing of the loan or modification;
(2) provide all information requested by the department; and
(3) execute promissory notes, real estate mortgages, deeds of trust, chattel mortgages, security agreements, financing statements, assignments, affidavits, insurance pay orders, and other instruments that the board may require relating to the loan or modification.
(b) If a loan agreement or modification is not closed within 90 days following the written notice to the applicant of the decision, the decision expires. The board may extend the time for closing under this subsection not to exceed an additional 90 days for reasonable cause shown.
History: Eff. 12/1/84, Register 92; am 10/27/2002, Register 164
Authority: AS 06.09.040
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Last modified 7/05/2006