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(a) Loan money will not be disbursed to a borrower until
(1) the director is satisfied that the borrower has complied with all conditions imposed by the board for loan money to be disbursed;
(2) the director is satisfied that the borrower has provided all information requested by the board or staff;
(3) all instruments have been executed and the borrower has complied with all provisions in those instruments required for closing; and
(4) the loan has been closed.
(b) After board approval, the director may cease disbursement of loan money if the director determines that the collateral is in jeopardy.
(c) All expenses incurred by the director in processing and closing a loan will be deducted from the loan proceeds except for those expenses paid in advance by the borrower.
(d) Except as otherwise authorized by the board, the director shall disburse money under a loan agreement based on an invoice or other document that justifies payment.
(e) Loan money must be disbursed within one year after the date of closing or the money is no longer available to the borrower.
History: Eff. 12/1/84, Register 92; am 10/27/2002, Register 164
Authority: AS 03.09.040
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Last modified 7/05/2006