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If a borrower is delinquent on a loan, or is otherwise in default by reason of a failure to comply with the terms of the loan, the department will give written notice of the default to the borrower within 30 days after the delinquency or other matter giving rise to the delinquency. If, within 30 days after the written notice, the default is not cured, or arrangements are not made with the department for curing the default, the department will, after discussion with the board, exercise its rights and remedies under the loan documents, except that a loan foreclosure must be authorized by the board.
History: Eff. 12/1/84, Register 92
Authority: AS 03.10.020
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Last modified 7/05/2006