11 AAC 67.875. Installment payments

(a) A person purchasing state land under this chapter may make installment payments to pay the principal sum remaining after the five-percent cash downpayment if the remaining principal sum to be paid exceeds $2,000. The principal sum is computed, for the purpose of this section, on each individual tract. If the principal sum is $2,000 or less, the purchase price must be paid in full.

(b) A person holding a homesite permit may enter into an installment contract for payment of survey and platting costs if those costs are greater than $2,000. If the survey and platting costs are $2,000 or less, the purchaser must pay the costs in full.

(c) The department will provide for a monthly installment payment schedule unless the department determines that a quarterly or annual installment payment schedule is more administratively efficient.

(d) Principal and interest payments will be set on a level-payment basis according to the following financed principal amounts:

(1) $2,000.01 to $9,999.99, not more than 5 years;

(2) $10,000.00 to $14,999.99, not more than 10 years;

(3) $15,000.00 to $19,999.99, not more than 15 years;

(4) $20,000.00 or more, not more than 20 years.

History: Eff. 5/13/79, Register 70; am 10/14/79, Register 72; am 11/21/82, Register 84; am 2/8/2001, Register 157

Authority: AS 38.05.020

AS 38.05.065

AS 38.08.060

The Alaska Administrative Code was automatically converted to HTML from a plain text format. Every effort has been made to ensure its accuracy, but neither Touch N' Go Systems nor the Law Offices of James B. Gottstein can be held responsible for any possible errors. This version of the Alaska Administrative Code is current through June, 2006.

If it is critical that the precise terms of the Alaska Administrative Code be known, it is recommended that more formal sources be consulted. Recent editions of the Alaska Administrative Journal may be obtained from the Alaska Lieutenant Governor's Office on the world wide web. If any errors are found, please e-mail Touch N' Go systems at E-mail. We hope you find this information useful. Copyright 2006. Touch N' Go Systems, Inc. All Rights Reserved.