Current through Chapter 61 of the 2024 Legislative Session and 2024 Executive Orders 125, 133 through 135
Section 44.88.555 - Servicing of guaranteed loans(a) The financial institution that holds a loan guaranteed by the authority under AS 44.88.500 - 44.88.599 shall (2) exercise diligence in collecting amounts due under the loan; and(3) comply with all requirements of the loan guarantee agreement.(b) Amounts received toward satisfaction of a default on a loan guaranteed under AS 44.88.500 - 44.88.599 shall be allocated between the lender and the fund according to the guaranteed percentage of the loan until the principal balance and accrued interest have been repaid.