(a) The financial institution that holds a loan guaranteed by the authority under AS 44.88.500 - 44.88.599 shall
(1) service the loan;
(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.
Section: Previous 44.88.505 44.88.510 44.88.515 44.88.520 44.88.525 44.88.535 44.88.540 44.88.542 44.88.545 44.88.550 44.88.555 44.88.560 44.88.570 44.88.599 NextLast modified: November 15, 2016