(a) The financial institution that holds a loan guaranteed by the authority under AS 44.88.700 - 44.88.799 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 44.88.700 - 44.88.799 shall be allocated between the lender and the revolving fund according to the guaranteed percentage of the loan until the principal balance and accrued interest have been repaid.
Section: Previous 44.88.700 44.88.710 44.88.715 44.88.720 44.88.730 44.88.740 44.88.750 44.88.760 44.88.770 44.88.799 NextLast modified: November 15, 2016