3 AAC 79.070 - Supervision of loans
If a loan is in default, the department will, in its discretion, require a borrower to furnish annual financial statements consisting of a balance sheet, profit-and-loss statement, sources and application of all money received, and a schedule of change of owner's equity. The department will, in its discretion, also require an audit to determine whether the borrower has complied with the provisions of the loan, and conduct periodic inspection of collateral securing repayment of the loan.
Notes
Acting under AS 01.05.031, the revisor of statutes renumbered former AS 45.89.030 as AS 45.88.120; former AS 45.89.070 as AS 45.88.150. As of Register 203 (January 2013), the regulations attorney made conforming technical revisions under AS 44.62.125(b)(6) to 3 AAC 79.070 to reflect the statutory renumbering.
Authority:AS 45.88.120
AS 45.88.150
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