3 AAC 86.070 - Supervision of loans
If a loan is in default, the department will, in its discretion, require the 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 or audits to determine whether the borrower has complied with the provisions of the assumption, 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 45.95.010 as AS 45.81.200; former AS 45.95.020(a) as AS 45.81.210. As of Register 203 (January 2013), the regulations attorney made conforming technical revisions under AS 44.62.125(b)(6) to 3 AAC 86.070 to reflect the statutory renumbering.
Authority:AS 45.81.200
AS 45.81.210
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