Ill. Admin. Code tit. 92, § 15.90 - Default

Current through Register Vol. 46, No. 15, April 8, 2022

a) If the loan payment is not made within 15 days after the scheduleddate determined under Section 15.80(b), a penalty of 10% of thepayment shall be assessed.
b) If no payment has been received within 30 days after the scheduledpayment date, the loan shall be considered in default. (Section 34b(b)(6) of the Act)
c) As soon as a loan is considered in default, the Department shall notify the public airport Owner and attempt to enter into a renegotiation of the loan payment amounts and schedule determined under Section 15.80(b). In no case shall the term of the loan be extended beyond the initial term determined under Section 15.70(b), and the interest rate may not be lowered or any interestbe forgiven. If a renegotiation of loan payment amounts andschedule is obtained to the Department's satisfaction within 30days after notification of default, then the new payment scheduleshall replace the one determined by Section 15.80(b) and shall beused to measure compliance with the loan for purposes of default.
d) If, after 30 days after notification of default, the Departmenthas not obtained a renegotiation to its satisfaction, theDepartment shall declare the loan balance due and payableimmediately.
e) If the Owner cannot immediately pay the balance of the loan, theDepartment shall proceed to foreclose. (Section 34b(b)(7) of the Act)

Notes

Ill. Admin. Code tit. 92, § 15.90

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