La. Admin. Code tit. 19, § VII-7221 - Payment of Claims by LEDC
A.
LEDC shall pay loss claims as submitted, except LEDC may reject a claim when
the representations and warranties provided by the Lender at the time of
enrolling the qualified loan were false.
B. Lender shall send evidence that a
withdrawal of an amount equal to 66.66 percent of the loan loss has been made
from the lenders loss reserve account with the payment request from
LEDC.
C. LEDC shall pay loss claims
in the order it receives them. If two or more loss claims are filed
simultaneously by the lender and there are insufficient funds in the loss
reserve account to pay them, the lender may designate the order the loss claims
are paid by LEDC.
Notes
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