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Alaska Statutes Title 44. State Government § 44.88.555. Servicing of guaranteed loans

Current as of January 01, 2025 | Updated by Findlaw Staff

(a) The financial institution that holds a loan guaranteed by the authority under AS 44.88.500--44.88.599 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 44.88.500--44.88.599 shall be allocated between the lender and the fund according to the guaranteed percentage of the loan until the principal balance and accrued interest have been repaid.

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Cite this article: FindLaw.com - Alaska Statutes Title 44. State Government § 44.88.555. Servicing of guaranteed loans - last updated January 01, 2025 | https://codes.findlaw.com/ak/title-44-state-government/ak-st-sect-44-88-555/

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