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Title 3 . Commerce, Community, and Economic Development
Chapter 3 . Land Sales
Section 110. Loans to members

3 AAC 03.110. Loans to members

(a) Loan Policies. The board of directors shall establish written loan policies which will be made available to members. The policies must include relevant considerations such as types of loans, security, interest rates and maturities.

(b) Loan Repayment.

(1) Late charges and accrued interest are to be deducted from proceeds of loan payments first, with the remainder, if any, to be applied to the loan principal.

(2) Interest payments will be required on all loans at least annually.

History: Eff. 1/21/81, Register 77

Authority: AS 06.45.010

AS 06.45.060 (5)


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Last modified 7/05/2006