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Title 3 . Commerce, Community, and Economic Development
Chapter 12 . Land Sales
Section 100. Permanent record of loans required

3 AAC 12.100. Permanent record of loans required

Every licensee shall maintain a separate permanent record of all loans in litigation, including all loans assigned, sold, or transferred for the purpose of suit. The records must contain the following: the loan number, the original amount of loan, and the unpaid balance; the nature of the security foreclosed, attached, to be recovered, or otherwise repossessed; the name of the owner of the security if it is not the property of the borrower; and the date and terms of settlement of the account if before obtaining judgment, or if after a judgment is obtained, all items included in the collection after suit is instituted. These records must be maintained separately from other records of the licensee and shall be known as the "Litigation Register." Account records or cards for these loans must be segregated and maintained separately.

History: In effect before 7/28/59; am 6/30/77, Register 62

Authority: AS 06.20.180

AS 06.20.340

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Last modified 7/05/2006