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Title 3 . Commerce, Community, and Economic Development
Chapter 12 . Land Sales
Section 145. Due date of first payment

3 AAC 12.145. Due date of first payment

(a) If the first loan payment is proposed to be due 31 days or more after the date the loan is made, the licensee shall disclose to the borrower in writing and before the borrower signs any loan documents, the

(1) amount due as the first payment if payment is made within 30 days after the date the loan is made;

(2) amount due as the first payment if payment is made 31 days or more after the date the loan is made; and

(3) the difference between the amounts disclosed under (1) and (2) of this subsection.

(b) The licensee shall allow the borrower to elect the date of the first loan payment if the

(1) payment date complies with AS 06.20.250 (d); and

(2) borrower's election is made in writing after receipt of the disclosure required by (a) of this section.

History: Eff. 10/16/2003, Register 168

Authority: AS 06.20.250

AS 06.20.340


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Last modified 7/05/2006