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If a loan is in default, the department will, in its discretion, require a borrower to furnish annual financial statements consisting of a balance sheet, profit and loss statement, sources and application of all money received, and a schedule of change of owner's equity. The department will, in its discretion, also require a audit or audits to determine whether the borrower has complied with the provisions of the loan, and may conduct periodic inspection of collateral securing repayment of the loan.
History: Eff. 9/11/85, Register 95
Authority: AS 44.33.245
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Last modified 7/05/2006