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If a loan is in default, the department will, in its discretion, require the 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 an audit or audits to determine whether the borrower has complied with the provisions of the assumption, and conduct periodic inspection of collateral securing repayment of the loan.
History: Eff. 9/11/85, Register 95
Authority: AS 45.95.010
AS 45.95.020 (a)
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Last modified 7/05/2006