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(a) The authority will not guarantee a loan made by a financial institution unless it has executed a loan guarantee agreement with the financial institution. The loan guarantee agreement will set forth provisions governing guarantees of loans made by the financial institution, including provisions
(1) for payment of fees to the authority;
(2) setting out conditions and procedures precedent to the honoring of the guarantee;
(3) requiring the financial institution to service the loan according to AS 44.88.555 , to receive all payment of principal and interest, and to continue to service the loan in the event of a default;
(4) requiring the financial institution to immediately notify the authority if the borrower fails to make any payment of principal or interest on the due date if the non-payment continues for 60 days or more; and
(5) setting forth terms under which the guarantee may be declared null and void.
(b) Payments honoring a guarantee shall be made in accordance with the terms and conditions of the loan guarantee agreement.
History: Eff. 8/1/88, Register 107; am 11/30/90, Register 118; am 9/30/97, Register 144
Authority: AS 44.88.080
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Last modified 7/05/2006