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(a) All expenses incurred by the department in closing a loan, including processing the application, must be paid by the applicant. These expenses include the cost of credit reports, title reports and insurance, recording fees, appraisals, surveys, travel, and other direct costs.
(b) A $200 application fee is due from the applicant at the time that an application is filed with the department. This fee will be credited toward the origination fee if the loan is made.
(c) An origination fee not to exceed one and one-half percent of the loan balance is due from the borrower at the time that the loan is made.
(d) A late fee not to exceed 5% of the payment amount may be charged to a borrower for each loan payment that is more than 15 days past due.
(e) An extension fee not to exceed $25 may be charged to a borrower to process a loan extension.
History: Eff. 1/12/89, Register 109; am 3/30/89, Register 110; am 7/19/91, Register 119
Authority: AS 44.88.420
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Last modified 7/05/2006