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2018 Alaska Statutes
Title 44. State Government
Chapter 88. Alaska Industrial Development and Export Authority
Article 9. New Markets Tax Credit Assistance Guarantee and Loan Program.
Sec. 44.88.740. Servicing of guaranteed loans.
Universal Citation: AK Stat § 44.88.740 (2018)
(a) The financial institution that holds a loan guaranteed by the authority under AS 44.88.700 — 44.88.799 shall
(1) service the loan;
(2) exercise diligence in collecting amounts due under the loan; and
(3) comply with all requirements of the loan guarantee agreement.
(b) Amounts received toward satisfaction of a default on a loan guaranteed under AS 44.88.700 — 44.88.799 shall be allocated between the lender and the revolving fund according to the guaranteed percentage of the loan until the principal balance and accrued interest have been repaid.
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