11 Alaska Admin. Code § 39.441

Current through November 28, 2024

Section 11 AAC 39.441 - Supervision of loans

As long as there is an outstanding loan balance, the borrower shall

(1) submit to the department, on request, any additional information and records reasonably necessary to support or clarify the ability of the borrower to make loan payments and protect the collateral, including

(A) tax returns;

(B) projected income and expense statements;

(C) property appraisals;

(D) title reports;

(E) surveys;

(F) marketing studies;

(G) financial statements prepared by a certified public accountant; and

(H) copies of orders and decisions of the court

(i) affecting the collateral; or

(ii) concerning bankruptcy of the borrower.

(2) submit to the division, on request, proof that insurance is being maintained in the amounts required and in the type required by the terms of the loan; and

(3) agree to allow the director or staff or its agents access to the borrower's books, records, and premises at all reasonable times.

11 AAC 39.441

Eff. 12/1/84, Register 92; am 10/27/2002, Register 164

Authority:AS 03.09.040

AS 03.10.020

AS 03.10.030

AS 03.10.050