Section 11 AAC 67.875 - Installment payments(a) A person purchasing state land under this chapter may make installment payments to pay the principal sum remaining after the five-percent cash downpayment if the remaining principal sum to be paid exceeds $2,000. The principal sum is computed, for the purpose of this section, on each individual tract. If the principal sum is $2,000 or less, the purchase price must be paid in full.(b) A person holding a homesite permit may enter into an installment contract for payment of survey and platting costs if those costs are greater than $2,000. If the survey and platting costs are $2,000 or less, the purchaser must pay the costs in full.(c) The department will provide for a monthly installment payment schedule unless the department determines that a quarterly or annual installment payment schedule is more administratively efficient.(d) Principal and interest payments will be set on a level-payment basis according to the following financed principal amounts: (1) $2,000.01 to $9,999.99, not more than 5 years;(2) $10,000.00 to $14,999.99, not more than 10 years;(3) $15,000.00 to $19,999.99, not more than 15 years;(4) $20,000.00 or more, not more than 20 years.Eff. 5/13/79, Register 70; am 10/14/79, Register 72; am 11/21/82, Register 84; am 2/8/2001, Register 157Authority:AS 38.05.020
AS 38.05.065
AS 38.08.060