Section 3 AAC 75.055 - Fees(a) A $50 application fee will be charged to a borrower to process each loan application.(b) A late fee not to exceed five percent of the payment amount will be charged to a borrower for each loan payment that is received more than 15 days after the due date. If requested by the borrower and the borrower has not previously received a partial or full waiver of a late fee, the department will waive up to all of the late fee as follows: (1) 100 percent if the loan payment was received no more than l8 days after the due date;(2) 90 percent if the loan payment was received no more than 29 days after the due date.(c) The department will not charge the late fee described in (b) of this section if (1) the department receives from the borrower a loan extension application or a payment plan no more than 15 days after the due date;(2) the department approves the loan extension application or payment plan; and(3) one or more of the following occurs: (A) the borrower meets all conditions for the loan extension or the payment plan;(B) the department receives payment during its review of the loan extension application or payment plan.(d) A fee, not to exceed $50, will be charged to a borrower to process a loan modification.Eff. 8/22/2008, Register 187Authority:AS 44.33.660
AS 44.33.665