Rule 4.16.513 - FAILURE TO MEET CONDITIONS OF LOAN OR GRANT(1) If a recipient of a loan or grant fails to meet a condition of the loan or grant, the department shall notify the recipient in writing.(2) The council shall consider the reported default at a regularly scheduled quarterly meeting and consider whether to: (a) grant requests for forgiveness made pursuant to ARM 4.16.512;(b) forgive performance of a grant obligation;(c) defer performance obligations;(d) modify the loan or grant agreement;(e) convert a grant to a loan;(f) convert a loan or grant to the default interest rate; or(g) take other action not inconsistent with statute or rule.NEW, 2016 MAR p. 1254, Eff. 7/23/2016AUTH: 90-9-203, MCA; IMP: 90-9-202, 90-9-203, MCA