Except in case of a moratorium of loan payments under 11 AAC 39.501, when a person is delinquent on a loan, permit, lease, installment contract, or other agreement issued under AS 03.10 and this chapter, a seven-percent penalty will be assessed against the amount delinquent unless the board determines in writing that there is reasonable cause for waiving the penalty.

(Eff. 10/27/2002, Register 164)