In 3 AAC 77.010 - 3 AAC 77.900

1. (1) "debtor" means an individual, partnership, corporation or other entity which contracts for a loan, assumes a loan, or guarantees or co-signs a loan administered by the department;
2. (2) "default" means a violation of a provision of the loan documents, including failure to make any payment within 15 days after it is due or failure to maintain insurance required by the department;
3. (3) "department" means the Department of Commerce, Community, and Economic Development;
4. (4) "loan committee" means those persons designated by the department to serve as a loan committee;
5. (5) "repossessed property" means collateral on a loan or other property obtained by the department through legal process, including default or other means; and
6. (6) "senior loan committee" means those persons designated by the department to serve as a senior loan committee.

(Eff. 3/29/86, Register 97)

Authority: AS 16.10.310