Unless the context requires otherwise, in this chapter
- (1) repealed 8/10/97;
- (2) "default" includes a violation of any provision of this chapter, AS 44.33.240 - 44.33.275 or the loan document, failure to make the necessary payment within 15 days after it is due, or failure to maintain the insurance required by the department;
- (3) "department" means the Department of Commerce, Community, and Economic Development;
- (4) "wraparound financing" means a contract that includes the balance due on an existing debt and an additional amount to cover the difference between the selling price and the existing debt;
- (5) "director" means the director of the division assigned economic development functions or its successor agency in the department.
(Eff. 9/11/85, Register 95; am 8/10/97, Register 143; am 10/16/2012, Register 204)
Authority: AS 44.33.245