Unless the context requires otherwise, in this chapter
- (1) repealed 8/10/97;
- (2) "default" means a violation of any term of the loan document, or failure to make the necessary payment within fifteen days of when 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 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)