1. (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. (2) The council shall consider the reported default at a regularly scheduled quarterly meeting and consider whether to:

   1. (a) grant requests for forgiveness made pursuant to ARM 4.16.512;
   2. (b) forgive performance of a grant obligation;
   3. (c) defer performance obligations;
   4. (d) modify the loan or grant agreement;
   5. (e) convert a grant to a loan;
   6. (f) convert a loan or grant to the default interest rate; or
   7. (g) take other action not inconsistent with statute or rule.

Authorizing statute(s): 90-9-203, MCA

Implementing statute(s): 90-9-202, 90-9-203, MCA

History: NEW, 2016 MAR p. 1254, Eff. 7/23/16.