- (1) Loans may be considered in default when two consecutive payments are past due by 30 days or more.
- (2) If the loan is determined to be in default under Subsection R704-3-9(1), the Division or the Division of Finance may declare the full amount of the defaulted loan, penalty and interest immediately due.
- (3) The borrower shall be liable for attorney's fees and collection costs for defaulted loans, whether incurred before or after court action.
KEY: disaster recovery loans, local government disaster loans
Date of Last Change: June 7, 2017
Notice of Continuation: January 11, 2022
Authorizing, and Implemented or Interpreted Law: 53-2a-607; 53-2a-608; 53-2a-609