Section 15.155.280. Misrepresentation.

If a loan subsidy was paid as a result of a misstatement of material fact, the lender shall repay to the Corporation an amount equal to the subsidy paid plus accrued interest at the highest permissible rate established by law calculated from the date of issuance of the loan subsidy check by the Corporation. A borrower who misrepresents a material fact in a statement or certification required by the Corporation shall return any subsidies received under the program, and forfeits the right to receive future subsidies. An individual, business, or other entity that misrepresents a material fact in order to qualify a borrower for a subsidy under this program may not receive any benefit from the program. Further, a product sold or installed and a service performed by such an individual, business, or other entity is not eligible for a subsidy under the program. The Corporation, at its discretion, will reinstate eligibility to receive benefit from the program.  

Authorities

18.56.088;18.56.410;18.56.850

Notes

Reference

15 AAC 154.900
15 AAC 155.250
15 AAC 155.990

Authority

AS 18.56.088 AS 18.56.410 AS 18.56.850 ________________________

History

Eff. 5/7/93, Register 130