Section 20.14.240. Terms of repayment.

	(a)  Repayment of the principal and interest begins no later than 60 days following loan origination.  
	(b)  The minimum monthly payment is the greater of $100 or the payment amount calculated to fully repay the refinancing loan within the loan repayment schedule, including all costs of financing.  
	(c)  Subject to (b) of this section, the loan repayment schedule must provide for repayment of the total amount owed in monthly installments over a minimum of five years and not more than 15 years from the commencement of repayment. However, the commission may establish an alternative repayment schedule with the borrower to assist a borrower in repaying the loan without undue economic hardship.  
	(d)  Payments shall be applied first to outstanding fees and interest, and then to principal.  

Authorities

14.42.150;14.42.200;14.43.122

Notes

Reference

20 AAC 14.205
20 AAC 14.220
20 AAC 14.900

Authority

AS 14.42.150 AS 14.42.200 AS 14.43.122 ________________________

History

Eff. 7/31/2016, Register 219