Section 3.41.900. Definitions.

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		(1) repealed 8/10/97;  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.  

Authorities

26.15.010;26.15.030;44.62.125

Notes

Authority

AS 26.15.010 AS 26.15.030 Editor's note: As of Register 171 (October 2004), the regulations attorney made technical revisions under AS 44.62.125(b)(6) to reflect the name change of the Department of Community and Economic Development to the Department of Commerce, Community, and Economic Development made by ch. 47, SLA 2004 and the corresponding title change of the commissioner of community and economic development. ________________________

History

Eff. 9/11/85, Register 95; am 8/10/97, Register 143; am 10/16/2012, Register 204