Section 3.80.075. Costs.

	(a)  All expenses incurred by the department in processing an application must be paid by the applicant. These expenses include the cost of title reports and insurance, recording fees, appraisals, surveys, travel, and other direct costs.  
	(b)  Except as provided in AS 16.10.310(a)(10), an origination fee of one percent of the total loan amount or an assumption fee of one percent of the loan balance is due from the borrower when all provisions of 3 AAC 80.065 have been met.  
	(c)  A late fee not to exceed five percent of the payment amount will be charged to a borrower for each loan payment that is received more than 15 days after the due date. If requested by the borrower and the borrower has not previously received a partial or full waiver of a late fee, the department will waive up to all of the late fee as follows:  
		(1) 100 percent if the loan payment was received no more than 18 days after the due date;  
		(2) 90 percent if the loan payment was received no more than 29 days after the due date.  
	(d)  A fee not to exceed $100 will be charged to a borrower to process a loan extension application.  
	(e)  The department will not charge the late fee described in (c) of this section if  
		(1) the department receives from the borrower a loan extension application or a payment plan no more than 15 days after the due date;  
		(2) the department approves the loan extension application or payment plan; and  
		(3) one or more of the following occurs:  
			(A) the borrower meets all conditions for the loan extension or the payment plan;  
			(B) the department receives payment during its review of the loan extension application or payment plan.  

Authorities

16.10.310;16.10.339

Notes

Reference

3 AAC 80.055

Authority

AS 16.10.310 AS 16.10.339

History

Eff. 9/11/85, Register 95; am 1/11/87, Register 101; am 7/4/91, Register 119; am 3/16/95, Register 133; am 9/27/2008, Register 187