R311-212-9. Recovering on Defaulted Loans

Latest version.

  (a) Loans may be considered in default when two consecutive payments are past due by 30 days or more, when the applicant's ability to receive payments for claims against the fund lapses, or if the certificate of compliance lapses or is revoked. Lapsing under Subsection R311-206-7(e) shall not be considered as grounds for default for USTs which are permanently closed.

  (b) The Director may declare the full amount of the defaulted loan, penalty, and interest immediately due.

  (c) The Director need not give notice of default prior to declaring the full amount due and payable.

  (d) The borrower shall be liable for attorney's fees and collection costs for defaulted loans whether incurred before or after court action.

                    
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