Section 3 AAC 03.110 - Loans to members(a) Loan Policies. The board of directors shall establish written loan policies which will be made available to members. The policies must include relevant considerations such as types of loans, security, interest rates and maturities.(b) Loan Repayment. (1) Late charges and accrued interest are to be deducted from proceeds of loan payments first, with the remainder, if any, to be applied to the loan principal.(2) Interest payments will be required on all loans at least annually.Eff. 1/21/81, Register 77Authority:AS 06.45.010
AS 06.45.060(5)