Section 390.1632. Authority responsibilities for loan collection.

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Rule 12. (1) The authority shall be responsible for the collection of the loan.

(2)    The authority shall make periodic reports on the borrower and cosigner or cosigners to 1 or more national credit bureaus.

(3)   The authority may accelerate payment of the loan and demand payment in full of all outstanding principal, accrued interest, and late charges if either of the following conditions occurs:

(a) ) A borrower and cosigner or cosigners default.

(b)    A borrower or cosigner or cosigners provided false information to obtain the loan.

(4)   The authority may exercise all legal options to collect the loan.

History: 1990 AACS; 1998-2000 AACS.

                    
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