(a) There is established as a special account within the historical district revolving loan fund the foreclosure expense account. This account is established as a reserve from fund equity.
(b) The commissioner of commerce, community, and economic development may expend money credited to the foreclosure expense account when necessary to protect the state's security interest in collateral on loans made under this chapter, or to defray expenses incurred during foreclosure proceedings after a default by an obligor.
Structure Alaska Statutes
Chapter 98. Historical District Loan Act
Sec. 45.98.010. Creation of historical district revolving loan fund.
Sec. 45.98.015. Special account established.
Sec. 45.98.020. Historical district loans.
Sec. 45.98.030. Powers of the department.
Sec. 45.98.040. Limitations on loans.
Sec. 45.98.050. Sale or transfer of mortgages and notes.
Sec. 45.98.055. Disposal of property acquired by default or foreclosure.