Ala. Admin. Code r. 335-11-1-.08

Current through Register Vol. 43, No. 02, November 27, 2024

Section 335-11-1-.08 - Administrative Fees

(1) The Department may require an administrative or legal fee of recipients:

(a) Assessed as a percentage of the outstanding principal, payable on interest payment dates; and/or

(b) An origination fee, to be paid at closing of the assistance agreement.

(2) Fees collected shall be used to defray the Department's expenses of servicing the assistance agreement and necessary operating expenses of the program or provided as the State Match requirement.

Ala. Admin. Code r. 335-11-1-.08

New Rule: Filed August 31, 2010; effective October 4, 2010.

Amended by Alabama Administrative Monthly Volume XXXVIII, Issue No. 05, February 28, 2020, eff. 4/13/2020.

Authors: Aubrey H. White III, James Dailey

Statutory Authority: Code of Ala. 1975, §§ 22-34-1, 22-34-2, 22-34-3.