D.C. Mun. Regs. tit. 29, r. 29-2106

Current through Register Vol. 71, No. 49, December 6, 2024

Rule 29-2106 - LOAN PAYMENT REQUIREMENTS

2106.1

The receiving group or entity shall repay each loan no later than two (2) years after the date on which the loan is made.

2106.2

The receiving group or entity shall be informed of the following:

(a) That monthly installments must be made in the form of certified or cashiers check or money order. Each check shall reference the account number, and shall be paid to the D.C. Treasurer;

(b) That a schedule to repay the loan in less than two (2) years may be developed; and

(c) That advance payments may be made.

2106.3

A penalty of twenty-five dollars ($25.00) shall be assessed for each late payment.

2106.4

The Department shall notify the borrower of a missed payment which is more than thirty (30) days past due.

2106.5

The Department shall send regular notices to the loan recipient of delinquent accounts.

2106.6

Collection on delinquent accounts shall be attempted for at least six (6) months.

2106.7

The loan shall be considered in default when the borrower has failed to make six (6) consecutive installment payments.

D.C. Mun. Regs. tit. 29, r. 29-2106

Final Rulemaking published at 38 DCR 603, 609 (January 18, 1991)