Minn. R. agency 201, ch. 4850, pt. 4850.0018
Current through Register Vol. 49, No. 24, December 9, 2024
Subpart 1.Filing claim. The commissioner must file a claim to the bad-debt reserve for the outstanding principal of the loan plus accrued interest if, after exercising due diligence: A. the commissioner is unable to collect a loan payment from a borrower or cosigner; andB. the loan is at least 120 days past due.Subp. 2.Bad-debt reserve. A claim to the bad-debt reserve is filed according to this subpart. A. The commissioner must file a claim for death of the borrower upon confirming the borrower's death. B. If the borrower becomes totally and permanently disabled, the commissioner must file a claim upon receiving a certification under part 4850.0027, subpart 2. The borrower's and cosigner's obligation to make any further payment of principal and interest on a SELF Loan is canceled as of the date that the office receives and approves a certification under part 4850.0027, subpart 2. C. If a borrower or cosigner or both are adjudicated bankrupt and have liability for the SELF Loan discharged, any party not adjudicated bankrupt remains liable for unpaid principal and interest.Minn. R. agency 201, ch. 4850, pt. 4850.0018
10 SR 1852; 15 SR 1780; 20 SR 2214; L 2001 1Sp9 art 15 s 32; 32 SR 2268; L 2013 c 99 art 2 s 29Statutory Authority: MS s 136A.01; 136A.04; 136A.111; 136A.16; 136A.1701; 136A.234