Section 44.88.740 - Servicing of guaranteed loans(a) The financial institution that holds a loan guaranteed by the authority under AS 44.88.700 - 44.88.799 shall (2) exercise diligence in collecting amounts due under the loan; and(3) comply with all requirements of the loan guarantee agreement.(b) Amounts received toward satisfaction of a default on a loan guaranteed under AS 44.88.700 - 44.88.799 shall be allocated between the lender and the revolving fund according to the guaranteed percentage of the loan until the principal balance and accrued interest have been repaid.Added by SLA 2012, ch. 61,sec. 2, eff. 6/13/2012.