ARM 4.16.513. FAILURE TO MEET CONDITIONS OF LOAN OR GRANT

(1) If a recipient of a loan or grant fails to meet a condition of the loan or grant, the department shall notify the recipient in writing. (2) The council shall consider the reported default at a regularly scheduled quarterly meeting and consider whether to: (a) grant requests for forgiveness made pursuant to ARM 4.16.512; (b) forgive performance of a grant obligation; (c) defer performance obligations; (d) modify the loan or grant agreement; (e) convert a grant to a loan; (f) convert a loan or grant to the default interest rate; or (g) take other action not inconsistent with statute or rule.