R704-3-9. Recovering on Defaulted Loans

(1) Loans may be considered in default when two consecutive payments are past due by 30 days or more. (2) If the loan is determined to be in default under Subsection R704-3-9(1), the Division or the Division of Finance may declare the full amount of the defaulted loan, penalty and interest immediately due. (3) The borrower shall be liable for attorney's fees and collection costs for defaulted loans, whether incurred before or after court action.