R988-700-9. Loan Repayment

(1) Loan repayment shall be the responsibility of the property owner. (2) Loans shall be repaid within one year of disbursement. (3) If the loan is not fully repaid after one year, the borrower shall pay a 5% late fee on the loan balance. (4)(a) The office may initiate collection actions to recover unpaid loans. (b) As provided by law, interest on the judgment amount, court costs, and attorney's fees may be included in a judgment. (c) A judgment shall be a lien on the borrower's real property.