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.

History: 90-9-203, MCA; IMP, 90-9-202, 90-9-203, MCA; NEW, 2016 MAR p. 1254, Eff. 7/23/16.