01 NCAC 41C .0211 DEFAULT
If the borrower violates any of the terms of the loan agreement, the DOA Fiscal Department may place the borrower in default. Borrowers determined to be in default shall be notified by certified mail and the letter of credit provided as security shall be used to protect the interest of the State of North Carolina.
History Note: Authority G.S. 143-345.18(b)(2a); 143-345.18(b)(3);
Eff. August 1, 2004.