31:01:03:11. Default. If the borrower violates any of the terms of the loan agreement, the office may place the borrower in default. Borrowers determined to be in default shall be notified by certified mail. The notice shall explain the reasons for the action. The borrower must respond to the notice within 30 days, providing evidence of correction of the reasons for the action. If the borrower fails to respond or to take corrective action, the entire remaining balance becomes due and payable immediately and the office may take any action it considers appropriate to protect its interest.
Source: 14 SDR 183, effective July 13, 1988; transferred from § 20:13:03:11, 15 SDR 209, effective July 9, 1989; 19 SDR 148, effective April 4, 1993; 20 SDR 222, effective July 5, 1994.
