Under a quarterly payment contract, the first payment will be due three months after the effective date of the contract. Principal and interest payments will be set on a level-payment basis over a period of not more than 20 years. Purchasers may, at any time, pay more than their required payment. The State does not charge a prepayment penalty. The current interest rate is 12.5 percent but is subject to change.
Interest begins to accrue on the date shown on the face of the contract.
Purchasers may accelerate their payments at any time. A returned check fee as provided in 11 AAC 05.010 will be assessed for a ny check on which the bank refuses payment. If the bank refuses payment, the default termination date remains the same. All Rights Reserved.