| (a) When a recipient or payment guarantor/cosigner of a loan
shall have failed to make as many as six monthly payments due in accordance
with the promissory note(s), then the full amount of remaining principal,
interest, and/or late charges shall immediately become due and payable. The
recipient's and payment guarantor/cosigner's names and last known addresses
and other information as requested by the commissioner shall be reported to
the attorney general or any county or district attorney acting for him or
her in the county of the recipient's residence or in Travis County, unless
the attorney general shall find reasonable justification for delaying suit
and shall advise the commissioner in writing.
(b) In all cases of default, the recipient and payment guarantor/cosigner
shall be responsible for the payment of principal and all accrued charges,
including interest, late charges, any collections costs incurred, court costs,
and attorney fees.
|
