(a) The lender shall notify the Board of the debtor's delinquency by mailed notice no later than the forty-fifth (45th) day of delinquency.

(b) The lender shall supply the Board with copies of the notes, security agreements, guarantees and a summary of the loan's history, including where the loan is domiciled, the payment record, and a copy of the lender's liquidation plan by the sixtieth (60th) day of delinquency.

(c) The lender may file with the Board its claim for payment under the terms of the guarantee as stipulated in section 18412, no earlier tan the ninetieth (90th) day of delinquency. This claim shall be for the guaranteed portion of the outstanding principal balance of the loan plus the accrued unpaid interest on the guaranteed amount.

(d) Within forty-five (45) days from receipt of a claim for payment as a result of a delinquency, the Board shall notify the lender of its intent to purchase from the lender the guaranteed portion of the note for the amount specified in the claim.

(e) From the time a loan payment is first delinquent until the guaranteed portion of the note and the accrued interest is paid by the Board, the lender shall take actions necessary to secure and exercise its position as a creditor.

(f) On purchase of the guaranteed portion of a defaulted note by the Board, the lender shall assign the guaranteed portion of the note, security interest, and guarantees to the Board. The Board shall take the action it deems necessary and appropriate in order to secure payment from the debtor or the debtor's assets.

(g) In the event the Board obtains recovery on a defaulted note after its purchase from the lender, the proceeds of the recovery, minus the cost of recovery, shall be shared between the Board and lender in proportion to the exposure the Board and lender respectively bore to the defaulted note.