(a) For an applicant to be eligible for a loan under AS 16.10.801 - 16.10.840, the applicant shall be a resident of the state, as determined under (c) of this section, and shall
(1) qualify for the purchase of a charter halibut permit under applicable law; or
(2) qualify as a transferee for a charter halibut permit under applicable law.
(b) In addition to the requirements set out in (a) of this section, the applicant must provide to the department a document from a state financial institution stating that
(1) the applicant has been denied a loan for the same purpose; or
(2) a loan from the financial institution is contingent on the applicant also receiving a loan from the fund.
(c) To meet the residency requirements of (a) of this section, the applicant
(1) shall physically reside in this state and maintain a domicile in this state during the 24 consecutive months preceding the date of application for the program; and
(2) may not have
(A) declared or established residency in another state; or
(B) received residency or a benefit based on residency from another state.
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