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Sec. 16.10.815. Limitations on loans.

AK Stat § 16.10.815 (2019) (N/A)
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(a) Except as provided in (b) of this section, a loan under AS 16.10.801 - 16.10.840

(1) for a charter halibut permit may not exceed the permit value determined by a 12-month rolling average set quarterly by the department for like permits;

(2) for a loan other than a loan for a charter halibut permit may not exceed $100,000 a year;

(3) may not exceed a term of 15 years, except for extensions under AS 16.10.805;

(4) may not bear interest at a rate greater than the prime rate, as defined in AS 44.88.599, plus two percentage points, but which may not be less than six percent a year or more than 10 1/2 percent a year;

(5) must be secured by a first priority lien on collateral acceptable to the commissioner, which may include collateral other than a charter halibut permit; and

(6) may not be made to a person who has a past due child support obligation established by court order or by the child support services agency under AS 25.27.160 - 25.27.220 at the time of application.

(b) The total balances outstanding on loans made to a borrower under AS 16.10.805 may not exceed $200,000.

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