Sec. 16.10.815. Limitations on loans.

205 words·~1 min read·/ak/title-16/chapter-10/16-10-815

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(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.