Sec. 44.33.255. Loan terms.
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Sec. 44.33.255. Loan terms.
(a)A loan to a child care facility under AS 44.33.240 — 44.33.275 may not exceed $50,000.
(b)The rate of interest charged shall be seven percent a year on the unpaid balance of the loan.
(c)The duration for repayment of a loan may not exceed 20 years.
(d)All principal and interest payments, and any money chargeable to principal or interest that is collected through liquidation by foreclosure or other process on loans made under AS 44.33.240 — 44.33.275, shall be paid into the child care facility revolving loan fund.
(e)If a child care facility ceases operation, any loan to the facility from the fund is due on the date the facility ceases operation.