Sec. 16.10.910. Eligibility.
(a) For an applicant to be eligible for a loan under AS 16.10.890 – 16.10.945, the applicant shall be (1) a resident of the state who has (A) a permitted mariculture farm location in this state; and (B) experience or training in the mariculture industry; or (2) a resident of the state or entity organized […]
Sec. 16.10.915. Limitations on loans.
(a) Except as provided in (b) and (c) of this section, a loan under AS 16.10.890 -16.10.945 (1) may not exceed (A) $100,000 a year for an applicant under AS 16.10.910(a)(1); or (B) $1,000,000 a year for an applicant under AS 16.10.910(a)(2); (2) may not, unless extended under AS 16.10.905, exceed a term of (A) […]
Sec. 16.10.920. Repayment of principal of and interest on loans.
The department may not require the repayment of the principal of and interest on a loan made under AS 16.10.910 during the first six years of the loan. However, for a loan made under AS 16.10.910(a)(2), the department may defer repayment of the principal of and interest on the loan for an additional period not […]
Sec. 16.10.923. Voluntary assessment on sale of shellfish.
(a) An association of persons who hold entry permits under AS 16.43 comprising at least 51 percent of the persons holding entry permits and actively participating in a fishery to be benefited by a hatchery program may levy and collect an assessment from among its members for the purpose of securing and repaying a loan […]
Sec. 16.10.925. Default.
If the borrower defaults on a note, the department shall notify the borrower of the default and the consequences of default by mailing a notice to the borrower’s most recent address provided to the department by the borrower or obtained by the department.
Sec. 16.10.930. Special account established.
(a) The foreclosure expense account is established as a special account in the mariculture revolving loan fund. (b) The department may expend money credited to the foreclosure expense account when necessary to protect the state’s security interest in collateral on loans granted under AS 16.10.910 or to defray expenses incurred during foreclosure proceedings after an […]
Sec. 16.10.935. Disposal of property acquired after default.
The department shall dispose of property acquired through default of a loan made under AS 16.10.890 – 16.10.945. Disposal must be made in a manner that serves the best interest of the state and may include the amortization of payments over a period of years.
Sec. 16.10.940. Waiver of confidentiality.
The commissioner may release information about the borrower’s loan to any individual if release of the information has been authorized by the borrower.
Sec. 16.10.945. Definitions.
In AS 16.10.890 – 16.10.945, (1) “commissioner” means the commissioner of commerce, community, and economic development; (2) “department” means the Department of Commerce, Community, and Economic Development; (3) “hatchery” has the meaning given in AS 16.40.199; (4) “mariculture” means the farming of shellfish and aquatic plants as defined in AS 16.40.199; (5) “shellfish enhancement project” […]
Sec. 16.10.825. Special account established.
(a) The foreclosure expense account is established as a special account within the commercial charter fisheries revolving loan fund. (b) The department may expend money credited to the foreclosure expense account when necessary to protect the state’s security interest in collateral on loans granted under AS 16.10.815 or to defray expenses incurred during foreclosure proceedings […]