It is the policy of the state, under AS 16.10.300 – 16.10.370, to promote the rehabilitation of the state’s fisheries, the development of a predominantly resident fishery, and the continued maintenance of commercial fishing gear and vessels throughout the state by means of long-term low interest loans.
(a) The department may (1) make loans (A) to individual commercial fishermen who have been state residents for a continuous period of two years immediately preceding the date of application for a loan under AS 16.10.300 – 16.10.370, who have had an annual crewmember or commercial fishing license under AS 16.05.480 or a permit under […]
(a) Except as permitted in (h) and (l) of this section, a loan under AS 16.10.300 – 16.10.370 (1) may not exceed a term of 15 years, except for extensions under AS 16.10.310(a)(4); (2) may not bear interest (A) exceeding the prime rate, as defined by AS 44.88.599, plus two percentage points; (B) at a […]
A person may act as guarantor if the borrower has insufficient collateral to secure a loan for the purposes described in AS 16.10.310(a)(1)(B) or (C). The loan agreement shall specifically describe the property of the guarantor to be used as collateral by the borrower and shall be signed by the guarantor and the borrower. The […]
(a) Loans under AS 16.10.310(a) may be made to an individual commercial fisherman for the purchase of a limited entry permit upon certification by the commission that the fisherman is a person who qualifies as a transferee for the permit under AS 16.43 and the regulations adopted by the commission. (b) Upon approval by the […]
(a) If the debtor defaults upon a note for which a limited entry permit has been pledged as security under AS 16.10.333 or 16.10.338, the commissioner shall provide the debtor, by both certified and first class mail sent to the debtor’s last known address on file with the commissioner, with a notice of default that […]
(a) Upon a foreclosure on an entry permit as provided in AS 16.10.335 or the termination of a debtor’s interest in an entry permit under AS 16.10.335(g), the commissioner shall offer the commission a right of first refusal if the permit is subject to a buy-back program under AS 16.43.290 – 16.43.330 at a price […]
(a) Alaska limited entry permits may be used as security for loans under AS 16.10.310(a). The provisions of AS 16.10.335 and 16.10.337 apply to Alaska limited entry permits pledged as security for loans in accordance with this section. (b) If a limited entry permit is pledged for security for a loan made under AS 16.10.310(a)(1)(B) […]
The department shall adopt regulations to implement AS 16.10.333 – 16.10.337.
(a) There is a commercial fishing revolving loan fund to carry out the purpose of AS 16.10.300 – 16.10.370. (b) Money in the fund may be used by the legislature to make appropriations for costs of administering AS 16.10.300 – 16.10.370. (c) If the commissioner determines that the fund contains money that is excess to […]
(a) There is established as a special account within the commercial fishing revolving loan fund the foreclosure expense account. (b) [Repealed, § 72 ch 113 SLA 1982.] (c) The commissioner 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 16.10.300 […]
(a) The commissioner shall administer the commercial fishing revolving loan fund. (b) The commissioner shall annually prepare a report detailing the number and nature of reinstatements authorized by AS 16.10.335(a)(5) and notify the legislature that the report is available.
(a) The commissioner may release information about a borrower’s loan to any individual when release of the information has been authorized by the borrower. (b) A person obtaining a loan under AS 16.10.300 – 16.10.370 after June 28, 1991 may, by signing a form prepared for the purpose, designate the names of persons and organizations […]
The department shall dispose of property acquired through default or foreclosure of a loan made under AS 16.10.300 – 16.10.370 or former AS 16.10.650 – 16.10.720. Disposal shall be made in a manner that serves the best interests of the state, and may include the amortization of payments over a period of years, but may […]
In AS 16.10.300 – 16.10.370, (1) “commission” means the Alaska Commercial Fisheries Entry Commission; (2) “commissioner” means the commissioner of commerce, community, and economic development; (3) “debtor” means an individual commercial fisherman who either initially contracts for a loan under AS 16.10.333 – 16.10.337 or assumes a loan as provided in those sections; (4) “department” […]
AS 16.10.300 – 16.10.370 may be cited as the Commercial Fishing Loan Act.
