Sec. 44.88.530. Applicability of AS 44.88.535 – 44.88.560.
AS 44.88.535 – 44.88.560 apply to new loan guarantees and refinancing guarantees under AS 44.88.500.
Sec. 44.88.535. Conditions of loan guarantee.
(a) The authority may guarantee a loan under AS 44.88.500 – 44.88.599 if the (1) loan (A) is commercially reasonable; (B) contains payment provisions satisfactory to the authority; (C) is secured by adequate collateral; however, the authority may waive on a case-by-case basis the requirement of collateral for a loan guarantee of $100,000 or less […]
Sec. 44.88.540. Limitations of guarantees.
The authority may not issue a total of more than (1) $50,000,000 of loan guarantees; (2) $25,000,000 of loan guarantees in which the amount of the loan guarantee exceeds $500,000.
Sec. 44.88.545. Limitations of guarantees with respect to borrowers.
The authority may not provide a guarantee (1) of more than $1,000,000; (2) to an individual borrower that cumulatively, with the outstanding principal balance of other authority guaranteed indebtedness of that borrower, exceeds $1,000,000.
Sec. 44.88.550. Interest on guaranteed loan.
(a) The maximum interest rate that may be charged by a financial institution on a loan guaranteed by the authority is two and three-quarters percentage points above the prime rate. (b) If provision is made in the loan guarantee agreement, the interest rate on a loan guaranteed by the authority may increase or decrease in […]
Sec. 44.88.555. Servicing of guaranteed loans.
(a) The financial institution that holds a loan guaranteed by the authority under AS 44.88.500 – 44.88.599 shall (1) service the loan; (2) exercise diligence in collecting amounts due under the loan; and (3) comply with all requirements of the loan guarantee agreement. (b) Amounts received toward satisfaction of a default on a loan guaranteed […]
Sec. 44.88.560. Powers of the authority.
The authority may (1) adopt regulations to implement AS 44.88.500 – 44.88.599; (2) establish terms and conditions for loan guarantees and refinancing agreements subject to the requirements of AS 44.88.500 – 44.88.599; (3) make and execute contracts and other instruments to implement AS 44.88.500 – 44.88.599; (4) charge reasonable fees that the authority may establish […]
Sec. 44.88.570. Distribution of loans.
The authority shall distribute guarantees of new loans and guarantees of loans made to refinance existing loans under AS 44.88.500 – 44.88.599 to all regions of the state in an equitable manner.
Sec. 44.88.599. Definitions.
In AS 44.88.500 – 44.88.599 (1) “export transaction” means a contract for the sale of goods, services, or raw materials that includes a term that requires the goods, services, or raw materials, in whole or in part, to be shipped to or provided in a foreign country. (2) “prime rate” means the lowest United States […]
Sec. 44.88.500. Business and export assistance guarantees.
Subject to the requirements of AS 44.88.500 – 44.88.599, the authority may (1) guarantee new business and export assistance loans; and (2) guarantee new business and export assistance loans made to refinance existing loans.