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. 44.88.430. Disposal of property acquired by default or foreclosure.
The authority shall dispose of property acquired through default or foreclosure on a loan made under AS 44.88.400 – 44.88.430. 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.
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.
Sec. 44.88.600. Rural development initiative fund.
The rural development initiative fund is created in the authority outside of the revolving fund. The rural development initiative fund is a fund for the uses and purposes of AS 44.88.600 – 44.88.620. The rural development initiative fund consists of money or assets appropriated or transferred to the authority for the purposes of this section, […]
Sec. 44.88.502. Effect of guarantee.
(a) A guarantee under AS 44.88.500 – 44.88.599 does not create a debt or liability of the state. (b) A guarantee under AS 44.88.500 may not be terminated, canceled, or revoked except under its terms. A guarantee held by a participating financial institution is presumed to be valid. (c) A guarantee or portion of a […]