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. 44.88.165. Delinquent loans.
The authority shall adopt regulations to describe the circumstances under which it will discontinue purchasing loans from a financial institution because of excessive delinquencies among the loans previously purchased by the authority from the financial institution. In adopting the regulations, the authority must consider the authority’s delinquency experience with loans it purchased from all financial […]
Sec. 44.88.410. Special account established.
(a) There is established as a special account within the small business economic development revolving loan fund the foreclosure expense account. This account is established as a reserve from fund equity. (b) The authority may expend money credited to the foreclosure expense account when necessary to protect the authority’s security interest in collateral on loans […]
Sec. 44.88.170. Purchase of project and leases.
(a) Except as provided in (c) of this section, nothing in this chapter prevents the inclusion in a lease or other agreement relating to a project of a provision granting the right to purchase the project, or to renew or extend the lease or agreement, upon the terms and conditions that may be provided for […]
Sec. 44.88.420. Powers and duties of the authority.
(a) The authority may (1) accept United States Economic Development Administration revolving fund grants; (2) make loans to eligible applicants under the United States Economic Development Administration Long-Term Economic Deterioration (LTED) and Sudden and Severe Economic Dislocation (SSED) programs; (3) designate agents and delegate powers to them as necessary; (4) adopt regulations necessary to carry […]