Sec. 45.81.230. Disposal of property acquired by default or foreclosure.
The Department of Commerce, Community, and Economic Development shall dispose of property acquired through default or foreclosure of a loan made under AS 45.81.200 – 45.81.290. 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. 45.81.240. Creation of fund.
(a) There is created the small business revolving loan fund to carry out the purposes of AS 45.81.200 – 45.81.290. This fund shall be used for no other purpose. (b) Money in the fund may be used by the legislature to make appropriations for costs of administering AS 45.81.200 – 45.81.290.
Sec. 45.81.250. Special account established.
(a) There is established as a special account within the small business revolving loan fund the foreclosure expense account. This account is established as a reserve from fund equity. (b) The commissioner may expend money credited to the foreclosure expense account when necessary to protect the state’s security interest in collateral on loans made under […]
Sec. 45.81.260. Eligibility for loans.
A person is eligible for a loan under AS 45.81.200 – 45.81.290 if (1) the person can establish or demonstrate good character, capacity for financial responsibility, ability to provide sufficient collateral and knowledge of Alaska economic conditions; (2) the person is a resident of the state; and (3) in the judgment of the Department of […]
Sec. 45.81.290. Definition.
In AS 45.81.200 – 45.81.290, “commissioner” means the commissioner of commerce, community, and economic development.
Sec. 45.81.120. Powers of the Department of Commerce, Community, and Economic Development.
(a) The department may (1) make loans to a business directly involved in the tourist industry; (2) designate agents and delegate powers to them as is necessary; (3) adopt regulations necessary to carry out its functions, including regulations to establish reasonable fees for services provided and charges for collecting the fees; (4) establish amortization plans […]
Sec. 45.81.130. Limitations on loans.
(a) State participation in a loan to a business may not be more than $3,000,000. (b) The loan shall be secured by acceptable collateral and may not exceed 75 percent of the appraised value of the collateral offered as security. (c) The rate of interest may not exceed nine and one-half percent a year on […]
Sec. 45.81.140. Sale or transfer of mortgages and notes.
(a) The commissioner of commerce, community, and economic development may sell or transfer at par value or at a premium or discount to any bank or other private purchaser for cash or other consideration the mortgages and notes held by the Department of Commerce, Community, and Economic Development as security for loans made under AS […]
Sec. 45.81.190. Disposal of property acquired by default or foreclosure.
The Department of Commerce, Community, and Economic Development shall dispose of property acquired through default or foreclosure of a loan made under AS 45.81.100 – 45.81.190. 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. 45.81.200. Powers and duties of Department of Commerce, Community, and Economic Development in general.
(a) The Department of Commerce, Community, and Economic Development shall formulate general policies and adopt regulations necessary to carry out the provisions of AS 45.81.200 – 45.81.290, including regulations to establish fees for services provided and charges for collecting the fees. The department may collect the fees and collection charges established. (b) The department may […]