(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 […]
(a) The commissioner shall, under regulations and policies adopted by the commissioner, make small business loans to acquire, finance, or refinance or equip businesses, including farming, mining, and fishing, not exceeding $500,000. The loans shall be secured by acceptable collateral and may not exceed 75 percent of the appraised value of the collateral offered as […]
(a) The commissioner 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 45.81.200 – 45.81.290. (b) [Repealed, § […]
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.
(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.
(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 […]
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 […]
In AS 45.81.200 – 45.81.290, “commissioner” means the commissioner of commerce, community, and economic development.
