Sec. 45.88.110. Special account established.
(a) There is established as a special account within the residential energy conservation 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 AS […]
Sec. 45.88.120. Loans.
(a) The department may make loans for the purchase, construction, and installation of an energy conservation improvement in a residential building. (b) A loan for the purchase, construction, and installation of an energy conservation improvement under AS 45.88.100 – 45.88.190 may not exceed the lesser of (1) an amount, as determined by an energy audit, […]
Sec. 45.88.130. Sale or transfer of mortgages and notes.
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 as security for loans made under AS 45.88.100 – 45.88.190.
Sec. 45.88.140. Disposal of property acquired by default or foreclosure.
The department shall dispose of property acquired through default or foreclosure of a loan made under AS 45.88.100 – 45.88.190. 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. 45.88.150. Regulations.
(a) The department shall adopt regulations necessary to carry out the provisions of AS 45.88.100 – 45.88.190, including regulations to establish reasonable fees for services provided and charges for collecting the fees. (b) The department may collect the fees and collection charges established under (a) of this section.
Sec. 45.88.190. Definitions.
In AS 45.88.010 – 45.88.190, (1) “commissioner” means the commissioner of commerce, community, and economic development; (2) “department” means the Department of Commerce, Community, and Economic Development; (3) “energy audit” means (A) [Repealed, § 10 ch 79 SLA 1983.] (B) an energy audit performed under § 215(b)(1)(A) of the federal residential energy conservation program of […]
Sec. 45.88.020. Powers and duties of the department in administering the fund.
(a) The department may (1) make loans for the purchase, construction, and installation, in commercial buildings that are located in the state, of (A) alternative energy systems; and (B) energy conservation improvements; (2) adopt regulations necessary to carry out the provisions of AS 45.88.010 – 45.88.090, including regulations to establish reasonable fees for services provided […]
Sec. 45.88.025. Eligibility.
To be eligible for a loan under AS 45.88.010 – 45.88.090, an applicant must (1) physically reside in the state and maintain a domicile in the state during 12 consecutive months before the date of application for a loan and may not have (A) declared or established residency in another state; or (B) received residency […]
Sec. 45.88.030. Loan terms.
(a) A loan made under AS 45.88.010 – 45.88.090 may not exceed $50,000. If the requested loan amount exceeds $30,000, the applicant must deliver to the department a document from a financial institution stating that (1) the applicant has been denied a loan for the same purpose; or (2) the loan from the financial institution […]
Sec. 45.88.050. 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 45.88.010 – 45.88.090. 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.