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. 45.81.130. 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. 45.88.050. 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.
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. 45.88.090. Definitions.
(a) In AS 45.88.010 – 45.88.090, (1) “alternative energy system” (A) means a source of thermal, mechanical or electrical energy that is not dependent on oil or gas or a nuclear fuel for the supply of energy for space heating and cooling, refrigeration and cold storage, electrical power, mechanical power, or the heating of water; […]
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. 45.88.100. Fund established.
(a) There is established in the Department of Commerce, Community, and Economic Development the residential energy conservation fund to carry out the purposes of AS 45.88.100 – 45.88.190. Loans and grants made under AS 45.88.100 – 45.88.190 may be used to purchase, construct, and install an energy conservation improvement in residential buildings. (b) Money in […]
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 […]
Sec. 45.81.210. Small business loans.
(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 […]
Sec. 45.81.220. Sale or transfer of mortgages and notes.
(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, § […]