(a) The commercial charter fisheries revolving loan fund is created in the Department of Commerce, Community, and Economic Development to carry out the purposes of AS 16.10.801 – 16.10.840. (b) The commercial charter fisheries revolving loan fund consists of the following: (1) money appropriated to, transferred to, or received by gift, grant, devise, bequest, or […]
The department may (1) make loans to eligible applicants under AS 16.10.801 – 16.10.840 (A) for the purchase of charter halibut permits; (B) to refinance debt obligations made by other lenders more than 12 months before the department received the loan application and incurred by an applicant for the purchase of charter halibut fishing vessels […]
(a) For an applicant to be eligible for a loan under AS 16.10.801 – 16.10.840, the applicant shall be a resident of the state, as determined under (c) of this section, and shall (1) qualify for the purchase of a charter halibut permit under applicable law; or (2) qualify as a transferee for a charter […]
(a) Except as provided in (b) of this section, a loan under AS 16.10.801 – 16.10.840 (1) for a charter halibut permit may not exceed the permit value determined by a 12-month rolling average set quarterly by the department for like permits; (2) for a loan other than a loan for a charter halibut permit […]
If the borrower defaults on a note, the department shall notify the borrower of the default and the consequences of default by mailing a notice to the borrower’s most recent address provided to the department by the borrower or obtained by the department.
(a) The foreclosure expense account is established as a special account within the commercial charter fisheries revolving loan fund. (b) The department may expend money credited to the foreclosure expense account when necessary to protect the state’s security interest in collateral on loans granted under AS 16.10.815 or to defray expenses incurred during foreclosure proceedings […]
The department shall dispose of property acquired through default of a loan made under AS 16.10.801 – 16.10.840. Disposal must be made in a manner that serves the best interest of the state and may include the amortization of payments over a period of years.
The commissioner may release information about the borrower’s loan to any individual if release of the information has been authorized by the borrower.
In AS 16.10.801 – 16.10.840, (1) “commissioner” means the commissioner of commerce, community, and economic development; (2) “department” means the Department of Commerce, Community, and Economic Development.
