(a) There is created in the Department of Commerce, Community, and Economic Development a tourism revolving fund. All principal and interest payments, and money chargeable to principal or interest that is collected through liquidation by foreclosure or other process on loans made under AS 45.81.100 – 45.81.190, shall be paid into the tourism revolving fund. […]
(a) There is established as a special account within the tourism revolving fund the foreclosure expense account. This account is established as a reserve from fund equity. (b) The commissioner of commerce, community, and economic development may expend money credited to the foreclosure expense account when necessary to protect the state’s security interest in collateral […]
(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 […]
(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 […]
(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 […]
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.
