Alaska Administrative Code

(a) The department may consider the following factors in evaluating an applicant's financial and credit record: (1) existing and prior debts; (2) credit reports obtained from creditors and private credit reporting services; (3) prior loan history with the department; (4) timeline…

The department may consider the following factors in evaluating an applicant's ability to repay: (1) income history, including present income; (2) prospects for future income; (3) assets; (4) liabilities; (5) reasonableness of the projected profit and loss statement; (6) other re…

A loan must be secured by collateral acceptable to the department, which may include a mortgage or other security instrument in real property, equipment, buildings or other tangible assets. Notes 3 AAC 74.040 Eff. 11/3/2012, Register 204 Authority:AS 44.33.955 AS 44.33.965 State …

(a) The proceeds of the loan may be used by the borrower for working capital, equipment, construction, or other commercial purposes relating to the borrower's business. (b) A loan will not be approved for refinancing long-term debt. Interim or construction financing is not consid…

Loan money will be disbursed when (1) the state has perfected a security interest in the collateral; (2) requirements of the department as specified by the loan committee have been met; and (3) the borrower is in compliance with provisions of the loan documents, AS 44.33.950-44.3…

(a) All expenses incurred by the department in processing an application must be paid by the applicant. These expenses include the cost of title reports and insurance, recording fees, appraisals, surveys, travel, and other direct costs. (b) A nonrefundable application fee of $100…

(a) A request for permission to assume the obligations and benefits of a loan made under AS 44.33.950-44.33.990 and this chapter will be processed in the same manner as an application for a loan. (b) A loan committee may permit an assumption if the applicant meets eligibility req…

(a) A request for a modification to a loan made under AS 44.33.950-44.33.990 and this chapter will be processed in the same manner as an application for a loan. The department will require the applicant to file one or more of the items specified in 3 AAC 74.010 if information on …

(a) If a loan request is denied, inactivated, or significantly modified by the department, an applicant may file a written request for reconsideration not later than 30 days after receipt of notice of the decision of the department. (b) The department will reconsider the request …

(a) The following information is not confidential and is available for public inspection upon request:(1) a document that is already a public record, including a deed of trust, financing statement, limited entry permit, quota share, warranty deed, bill of sale, mortgage, lien, ve…

In this chapter, unless the context requires otherwise, (1) "director" means the director of the division assigned economic development functions or its successor agency in the department; (2) "wraparound financing" means a contract that includes the balance due on an existing de…

(a) To apply for a loan for the purchase and installation of capstone avionics equipment, the applicant shall file (1) a completed application for a capstone avionics loan, on a form provided by the department; (2) documentation to verify that the aircraft on which the capstone a…

(a) A loan officer shall evaluate and process the materials described in 3 AAC 75.010. The loan officer shall evaluate the applicant's eligibility, financial and credit history, financial statement, ability to repay, and proposed collateral. (b) On the basis of the evaluation, th…

(a) A loan committee consists of one or more persons appointed by the director to act on a loan request. (b) A loan committee may approve, deny, or modify and approve a loan request, or may table a loan request subject to obtaining additional information. (c) A loan committee may…

(a) For an aircraft to be eligible for a loan under AS 44.33.650-44.33.690, the applicant must document that the aircraft has logged a substantial percentage of flight hours in the state. For purposes of this section, an applicant shall document that the aircraft has logged subst…

(a) The department may consider the following factors in evaluating an applicant's financial and credit record: (1) existing and prior debts; (2) credit reports obtained from creditors and private credit reporting services; (3) prior loan history with the department; (4) timeline…

The department may consider the following factors in evaluating an applicant's ability to repay: (1) income history, including present income; (2) prospects for future income; (3) assets and their liquidity; (4) liabilities; (5) reasonableness of profit and loss statement; (6) ot…

A loan must be secured by collateral acceptable to the department, which may include a lien on the equipment being financed and the aircraft on which the capstone avionics equipment is to be installed. Notes 3 AAC 75.040 Eff. 8/22/2008, Register 187 Authority:AS 44.33.660 AS 44.3…

(a) A loan will not be approved for refinancing of debt of an existing loan, the proceeds of which were used to purchase or install capstone avionics equipment described in 3 AAC 75.025. (b) A loan may be approved under AS 44.33.650-44.33.690 and this chapter for capstone avionic…

Loan proceeds will be disbursed when (1) requirements of the loan committee have been met; and (2) the borrower is in compliance with all other provisions of AS 44.33.650-44.33.690, this chapter, and the loan documents. Notes 3 AAC 75.050 Eff. 8/22/2008, Register 187 Authority:AS…

(a) A $50 application fee will be charged to a borrower to process each loan application. (b) A late fee not to exceed five percent of the payment amount will be charged to a borrower for each loan payment that is received more than 15 days after the due date. If requested by the…

(a) A request for permission to assume the obligations and benefits of a loan made under AS 44.33.650-44.33.690 and this chapter will be processed in the same manner as a loan application. (b) A loan committee may permit an assumption if the (1) applicant is a good financial risk…

(a) A request for a modification to a loan made under AS 44.33.650-44.33.690 and this chapter will be processed in the same manner as a loan application. The department will require the applicant to file one or more of the items specified in 3 AAC 75.010 if information on those i…

(a) If a loan request is denied, inactivated, or significantly modified by the department, an applicant may file a written request for reconsideration within 30 days after receipt of notice of the department's decision. (b) The department will reconsider a request upon a showing …

(a) The following information is not confidential and is available for public inspection upon request:(1) a document that is already a public record, including a financing statement, aircraft title, or aircraft documentation; (2) general information regarding loans, including the…

In this chapter, unless the context requires otherwise, (1) "ADS-B system" means an automatic dependent surveillance-broadcast (ADS-B) data link system; (2) "default" includes a violation of any provision of AS 44.33.650-44.33.690, this chapter, or the loan documents, or failure …

In connection with a default on a loan made by the department, it will, in its discretion, repossess property in any of the following ways: (1) judicial or nonjudicial foreclosure on real estate; (2) U.S. Marshal's foreclosure sale on documented vessels under Federal Maritime Law…

(a) Sale of repossessed property acquired by the department is subject to any right of redemption allowed by law. (b) For the purposes of AS 16.10.337(b), sale of the permit occurs and the right of redemption ends when a contract is formed as described in 3 AAC 77.060(b). (c) If …

(a) Unless otherwise prohibited, the department will dispose of all repossessed property by (1) public auction, including advertised foreclosure sale or U.S. Marshal's sale with or without a minimum bid requirement; (2) advertised sales through solicitation of competitive offers;…

(a) Notice and advertising for judicial and nonjudicial foreclosure sales, U.S. Marshal foreclosure sales on documented vessels, and other public auction sales will be in accordance with all laws that govern the particular kind of sale. (b) The department will advertise a sale un…

The loan committee will consider the following factors in making its decision on an offer regarding repossessed property: (1) the outstanding loan balance on the repossessed property; (2) the current assessed, appraised, surveyed, replacement, forced sale, or market value; (3) th…

(a) Within 15 days after the deadline for submission of offers regarding repossessed property, the loan committee will review all offers received. (b) The loan committee may reject all offers, accept an offer as presented, make a counter offer to the apparent best offer, or accep…

The department will, in its discretion, reimburse or pay (1) a caretaker or custodian of repossessed property; (2) brokerage fees or expenses related to repossessed property; (3) an individual hired to perform services for or repairs to repossessed property; or (4) any other pers…

(a) A person making an offer may appeal a loan committee decision made under 3 AAC 77.060. (b) All appeals must be made in writing and addressed to the department in Juneau, Alaska. (c) An appeal must include the date, the appellant's full name, address, telephone number, and sig…

(a) A party requesting financing from the department to purchase property repossessed under 3 AAC 77.010 shall file a completed application on forms provided by the department. (b) A request for departmental financing for repossessed property will be handled in a manner similar t…

On all defaulted loans, the department will, in its discretion, charge to the debtor's account all reasonable expenses, including (1) attorney fees and costs; (2) collection officer time directly associated with the debtor's account; (3) maintenance costs; (4) costs to protect co…

In 3 AAC 77.010 - 3 AAC 77.900 (1) "debtor" means an individual, partnership, corporation or other entity which contracts for a loan, assumes a loan, or guarantees or co-signs a loan administered by the department; (2) "default" means a violation of a provision of the loan docume…

(a) To apply for a loan for the purchase, construction, and installation of alternative energy systems or energy conservation improvements in commercial buildings, an applicant shall file with the department (1) a completed application for an alternative energy conservation loan,…

(a) A loan officer shall evaluate and process the materials described in 3 AAC 78.010. The loan officer shall evaluate the applicant's eligibility, financial and credit history, financial statement, ability to repay, and proposed collateral. (b) On the basis of these evaluations,…

(a) A loan committee consists of one or more persons appointed by the director to act on a loan request. (b) A loan committee may approve, deny, or modify and approve a loan request, or may table a loan request subject to obtaining additional information. (c) A loan committee may…

(a) If an applicant is an individual, in determining whether the applicant fulfills the one-year residency requirement under AS 45.88.025, the loan committee may consider any information that would indicate the applicant's residency, including where the applicant (1) is registere…

To be eligible for a loan an applicant must intend to purchase, install, construct, or complete alternative energy systems or energy conservation improvements permissible and defined in AS 45.88.010-45.88.090. Notes 3 AAC 78.026 Eff. 9/7/2012, Register 203 Authority:AS 45.88.020 …

Notes 3 AAC 78.035 Eff. 9/11/85, Register 95; repealed 8/10/97, Register 143 State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be …

Notes 3 AAC 78.036 Eff. 9/11/85, Register 95; repealed 8/10/97, Register 143 State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be …

Notes 3 AAC 78.037 Eff. 9/11/85, Register 95; repealed 8/10/97, Register 143 State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be …

Notes 3 AAC 78.038 Eff. 9/11/85, Register 95; repealed 8/10/97, Register 143 State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be …

Notes 3 AAC 78.039 Eff. 9/11/85, Register 95; repealed 8/10/97, Register 143 State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be …