Alaska Administrative Code

A loan must be secured by collateral acceptable to the department, which must include a lien on real property, the equipment, and the improvements being financed. Notes 3 AAC 78.051 Eff. 9/7/2012, Register 203 Authority:AS 45.88.020 State regulations are updated quarterly; we cur…

Notes 3 AAC 78.055 Eff. 9/11/85, Register 95; repealed 8/10/97, Register 143 State regulations are updated quarterly; we currently have two versions available.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 …

(a) A loan will not be approved for refinancing of long-term debt. Interim or construction financing is not considered long-term debt if the term of the financing is 24 months or less and the proceeds of the financing were 100 percent used to purchase, install, construct, or comp…

Notes 3 AAC 78.065 Eff. 9/11/85, Register 95; repealed 8/10/97, Register 143 State regulations are updated quarterly; we currently have two versions available.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 …

Loan money will only be disbursed when (1) a security interest in the collateral on behalf of the state has been perfected; (2) the borrower has complied with the insurance requirements contained in an instrument signed by the borrower; (3) the requirements of the department as s…

Notes 3 AAC 78.070 Eff. 9/11/85, Register 95; repealed 9/7/2012, Register 203 State regulations are updated quarterly; we currently have two versions available.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…

(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) An origination fee of one percent of th…

(a) A request for an assumption of a loan made under AS 45.88.010-45.88.090 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 residency requirements under AS 45.88.025 and 3 AAC…

Notes 3 AAC 78.081 Eff. 8/10/97, Register 143; repealed 9/7/2012, Register 203 State regulations are updated quarterly; we currently have two versions available.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 b…

(a) A request for a modification to a loan made under AS 45.88 and this chapter will be processed in the same manner as a loan application. The department will, in its discretion, require one or more of the items specified in 3 AAC 78.010. (b) A loan committee may permit a loan m…

(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 department's decision. (b) The department will reconsider a request upon a …

(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 deeds of trust, financing statements, warranty deeds, bills of sale, mortgages, liens, and vehicle titles; (2) general in…

Unless the context requires otherwise, in this chapter (1) repealed 8/10/97; (2) "default" includes a violation of any provision of this chapter, AS 45.88, or the loan document, failure to make the necessary payment within 15 days after it is due, or failure to maintain the insur…

(a) To apply for an assumption of an existing residential energy loan assumption, an applicant shall file with the department (1) a completed application for an energy conservation loan assumption, on a form provided by the department; (2) a financial statement, on a form provide…

(a) The materials described in 3 AAC 79.010 will be processed and evaluated by a loan officer. The loan officer will evaluate the applicant's financial and credit history, ability to repay, and proposed collateral. (b) On the basis of the evaluation, the loan officer will either …

(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…

Notes 3 AAC 79.030 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 79.035 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 …

(a) The department will, in its discretion, 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 dep…

The department will, in its discretion, consider the following factors in evaluating an applicant's ability to repay a proposed assumption: (1) income history, including present income; (2) prospects for future income; (3) assets and their liquidity; and (4) liabilities. Notes 3 …

A loan must be secured by collateral acceptable to the department, such as a mortgage or other security instrument in real property, buildings, machinery, equipment, or fixtures. Notes 3 AAC 79.050 Eff. 9/11/85, Register 95 Acting under AS 01.05.031, the revisor of statutes renum…

Notes 3 AAC 79.055 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 79.065 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 …

If a loan is in default, the department will, in its discretion, require a borrower to furnish annual financial statements consisting of a balance sheet, profit-and-loss statement, sources and application of all money received, and a schedule of change of owner's equity. The depa…

(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) An assumption fee of one percent of the…

(a) The department will, in its discretion and when it is in the state's best interests, allow an assumption of a loan made under AS 45.88 and this chapter. (b) A request for an assumption of a loan made under AS 45.88 and this chapter will be processed in the same manner as a lo…

An assumption agreement will be considered by the department to be closed when (1) all required signatures have been obtained and the assumption agreement has been properly recorded; (2) all requirements of the loan committee have been met; and (3) the borrower is in compliance w…

(a) A request for a modification to a loan made under AS 45.88 and this chapter will be processed in the same manner as a loan application. The department will, in its discretion, require one or more of the items specified in 3 AAC 79.010. (b) A loan committee may permit a loan m…

(a) If an assumption of 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, in its discretion,…

(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 deeds of trust, financing statements, warranty deeds, bills of sale, mortgages, liens, and vehicle titles; (2) general i…

Unless the context requires otherwise, in this chapter (1) repealed 8/10/97; (2) "default" includes a violation of any provision of this chapter, AS 45.88, or the loan document, failure to make the necessary payment within 15 days after it is due, or failure to maintain the insur…

(a) To apply for a loan the applicant shall file with the department (1) a completed application for a commercial fishing loan, on a form provided by the department; (2) a completed residency questionnaire, on a form provided by the department; (3) a letter of intent stating the …

(a) The materials described in 3 AAC 80.010 will be processed and evaluated by a loan officer. The loan officer will evaluate the applicant's eligibility, financial and credit history, operating plan, ability to repay, and proposed collateral. (b) On the basis of the evaluation, …

(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) In determining if an applicant fulfills the two-year residency requirements under AS 16.10.310, the loan committee may consider any information that would indicate the applicant's residency, including where the applicant (1) is registered to vote; (2) maintains a permanent pl…

(a) To have "actively participated in the fishery" under AS 16.10.310(a)(1)(A) or (a)(1)(C) an applicant must have fished in Alaskan waters during the qualifying years. (b) The department may rely on the following documents to verify that an applicant has actively participated in…

(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…

(a) 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 the projected profit and loss…

(a) A loan must be secured by collateral acceptable to the department, such as a mortgage or other security instrument in real property, limited entry permits, quota shares, or commercial fishing vessels with gear. (b) A vessel that can be documented must be documented to be acce…

(a) If the balance of the commercial fishing revolving loan fund is not adequate to meet the anticipated loan demand for the remainder of the fiscal year, the department will process loan applications in the following order according to the purpose of the loan: (1) first, the pur…

Loan money will be disbursed when (1) a security interest in the collateral on behalf of the State has been perfected, except that, in the case of a mortgage on a documented vessel, this requirement may be satisfied by the establishment of the mortgage as a preferred mortgage und…

Notes 3 AAC 80.070 Eff. 9/11/85, Register 95; am 8/10/97, Register 143; repealed 9/27/2008, Register 187 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 …

(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) Except as provided in AS 16.10.310(a)(1…

(a) A request for permission to assume the obligations and benefits of a loan made under AS 16.10.300-16.10.370 and this chapter will be processed in the same manner as a loan request. (b) A loan committee may permit an assumption if the applicant meets residency requirements as …

(a) A request for a modification to a loan made under AS 16.10.300-16.10.370 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 80.010 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 deed of trust, financing statement, limited entry permit, quota share, warranty deed, bill of sale, mortgage, lien, v…