Alaska Administrative Code

Alaska Administrative Code Title 1 - General Provisions Title 2 - Administration Title 3 - Commerce, Community, and Economic Development Title 4 - Education and Early Development Title 5 - Fish and Game Title 6 - Governor's Office Title 7 - Health and Social Services Title 8 - La…

(a) A request for a hearing under AS 16.10.335 must be made in writing to the address of the Department of Commerce, Community, and Economic Development as set out in the notice of default and final demand for payment. The request must include a statement explaining why the debto…

A hearing officer will be appointed by the commissioner. The commissioner may appoint (1) a hearing officer by contract with another agency; (2) an attorney by contract; (3) an impartial individual within the department; or (4) any other qualified individual. Notes 3 AAC 80.110 E…

(a) Hearings will be held in Anchorage, Fairbanks, or Juneau, which ever is closest to the debtor's place of residence If the debtor resides outside Alaska, the hearing will be held in Juneau. (b) If all parties agree, or upon order of the hearing officer, the hearing may be sche…

(a) Hearings will be conducted informally and in a manner that protects the rights of the parties. (b) Oral evidence may be taken only upon oath or affirmation. (c) The Alaska Rules of Evidence apply except when the hearing officer determines that their application is not require…

(a) At the request of the debtor or any other party, for good cause shown or upon the hearing officer's own motion, the hearing officer may issue subpoenas and subpoenas duces tecum to compel testimony or other evidence at a hearing. The issuance of subpoenas will be governed by …

(a) Upon conclusion of the hearing, the hearing officer shall prepare a proposed decision in writing, setting out findings of fact and conclusions of law. (b) The commissioner may accept or reject the written recommendation of the hearing officer in its entirety or in part. The c…

(a) The commissioner may order reconsideration of the decision upon the commissioner's own motion or upon the written request of the debtor or any other party. A request for reconsideration by the debtor or another party must set out specifically the grounds upon which the reques…

(a) Whether or not the debtor requests a hearing, the debtor may request an extension of time to reinstate the note or pay it in full beyond that specified in the notice of default and final demand for payment. (b) The request for an extension and a completed extension package mu…

If a loan is secured by collateral in addition to a limited entry permit, foreclosure on the other collateral will be in accordance with the laws that govern that particular type of collateral. Notes 3 AAC 80.180 Eff. 11/2/84, Register 92 Authority:AS 16.10.335 AS 16.10.339 State…

(a) To apply for a loan for the purchase of quota shares, the applicant shall file with the department (1) a completed application for a community quota entity loan, on a form provided by the department; (2) a letter of denial from a recognized quota share lender recognized by th…

(a) The materials described in 3 AAC 80.200 will be processed and evaluated by a loan officer. (b) On the basis of the evaluation, the loan officer will either(1) inactivate the application due to (A) lack of information required under 3 AAC 80.200; or (B) the ineligibility of 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 a loan request, or may table a loan request subject to obtaining additional information. (c) A loan committee may impose reas…

(a) The applicant must be a community quota entity as certified by the National Marine Fisheries Service or its successors. (b) The community quota entity must be in good standing with both state and federal governments. Notes 3 AAC 80.215 Eff. 10/16/2012, Register 204 Authority:…

(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; (4) liabilities; (5) reasonableness of the projected profit and loss statement; (6) othe…

(a) A loan must be secured by collateral acceptable to the department, such as a mortgage or other security instrument in real property or commercial fishing vessels with gear. The collateral must include the quota shares purchased. (b) A loan for the purchase of quota shares wil…

(a) A loan will not be approved for refinancing long-term debt. Interim financing is not considered long-term debt if the term is 12 months or less and the promissory note or the original agreement was executed less than 12 months before the department received the application. (…

Loan money will be disbursed when (1) the state has perfected a security interest in the collateral; (2) the 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 16.10.310 …

(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 loan application fee of…

(a) A request for permission to assume the obligations and benefits of a loan made under AS 16.10.310(a)(1)(E) and 3 AAC 80.200 - 3 AAC 80.265 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 e…

(a) A request for a modification to a loan made under AS 16.10.310(a)(1)(E) and 3 AAC 80.200 - 3 AAC 80.265 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 80.200 if i…

(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, v…

(a) To apply for a loan under AS 16.10.801 - AS 16.10.890, the applicant shall file with the department (1) a completed application for a commercial charter fisheries loan, on a form provided by the department; (2) a completed residency questionnaire, on a form provided by the de…

(a) The materials described in 3 AAC 80.310 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 a loan request, or may table a loan request subject to obtaining additional information. (c) A loan committee may impose reas…

(a) In determining if an applicant fulfills the 24 consecutive month residency requirements under AS 16.10.810, 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 …

(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; (4) liabilities; (5) reasonableness of the projected profit and loss statement; (6) othe…

(a) A vessel that can be documented must be documented to be acceptable collateral. If a vessel is offered as collateral for a loan, the department or its designee shall be permitted to inspect the vessel before making the loan. (b) A loan for the purchase of charter halibut perm…

(a) Except as provided in AS 16.10.805(1)(B), a loan will not be approved for refinancing long-term debt. Interim financing is not considered long-term debt if the term is 24 months or less and the promissory note or the original agreement was executed less than 12 months before …

Loan money will be disbursed when (1) the state has perfected a security interest in the collateral, 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 under the provisions …

(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 loan application fee of…

(a) A request for permission to assume the obligations and benefits of a loan made under AS 16.10.801-16.10.890 and 3 AAC 80.310 - 3 AAC 80.380 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 …

(a) A request for a modification to a loan made under AS 16.10.801-16.10.890 and 3 AAC 80.310 - 3 AAC 80.380 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 80.310 if …

(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, v…

(a) To apply for a loan for a mariculture business under AS 16.10.910(a)(1), an applicant shall file with the department (1) a completed mariculture revolving loan application, on a form provided by the department; (2) a completed residency questionnaire, on a form provided by th…

(a) A loan officer will process and evaluate the material described in 3 AAC 80.410. The loan officer will evaluate the applicant's eligibility, corporate management, financial and credit history, operating plan, experience, ability to repay, and proposed collateral. (b) On the b…

(a) The director shall appoint a loan committee of one or more persons to act on a loan application. (b) A loan committee may approve, deny, or modify a loan request. If the loan committee requires additional information regarding a loan application, the loan committee may table …

(a) To determine if an applicant fulfills the 24 consecutive month residency requirement under AS 16.10.910, the loan committee may consider any information that would indicate the applicant's residency, including whether the applicant(1) is registered to vote in the state; (2) m…

(a) To evaluate an applicant's financial and credit record, the department may consider the applicant's (1) existing and prior debts; (2) credit reports obtained from creditors and private credit reporting services; (3) prior loan history with the department; (4) timeliness in ma…

(a) To evaluate an applicant's ability to repay a loan, the department may consider the applicant's (1) income history, including present income; (2) prospects for future income; (3) assets; (4) liabilities; (5) reasonableness of the projected profit and loss statement; and (6) o…

(a) A vessel that can be documented must be documented to be acceptable collateral. If a vessel is offered as collateral for a loan, the department or the department's designee shall be permitted to inspect the vessel before making the loan. (b) A loan will only be made if the it…

(a) The department will not approve a loan to refinance long-term debt. Interim financing is not considered long-term debt if the term is 24 months or less and the promissory note or the original agreement was executed less than 12 months before the department received the applic…

Loan money will be disbursed when (1) the state has perfected a security interest in the collateral, except that, in the case of a mortgage on a documented vessel, an applicant may satisfy this requirement by establishing the mortgage as a preferred mortgage under the provisions …

(a) An applicant shall pay for the department's application processing expenses, including the cost of title reports and insurance, recording fees, appraisals, surveys, travel, and other direct costs. (b) An applicant shall submit a $100 nonrefundable loan application fee to the …

(a) The department will process a request for permission to assume the obligations and benefits of a loan made under AS 16.10.890 - 16.10.945 and 3 AAC 80.410 - 3 AAC 80.480 in the same manner as an application for a loan. (b) A loan committee may permit an assumption if the appl…

(a) The department will process a request for a modification to a loan made under AS 16.10.890 - 16.10.945 and 3 AAC 80.410 - 3 AAC 80.480 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 AA…