- Alaska Statutes.
- Title 45. Trade and Commerce
- Chapter 98. Historical District Loan Act
- Section 40. Limitations On Loans.
previous: Section 30
. Powers and Duties of the Department.
next: Section 50
. Sale or Transfer of Mortgages and Notes.
AS 45.98.040. Limitations On Loans.
Loans made under this chapter are subject to the following limitations:
- (1) state participation in all loans in the aggregate, for any one historical district qualifying under this chapter may
not exceed $1,500,000;
- (2) state participation in a loan for the restoration, improvement, rehabilitation, or maintenance of any one building or
structure qualifying under this chapter may not exceed $250,000;
- (3) the loans shall be secured by acceptable collateral and may not exceed 85 percent of the appraised value of the
collateral offered as security;
- (4) the rate of interest may not exceed seven and one-half percent a year on the unpaid balance of the state's share of
- (5) a participating financial institution shall administer and service the loan for a reasonable fee not exceeding
one-quarter of one percent;
- (6) the state has a lien on the property accepted as collateral to the extent of its portion of the loan; when the lien or
notice of the lien is properly recorded it is superior to all other liens except those for taxes and special
assessments; a lien of the participating financial institution, to the extent of its portion of the loan after it is
properly recorded, is superior to all other liens except liens for taxes, special assessments, and the lien of the
All content © 2008 by Touch
N' Go/Bright Solutions, Inc.
Note to HTML Version:
This version of the Alaska Statutes is current through December, 2007. The Alaska Statutes were automatically converted to HTML from a plain text format. Every effort has been made to ensure their accuracy, but this can not be guaranteed. If it is critical that the precise terms of the Alaska Statutes be known, it is recommended that more formal sources be consulted. For statutes adopted after the effective date of these statutes, see, Alaska State Legislature
If any errors are found, please e-mail Touch N' Go systems at E-mail. We
hope you find this information useful.