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Title 3 . Commerce, Community, and Economic Development
Chapter 80 . Fisheries Enhancement Tax Appropriations
Section 900. Definitions

3 AAC 80.900. Definitions

Unless the context requires otherwise, in this chapter

(1) "affidavit" means a sworn statement in writing and signed before a notary public;

(2) "commercial fishery" or "commercial fisheries" means those fisheries in Alaska requiring that a participant hold a commercial fishing permit or license issued by the State of Alaska;

(3) "commercial fishing" means the actual catching of fish, shellfish, crab or other fishery resources with the intent of disposing of those resources for profit by sale in commercial channels, while holding all required licenses and permits; for purposes of this paragraph, "actual catching" means having gear in the water with the intent to catch fish;

(4) "commissioner" means the commissioner of the Department of Commerce, Community, and Economic Development;

(5) "debtor" means an individual commercial fisherman who initially contracts for a loan, assumes a loan, or guarantees or co-signs a loan under AS 16.10.300 - 16.10.370;

(6) "default" includes a violation of any provision of this chapter, AS 16.05.300 - 16.05.370, or the loan documents, failure to make the necessary payment within 15 days after it is due, or failure to maintain the insurance required by the department;

(7) "department" means the Department of Commerce, Community, and Economic Development;

(8) "documented vessel" means a vessel permanently or temporarily registered, enrolled, or licensed by the United States Coast Guard and that has been issued an official number by the United States Coast Guard;

(9) "extension package" means such forms as the department may require in order to make a decision on an extension request;

(10) "guarantor" means a person who legally assures that the loan requirements will be met if the borrower fails to pay or perform as contracted;

(11) "resident" means an individual who, except for brief intervals of military service, attendance at an educational institution, or absence for good cause, has been physically present in Alaska with the intent to remain indefinitely and make a primary and permanent home in the state;

(12) "total gross income" means income from all sources, including wages, rental income, business income, dividends, and interest payments;

(13) "wraparound financing" means a contract that includes the balance due on an existing debt and an additional amount to cover the difference between the selling price and the existing debt;

(14) "director" means the director of the division of investments or its successor agency in the department.

History: Eff. 9/11/85, Register 95; am 3/16/95, Register 133; am 8/10/97, Register 143

Authority: AS 16.10.310

AS 16.10.335

AS 16.10.339

Editor's note: As of Register 171 (October 2004), the regulations attorney made technical revisions under AS\n 44.62.125(b)(6) to reflect the name change of the Department of Community and Economic Development to the Department of Commerce, Community, and Economic Development made by ch. 47, SLA 2004 and the corresponding title change of the commissioner of community and economic development.

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Last modified 7/05/2006