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(a) The financial institution that submits an application under 3 AAC 99.720 must also submit a nonrefundable fee of $200 with the application. In addition, the financial institution, or any substitute financial institution, or the borrower must pay a $100 fee for any modification of the terms of the guarantee.
(b) The financial institution originating a loan or the borrower must pay a guarantee fee equal to two percent of the guaranteed amount of the loan as provided in the guarantee authorization. The board shall review the fee structure periodically and may establish other fees it determines commercially appropriate.
(c) The financial institution renewing a loan secured solely by inventory or accounts receivable or renewing a loan for working capital, or the borrower, must pay a fee of one-half percent of the guaranteed amount of the loan for each renewal as provided in the loan guarantee agreement. The board shall review the fee structure periodically and may establish other fees it determines commercially appropriate.
(d) The financial institution or the borrower must also pay all third party expenses of the authority related to the issuance of the authority's guarantee of a loan.
History: Eff. 8/1/88, Register 107; am 11/30/90, Register 118; am 9/25/92, Register 124; am 2/11/99, Register 150
Authority: AS 44.88.080
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Last modified 7/05/2006