3 AAC 106.320. Ability to repay

(a) The authority will determine the interest rate to be charged on each bulk fuel loan based on the ability of the borrower to repay the loan. If the authority makes a written determination that a borrower cannot afford to repay all or part of the interest on a loan at the rate required by AS 42.45.250 , the authority will, in its discretion, either eliminate or reduce the interest rate.

(b) The following rebuttable presumptions will be considered by the authority in making determination of the ability of a borrower to repay interest on a bulk fuel loan:

(1) a borrower is presumed unable to repay interest on its first bulk fuel loan;

(2) a borrower is presumed unable to repay more than five percent interest on its second bulk fuel loan; and

(3) a borrower is presumed able to repay the entire interest computed at the rate required by AS 42.45.250 on its third, and successive, bulk fuel loans.

History: Eff. 2/16/96, Register 137

Authority: AS 42.45.250

AS 44.83.080

The Alaska Administrative Code was automatically converted to HTML from a plain text format. Every effort has been made to ensure its accuracy, but neither Touch N' Go Systems nor the Law Offices of James B. Gottstein can be held responsible for any possible errors. This version of the Alaska Administrative Code is current through June, 2006.

If it is critical that the precise terms of the Alaska Administrative Code be known, it is recommended that more formal sources be consulted. Recent editions of the Alaska Administrative Journal may be obtained from the Alaska Lieutenant Governor's Office on the world wide web. If any errors are found, please e-mail Touch N' Go systems at E-mail. We hope you find this information useful. Copyright 2006. Touch N' Go Systems, Inc. All Rights Reserved.