|
|
|
- Alaska Statutes.
- Title 45. Trade and Commerce
- Chapter 81. Business Loan and Grant Programs
- Section 210. Small Business Loans.
previous:
Section 200. Powers and Duties of the Department of Commerce, Community, and Economic Development in General.
next:
Section 220. Sale or Transfer of Mortgages and Notes.
AS 45.81.210. Small Business Loans.
- (a) The commissioner shall, under regulations and policies adopted by the commissioner, make small
business loans to acquire, finance, or refinance or equip businesses, including farming, mining, and fishing, not exceeding
$500,000. The loans shall be secured by acceptable collateral and may not exceed 75 percent of the appraised value of the
collateral offered as security. The rate of interest may not exceed nine and one-half percent a year on the unpaid balance.
For the purposes of this subsection business equipment includes, but is not limited to, fire protection systems approved
under AS 18.70.081 and farming equipment.
- (b) [Repealed, Sec. 14 ch 122 SLA 1980].
- (c) [Repealed, Sec. 108 ch 59 SLA 1982].
- (d) Money loaned shall be delivered to the borrower as provided in AS 37.25.050 , vouchered in the manner prescribed for state
disbursing officers, and charged against the small business revolving loan fund. Each voucher shall be approved by the
commissioner or a bonded deputy authorized to act as a certifying officer. Upon repayment of loans by installments, or
otherwise, in accordance with the prescribed terms, or upon liquidation by foreclosure or other process, or upon receipt of
interest, the money so received shall be turned over to the commissioner of revenue for deposit in the small business
revolving loan fund.
- (e) The commissioner may not disqualify an applicant for, or prejudice an applicant's privilege to
receive, a loan to purchase and install a fire protection system solely because of a loan already made to the applicant
under AS 45.81.200 - 45.81.290.
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.