reglab/statecodes huggingface dataset:
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 10 - Economic Development › Chapter 79 - Residential Energy Conservation Loans › 3 AAC 79.900 - Definitions

Current through May 31, 2024
Unless the context requires otherwise, in this chapter
(1) repealed 8/10/97;
(2) "default" includes a violation of any
				provision of this chapter, AS 45.88, or the loan document, failure to make the
				necessary payment within 15 days after it is due, or failure to maintain the
				insurance required by the department;
(3) "department" means the Department of
				Commerce, Community, and Economic Development;
(4) "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;
				and
(5) "director" means the
				director of the division assigned economic development functions or its
				successor agency in the department.
As of Register 171 (October 2004), the regulations attorney
					 made technical revisions under
					 AS
					 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.
Acting under
					 AS
					 01.05.031, the revisor of statutes renumbered
					 former AS 45.89 as AS 45.88. As of Register 203 (January 2013), the regulations
					 attorney made conforming technical revisions under
					 AS
					 44.62.125(b)(6) to
					 3 AAC 79.900 to reflect the statutory
					 renumbering.
Acting under
					 AS
					 01.05.031, the revisor of statutes renumbered
					 former AS 45.89.030 as
					 AS
					 45.88.120; former AS 45.89.070 as
					 AS
					 45.88.150. As of Register 203 (January 2013),
					 the regulations attorney made conforming technical revisions under
					 AS
					 44.62.125(b)(6) to
					 3 AAC 79.900 to reflect the statutory
					 renumbering.
Authority:
AS
					 45.88.120
AS
					 45.88.150
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 10 - Economic Development › Chapter 80 - Commercial Fishing Loans › Article 1 - Community Fishing Revolving Loan Fund › 3 AAC 80.010 - Application process

Current through May 31, 2024
(a) To apply for a loan the applicant shall
				  file with the department
(1) a completed
				  application for a commercial fishing loan, on a form provided by the
				  department;
(2) a completed
				  residency questionnaire, on a form provided by the department;
(3) a letter of intent stating the amount
				  requested and intended use of the proposed loan money, on a form provided by
				  the department;
(4) a schedule of
				  acceptable collateral, including collateral now owned and other collateral to
				  be acquired with the loan proceeds, on a form provided by the
				  department;
(5) an individual
				  financial statement consisting of a current balance sheet and a profit and loss
				  statement, on a form provided by the department;
(6) a statement of projected income and
				  expenses for the following year's operating plan, on a form provided by the
				  department;
(7) a signed credit
				  authorization, on a form provided by the department;
(8) copies of the applicant's federal income
				  tax returns for the preceding three years, and for additional years if
				  necessary to establish eligibility;
(9) a commercial fishing resume identifying
				  all permits and licenses held by the applicant, summarizing the applicant's
				  experience as a commercial fisher in Alaska for each year, on a form provided
				  by the department;
(10) consent to
				  release information, on a form provided by the department;
(11) copies of the purchase agreement or cost
				  estimates and down-payment receipt, with signatures by all parties;
(12) if a vessel is used for collateral, a
				  marine survey less than 90 days old, acceptable to the department, including
				  pictures of the vessel;
(13) a $100
				  nonrefundable application fee; and
(14) any other information that might be
				  helpful to the applicant in demonstrating eligibility for a loan, as requested
				  by the department.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 10 - Economic Development › Chapter 80 - Commercial Fishing Loans › Article 1 - Community Fishing Revolving Loan Fund › 3 AAC 80.015 - Examination

Current through May 31, 2024
(a) The materials described in
				  3 AAC 80.010 will be processed and evaluated by a loan
				  officer. The loan officer will evaluate the applicant's eligibility, financial
				  and credit history, operating plan, ability to repay, and proposed
				  collateral.
(b) On the basis of the
				  evaluation, the loan officer will either inactivate the application, due to
				  lack of information required under
				  3 AAC 80.010 or ineligibility of the applicant, or
				  recommend proposed action on the loan request to the appropriate loan
				  committee. However, the recommendation of a loan officer is not binding on a
				  loan committee.
Authority:
AS
						16.10.310
AS
						16.10.339
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 10 - Economic Development › Chapter 80 - Commercial Fishing Loans › Article 1 - Community Fishing Revolving Loan Fund › 3 AAC 80.020 - Loan committee

Current through May 31, 2024
(a) A loan committee consists of one or more
				  persons appointed by the director to act on a loan request.
(b) A loan committee may approve, deny, or
				  modify and approve a loan request, or may table a loan request subject to
				  obtaining additional information.
(c) A loan committee may impose reasonable
				  conditions on the approval of a loan, including
(1) additional collateral to secure the
				  loan;
(2) additional guarantors;
				  and
(3) subordination of prior
				  lienholders' rights to the interests of the state.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 10 - Economic Development › Chapter 80 - Commercial Fishing Loans › Article 1 - Community Fishing Revolving Loan Fund › 3 AAC 80.030 - Residency requirements

Current through May 31, 2024
(a) In determining if an applicant fulfills
				  the two-year residency requirements under
				  AS
				  16.10.310, the loan committee may consider
				  any information that would indicate the applicant's residency, including where
				  the applicant
(1) is registered to
				  vote;
(2) maintains a permanent
				  place of abode;
(3) files tax
				  returns, and the address that is listed on the returns;
(4) registers or licenses personal property,
				  including but not limited to cars, boats, trucks and trailers;
(5) is licensed to drive;
(6) maintains bank accounts, savings
				  accounts, lines of credit, and other financial relationships;
(7) has claimed or received benefits as a
				  resident;
(8) has received
				  permanent fund dividends; and
(9)
				  owns real property.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 10 - Economic Development › Chapter 80 - Commercial Fishing Loans › Article 1 - Community Fishing Revolving Loan Fund › 3 AAC 80.035 - Eligibility

Current through May 31, 2024
(a) To have "actively participated in the
				  fishery" under
				  AS
				  16.10.310(a)(1)(A) or
				  (a)(1)(C) an applicant must have fished in
				  Alaskan waters during the qualifying years.
(b) The department may rely on the following
				  documents to verify that an applicant has actively participated in the fishery:
(1) tax returns;
(2) verified affidavits from the applicant
				  and other individuals certifying the applicant's commercial fishing
				  experience;
(3) fishing and gear
				  licenses;
(4) commercial fish
				  tickets;
(5) wage
				  receipts;
(6) cannery
				  statements.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 10 - Economic Development › Chapter 80 - Commercial Fishing Loans › Article 1 - Community Fishing Revolving Loan Fund › 3 AAC 80.040 - Financial and credit record

Current through May 31, 2024
(a) The department
				  may consider the following factors in evaluating an applicant's financial and
				  credit record:
(1) existing and prior
				  debts;
(2) credit reports obtained
				  from creditors and private credit reporting services;
(3) prior loan history with the
				  department;
(4) timeliness in
				  making payments on loans and other debts;
(5) existence of tax liens;
(6) judgments and foreclosures;
(7) financial and credit
				  reputation.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 10 - Economic Development › Chapter 80 - Commercial Fishing Loans › Article 1 - Community Fishing Revolving Loan Fund › 3 AAC 80.045 - Ability to repay

Current through May 31, 2024
(a) The department may consider the following
				  factors in evaluating an applicant's ability to repay:
(1) income history, including present
				  income;
(2) prospects for future
				  income;
(3) assets and their
				  liquidity;
(4)
				  liabilities;
(5) reasonableness of
				  the projected profit and loss statement;
(6) other relevant experience.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 10 - Economic Development › Chapter 80 - Commercial Fishing Loans › Article 1 - Community Fishing Revolving Loan Fund › 3 AAC 80.050 - Collateral

Current through May 31, 2024
(a) A loan must be secured by collateral
				  acceptable to the department, such as a mortgage or other security instrument
				  in real property, limited entry permits, quota shares, or commercial fishing
				  vessels with gear.
(b) A vessel
				  that can be documented must be documented to be acceptable collateral. If a
				  vessel is offered as collateral for a loan, the department or its designee
				  shall be permitted to inspect the vessel or vessel construction project before
				  making the loan.
(c) A loan for the
				  purchase of a limited entry permit, quota shares, or a vessel will be made only
				  if the permit, quota shares, or vessel is placed in the name of the applicant
				  and the permit, quota shares, or vessel is offered as security for the
				  loan.
Authority:
AS
						16.10.310
AS 16.10.320
AS
						16.10.339
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 10 - Economic Development › Chapter 80 - Commercial Fishing Loans › Article 1 - Community Fishing Revolving Loan Fund › 3 AAC 80.055 - Lending practices

Current through May 31, 2024
(a) If the balance of the commercial fishing
				  revolving loan fund is not adequate to meet the anticipated loan demand for the
				  remainder of the fiscal year, the department will process loan applications in
				  the following order according to the purpose of the loan:
(1) first, the purchase of limited entry
				  permits;
(2) second, satisfaction
				  of federal tax obligations;
(3)
				  third, vessel upgrade or purchase;
(4) fourth, the purchase of gear;
(5) fifth, the purchase of fishing quota
				  shares;
(6) sixth, refinancing as
				  permitted under
				  AS
				  16.10.310(a)(11).
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 10 - Economic Development › Chapter 80 - Commercial Fishing Loans › Article 1 - Community Fishing Revolving Loan Fund › 3 AAC 80.065 - Disbursement of loan money

Current through May 31, 2024
Loan money will be disbursed when
(1) a security interest in the collateral on
				  behalf of the State has been perfected, except that, in the case of a mortgage
				  on a documented vessel, this requirement may be satisfied by the establishment
				  of the mortgage as a preferred mortgage under the provisions of the Ship
				  Mortgage Act of 1920, (  46 U.S.C. 911 - 984);
(2) the borrower has complied with the marine
				  insurance requirements contained in an instrument signed by the
				  borrower;
(3) requirements of the
				  loan committee have been met; and
(4) the borrower is in compliance with all
				  other provisions of the loan documents and this chapter.
Authority:
AS
						16.10.310
AS
						16.10.320
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 10 - Economic Development › Chapter 80 - Commercial Fishing Loans › Article 1 - Community Fishing Revolving Loan Fund › 3 AAC 80.075 - Costs

Current through May 31, 2024
(a) All expenses incurred by the department
				  in processing an application must be paid by the applicant. These expenses
				  include the cost of title reports and insurance, recording fees, appraisals,
				  surveys, travel, and other direct costs.
(b) Except as provided in
				  AS
				  16.10.310(a)(10), an
				  origination fee of one percent of the total loan amount or an assumption fee of
				  one percent of the loan balance is due from the borrower when all provisions of
				  3 AAC 80.065 have been met.
(c) A late fee not to exceed five percent of
				  the payment amount will be charged to a borrower for each loan payment that is
				  received more than 15 days after the due date. If requested by the borrower and
				  the borrower has not previously received a partial or full waiver of a late
				  fee, the department will waive up to all of the late fee as follows:
(1) 100 percent if the loan payment was
				  received no more than 18 days after the due date;
(2) 90 percent if the loan payment was
				  received no more than 29 days after the due date.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 10 - Economic Development › Chapter 80 - Commercial Fishing Loans › Article 1 - Community Fishing Revolving Loan Fund › 3 AAC 80.080 - Assumptions

Current through May 31, 2024
(a) A request for permission to assume the
				  obligations and benefits of a loan made under
				  AS
				  16.10.300-16.10.370 and this chapter will be
				  processed in the same manner as a loan request.
(b) A loan committee may permit an assumption
				  if the applicant meets residency requirements as outlined in this chapter, is a
				  good financial risk, and the security of the state's investment is
				  preserved.
(c) Wraparound financing
				  that includes a loan made under
				  AS
				  16.10.300-16.10.370 and this chapter is
				  prohibited and constitutes a default on the loan.
Authority:
AS
						16.10.310
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 10 - Economic Development › Chapter 80 - Commercial Fishing Loans › Article 1 - Community Fishing Revolving Loan Fund › 3 AAC 80.082 - Modifications

Current through May 31, 2024
(a) A request for a modification to a loan
				  made under
				  AS
				  16.10.300-16.10.370 and this chapter will be
				  processed in the same manner as a loan application. The department will require
				  the applicant to file one or more of the items specified in
				  3 AAC 80.010 if information on those items has changed
				  since they were previously filed, or if the department needs additional
				  information not appearing in the previously filed items in order to review the
				  request for modification.
(b) A
				  loan committee may permit a loan modification only if the security of the state
				  and its investment is preserved.
Authority:
AS
						16.10.310
AS
						16.10.339
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 10 - Economic Development › Chapter 80 - Commercial Fishing Loans › Article 1 - Community Fishing Revolving Loan Fund › 3 AAC 80.085 - Reconsideration of loan request

Current through May 31, 2024
(a) If a loan
				  request is denied, inactivated, or significantly modified by the department, an
				  applicant may file a written request for reconsideration within 30 days after
				  receipt of notice of the department's decision.
(b) The department will reconsider a request
				  upon a showing by the applicant that
(1)
				  there has been a substantial change in the circumstances leading to the
				  department decision;
(2) additional
				  relevant information can be provided to the department that was not initially
				  available; or
(3) administrative
				  errors were made by the department.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 10 - Economic Development › Chapter 80 - Commercial Fishing Loans › Article 1 - Community Fishing Revolving Loan Fund › 3 AAC 80.090 - Confidentiality of loan information

Current through May 31, 2024
(a) The following
				  information is not confidential and is available for public inspection upon
				  request:
(1) a document that is already a
				  public record, including a deed of trust, financing statement, limited entry
				  permit, quota share, warranty deed, bill of sale, mortgage, lien, vehicle
				  title, or vessel documentation;
(2)
				  general information regarding loans, including the original loan amount, loan
				  terms, personal guarantees, and disbursement and repayment schedules;
(3) insurance matters, including title
				  insurance policies and correspondence with insurance companies or borrowers
				  regarding losses, accident reports, and nonpayment of premiums; and
(4) foreclosure and default
				  proceedings.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 10 - Economic Development › Chapter 80 - Commercial Fishing Loans › Article 1 - Community Fishing Revolving Loan Fund › 3 AAC 80.105 - Request for a hearing

Current through May 31, 2024
(a) A request for a hearing under
				  AS
				  16.10.335 must be made in writing to the
				  address of the Department of Commerce, Community, and Economic Development as
				  set out in the notice of default and final demand for payment. The request must
				  include a statement explaining why the debtor believes default has not
				  occurred. The request must be postmarked within 15 days after the postmark date
				  on the notice of default and final demand for payment. The request should
				  include copies of any documentary evidence in the debtor's possession showing
				  that the debtor has not defaulted.
(b) The debtor, a person on behalf of a
				  debtor, or the debtor's estate may request a hearing.
(c) The time within which the debtor may
				  reinstate or pay off in full a loan under
				  AS
				  16.10.335, as specified in the notice of
				  default and final demand for payment, will stop running as of the day the
				  request for a hearing is received by the department.
(d) The commissioner may extend the 15-day
				  period to request a hearing if good cause is shown. Good cause is defined as
(1) an illness that prevents the debtor from
				  timely requesting a hearing;
(2)
				  circumstances beyond the debtor's control that prevent the debtor from timely
				  requesting a hearing; or
(3) other
				  circumstances that the commissioner considers to constitute good
				  cause.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 10 - Economic Development › Chapter 80 - Commercial Fishing Loans › Article 1 - Community Fishing Revolving Loan Fund › 3 AAC 80.110 - Appointment of hearing officer

Current through May 31, 2024
A hearing officer will be appointed by the commissioner.
					 The commissioner may appoint
(1) a
				  hearing officer by contract with another agency;
(2) an attorney by contract;
(3) an impartial individual within the
				  department; or
(4) any other
				  qualified individual.
Authority:
AS
						16.10.335
AS
						16.10.339
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 10 - Economic Development › Chapter 80 - Commercial Fishing Loans › Article 1 - Community Fishing Revolving Loan Fund › 3 AAC 80.120 - Notice of hearing, location, and time

Current through May 31, 2024
(a) Hearings will
				  be held in Anchorage, Fairbanks, or Juneau, which ever is closest to the
				  debtor's place of residence If the debtor resides outside Alaska, the hearing
				  will be held in Juneau.
(b) If all
				  parties agree, or upon order of the hearing officer, the hearing may be
				  scheduled in a different location than those listed in (a) of this
				  section.
(c) If, because of the
				  distance involved or for other substantial reasons, it is impractical for the
				  debtor to appear at the place of hearing, the hearing officer may schedule and
				  conduct a telephonic hearing.
(d)
				  The hearing officer shall notify the department and the debtor in writing of
				  the time and place of hearing at least 30 days before the hearing
				  date.
Authority:
AS
						16.10.335
AS
						16.10.339
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 10 - Economic Development › Chapter 80 - Commercial Fishing Loans › Article 1 - Community Fishing Revolving Loan Fund › 3 AAC 80.130 - Hearing procedures

Current through May 31, 2024
(a) Hearings will be conducted informally and
				  in a manner that protects the rights of the parties.
(b) Oral evidence may be taken only upon oath
				  or affirmation.
(c) The Alaska
				  Rules of Evidence apply except when the hearing officer determines that their
				  application is not required in order to assure fair treatment of a party and
				  that the evidence offered is relevant and the sort on which responsible persons
				  are accustomed to rely in the conduct of serious matters.
(d) The debtor, any other party, or the
				  hearing officer may
(1) call and examine
				  witnesses;
(2) introduce
				  exhibits;
(3) cross-examine
				  opposing witnesses on matters relevant to the issues even though the matter was
				  not covered in the direct examination.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 10 - Economic Development › Chapter 80 - Commercial Fishing Loans › Article 1 - Community Fishing Revolving Loan Fund › 3 AAC 80.140 - Subpoenas, depositions, affidavits, and documents

Current through May 31, 2024
(a) At the request
				  of the debtor or any other party, for good cause shown or upon the hearing
				  officer's own motion, the hearing officer may issue subpoenas and subpoenas
				  duces tecum to compel testimony or other evidence at a hearing. The issuance of
				  subpoenas will be governed by
				  AS
				  44.62.430.
(b) The hearing officer may order that the
				  testimony of a material witness be taken by deposition in accordance with
				  AS
				  44.62.440.
Authority:
AS
						16.10.335
AS
						16.10.339
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 10 - Economic Development › Chapter 80 - Commercial Fishing Loans › Article 1 - Community Fishing Revolving Loan Fund › 3 AAC 80.150 - Recommended and final decisions

Current through May 31, 2024
(a) Upon conclusion
				  of the hearing, the hearing officer shall prepare a proposed decision in
				  writing, setting out findings of fact and conclusions of law.
(b) The commissioner may accept or reject the
				  written recommendation of the hearing officer in its entirety or in part. The
				  commissioner's decision will be mailed or delivered to all parties of record
				  and will constitute a final administrative decision in the case.
Authority:
AS
						16.10.335
AS
						16.10.339
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 10 - Economic Development › Chapter 80 - Commercial Fishing Loans › Article 1 - Community Fishing Revolving Loan Fund › 3 AAC 80.160 - Reconsideration

Current through May 31, 2024
(a) The commissioner may order
				  reconsideration of the decision upon the commissioner's own motion or upon the
				  written request of the debtor or any other party. A request for reconsideration
				  by the debtor or another party must set out specifically the grounds upon which
				  the requesting party believes the decision to be erroneous and, if new evidence
				  is being offered, identify that evidence with particularity and explain how the
				  inclusion of the new evidence in the record would change the
				  decision.
(b) The commissioner may
				  reconsider a matter based on the original record, may accept additional
				  evidence to supplement the original record, or may order the hearing officer to
				  reopen the hearing for the taking of further evidence and issuance of a second
				  proposed decision.
(c) The power to
				  reconsider a decision expires 30 days after the date of the decision. If no
				  action is taken on a request for reconsideration within the time allowed for
				  ordering reconsideration, the request is considered denied.
Authority:
AS
						16.10.335
AS
						16.10.339
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 10 - Economic Development › Chapter 80 - Commercial Fishing Loans › Article 1 - Community Fishing Revolving Loan Fund › 3 AAC 80.170 - Extension of notice of default and final demand for payment

Current through May 31, 2024
(a) Whether or not
				  the debtor requests a hearing, the debtor may request an extension of time to
				  reinstate the note or pay it in full beyond that specified in the notice of
				  default and final demand for payment.
(b) The request for an extension and a
				  completed extension package must be postmarked or delivered to the department
				  no later than the 120th day after the notice of default and final demand for
				  payment has been issued.
(c) If the
				  department grants an extension to the debtor, the notice of default and final
				  demand for payment will be extended in accordance with the terms of the
				  extension.
Authority:
AS
						16.10.335
AS
						16.10.339
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 10 - Economic Development › Chapter 80 - Commercial Fishing Loans › Article 1 - Community Fishing Revolving Loan Fund › 3 AAC 80.180 - Loans with collateral in addition to limited entry permits

Current through May 31, 2024
If a loan is secured by collateral in addition to a limited
					 entry permit, foreclosure on the other collateral will be in accordance with
					 the laws that govern that particular type of collateral.
Authority:
AS
						16.10.335
AS
						16.10.339
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 10 - Economic Development › Chapter 80 - Commercial Fishing Loans › Article 2 - Community Quota Entity Revolving Loan Fund › 3 AAC 80.200 - Application process

Current through May 31, 2024
(a) To apply for a loan for the purchase of
				  quota shares, the applicant shall file with the department
(1) a completed application for a community
				  quota entity loan, on a form provided by the department;
(2) a letter of denial from a recognized
				  quota share lender recognized by the department;
(3) a copy of the applicant's National Marine
				  Fisheries Service application to be designated as a community quota entity and
				  all attachments;
(4) a list of the
				  applicant's key personnel, directors, and officers;
(5) the corporate resolution supporting the
				  application;
(6) applicant's
				  corporate by-laws;
(7) copies of
				  the applicant's federal income tax returns for the preceding three
				  years;
(8) a financial statement
				  consisting of a current balance sheet and a profit and loss statement, on a
				  form provided by the department;
(9) a statement of projected income and
				  expenses for the following year's operating plan, on a form provided by the
				  department;
(10) a copy of the
				  purchase agreement signed by all parties and the down payment receipt or
				  earnest money receipt;
(11)
				  authorization to release information or obtain credit information, on a form
				  provided by the department;
(12)
				  the application fee required by
				  3 AAC 80.245(b); and
(13) any other information requested by the
				  department needed to process the application.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 10 - Economic Development › Chapter 80 - Commercial Fishing Loans › Article 2 - Community Quota Entity Revolving Loan Fund › 3 AAC 80.205 - Examination

Current through May 31, 2024
(a) The materials described in
				  3 AAC 80.200 will be processed and evaluated by a loan
				  officer.
(b) On the basis of the
				  evaluation, the loan officer will either
(1)
				  inactivate the application due to
(A) lack of
				  information required under
				  3 AAC 80.200; or
(B) the ineligibility of the applicant;
				  or
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 10 - Economic Development › Chapter 80 - Commercial Fishing Loans › Article 2 - Community Quota Entity Revolving Loan Fund › 3 AAC 80.210 - Loan committee

Current through May 31, 2024
(a) A loan committee consists of one or more
				  persons appointed by the director to act on a loan request.
(b) A loan committee may approve, deny, or
				  modify a loan request, or may table a loan request subject to obtaining
				  additional information.
(c) A loan
				  committee may impose reasonable conditions on the approval of a loan, including
(1) additional collateral to secure the loan;
				  and
(2) subordination of prior lien
				  holders' rights to the interests of the state.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 10 - Economic Development › Chapter 80 - Commercial Fishing Loans › Article 2 - Community Quota Entity Revolving Loan Fund › 3 AAC 80.215 - Eligibility

Current through May 31, 2024
(a) The applicant must be a community quota
				  entity as certified by the National Marine Fisheries Service or its
				  successors.
(b) The community quota
				  entity must be in good standing with both state and federal
				  governments.
Authority:
AS
						16.10.310
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 10 - Economic Development › Chapter 80 - Commercial Fishing Loans › Article 2 - Community Quota Entity Revolving Loan Fund › 3 AAC 80.220 - Financial and credit record

Current through May 31, 2024
(a) The department
				  may consider the following factors in evaluating an applicant's financial and
				  credit record:
(1) existing and prior
				  debts;
(2) credit reports obtained
				  from creditors and private credit reporting services;
(3) prior loan history with the
				  department;
(4) timeliness in
				  making payments on loans and other debts;
(5) existence of tax liens;
(6) judgments and foreclosures;
(7) financial and credit
				  reputation.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 10 - Economic Development › Chapter 80 - Commercial Fishing Loans › Article 2 - Community Quota Entity Revolving Loan Fund › 3 AAC 80.225 - Ability to repay

Current through May 31, 2024
(a) The department may consider the following
				  factors in evaluating an applicant's ability to repay:
(1) income history, including present
				  income;
(2) prospects for future
				  income;
(3) assets;
(4) liabilities;
(5) reasonableness of the projected profit
				  and loss statement;
(6) other
				  relevant information or experience.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 10 - Economic Development › Chapter 80 - Commercial Fishing Loans › Article 2 - Community Quota Entity Revolving Loan Fund › 3 AAC 80.230 - Collateral

Current through May 31, 2024
(a) A loan must be secured by collateral
				  acceptable to the department, such as a mortgage or other security instrument
				  in real property or commercial fishing vessels with gear. The collateral must
				  include the quota shares purchased.
(b) A loan for the purchase of quota shares
				  will be made only if the quota shares are placed in the name of the
				  applicant.
Authority:
AS
						16.10.310
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 10 - Economic Development › Chapter 80 - Commercial Fishing Loans › Article 2 - Community Quota Entity Revolving Loan Fund › 3 AAC 80.235 - Lending practices

Current through May 31, 2024
(a) A loan will not be approved for
				  refinancing long-term debt. Interim financing is not considered long-term debt
				  if the term is 12 months or less and the promissory note or the original
				  agreement was executed less than 12 months before the department received the
				  application.
(b) In determining the
				  maximum loan amount that may be approved for the purchase of quota shares, the
				  department will rely on market analysis through appropriate sources as
				  determined by the department.
(c)
				  Loan proceeds may not be used to reimburse an applicant for the purchase of
				  quota shares if they were purchased more than 12 months before receipt of the
				  application by the department.
(d)
				  The department will set the interest rate for loans under
				  3 AAC 80.200 -
				  3 AAC 80.265 on the first day of each calendar quarter.
				  The interest rate set for a quarter remains in effect until the department
				  changes the rate, will not exceed the maximum or minimum interest allowed under
				  AS
				  44.33.965(b)(2), and will be
				  established at the nearest one-quarter point. The interest rate will be based
				  on the prime rate, as defined in
				  AS
				  44.88.599, during the previous
				  quarter.
(e) The interest rate for
				  a loan is the interest rate in effect at the time the loan commitment is made.
				  The interest rate for a loan will be at a fixed rate for the term of the
				  loan.
Authority:
AS
						16.10.310
AS
						16.10.320
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 10 - Economic Development › Chapter 80 - Commercial Fishing Loans › Article 2 - Community Quota Entity Revolving Loan Fund › 3 AAC 80.240 - Disbursement of loan money

Current through May 31, 2024
Loan money will be disbursed when
(1) the state has perfected a security
				  interest in the collateral;
(2) the
				  requirements of the department as specified by the loan committee have been
				  met; and
(3) the borrower is in
				  compliance with provisions of the loan documents,
				  AS
				  16.10.310 and
				  16.10.320, and
				  3 AAC 80.200 -
				  3 AAC 80.265.
Authority:
AS
						16.10.310
AS
						16.10.320
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 10 - Economic Development › Chapter 80 - Commercial Fishing Loans › Article 2 - Community Quota Entity Revolving Loan Fund › 3 AAC 80.245 - Costs and fees

Current through May 31, 2024
(a) All expenses incurred by the department
				  in processing an application must be paid by the applicant. These expenses
				  include the cost of title reports and insurance, recording fees, appraisals,
				  surveys, travel, and other direct costs.
(b) A nonrefundable loan application fee of
				  $100 is due to the department at the time an application under
				  3 AAC 80.200 -
				  3 AAC 80.265 is submitted.
(c) An origination fee of one percent of the
				  total loan amount or an assumption fee of one percent of the loan balance is
				  due from the borrower when provisions of
				  3 AAC 80.200 -
				  3 AAC 80.265 have been met.
(d) A late fee not to exceed five percent of
				  the payment amount will be charged to a borrower for each loan payment that is
				  received more than 15 days after the due date for the payment.
(e) A nonrefundable prequalification
				  application fee of $200 is due to the department at the time a prequalification
				  application is submitted under
				  3 AAC 80.200 -
				  3 AAC 80.265
(f) A fee not to exceed $100 will be charged
				  to a borrower to process a loan extension application.
(g) The department will not charge the late
				  fee described in (d) of this section if
(1)
				  the department receives from the borrower a loan extension application or a
				  payment plan not more than 15 days after the due date for the
				  payment;
(2) the department
				  approves the loan extension application or payment plan; and
(3) one or more of the following occurs:
(A) the borrower meets all conditions for the
				  loan extension or the payment plan;
(B) the department receives payment during
				  its review of the loan extension application or payment plan.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 10 - Economic Development › Chapter 80 - Commercial Fishing Loans › Article 2 - Community Quota Entity Revolving Loan Fund › 3 AAC 80.250 - Assumptions

Current through May 31, 2024
(a) A request for permission to assume the
				  obligations and benefits of a loan made under
				  AS
				  16.10.310(a)(1)(E) and
				  3 AAC 80.200 -
				  3 AAC 80.265 will be processed in the same manner as an
				  application for a loan.
(b) A loan
				  committee may permit an assumption if the applicant meets eligibility
				  requirements as outlined in
				  3 AAC 80.200 -
				  3 AAC 80.265, is a good financial risk, and the security
				  of the state's investment is preserved.
(c) Wraparound financing that includes a loan
				  made under
				  AS
				  16.10.310(a)(1)(E) is
				  prohibited and constitutes a default on the loan.
Authority:
AS
						16.10.310
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 10 - Economic Development › Chapter 80 - Commercial Fishing Loans › Article 2 - Community Quota Entity Revolving Loan Fund › 3 AAC 80.255 - Modifications

Current through May 31, 2024
(a) A request for a modification to a loan
				  made under
				  AS
				  16.10.310(a)(1)(E) and
				  3 AAC 80.200 -
				  3 AAC 80.265 will be processed in the same manner as an
				  application for a loan. The department will require the applicant to file one
				  or more of the items specified in
				  3 AAC 80.200 if information on those items has changed
				  since they were previously filed, or if the department needs additional
				  information not appearing in the previously filed items in order to review the
				  request for modification.
(b) A
				  loan committee may permit a loan modification only if the security of the state
				  and the state's investment is preserved.
Authority:
AS
						16.10.310
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 10 - Economic Development › Chapter 80 - Commercial Fishing Loans › Article 2 - Community Quota Entity Revolving Loan Fund › 3 AAC 80.260 - Reconsideration of a loan request

Current through May 31, 2024
(a) If a loan
				  request is denied, inactivated, or significantly modified by the department, an
				  applicant may file a written request for reconsideration not later than 30 days
				  after receipt of notice of the decision of the department.
(b) The department will reconsider the
				  request on a showing by the applicant that
(1) there has been a substantial change in
				  the circumstances leading to the decision of the department;
(2) additional relevant information that was
				  not initially available can be provided to the department; or
(3) administrative errors were made by the
				  department.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 10 - Economic Development › Chapter 80 - Commercial Fishing Loans › Article 2 - Community Quota Entity Revolving Loan Fund › 3 AAC 80.265 - Confidentiality of loan information

Current through May 31, 2024
(a) The following
				  information is not confidential and is available for public inspection upon
				  request:
(1) a document that is already a
				  public record, including a deed of trust, financing statement, limited entry
				  permit, quota share, warranty deed, bill of sale, mortgage, lien, vehicle
				  title, or vessel documentation;
(2)
				  general information regarding loans, including the original loan amount, loan
				  terms, personal guarantees, and disbursement and repayment schedules;
(3) insurance matters, including title
				  insurance policies and correspondence with insurance companies or borrowers
				  regarding losses, accident reports, and nonpayment of premiums;
(4) foreclosure and default
				  proceedings.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 10 - Economic Development › Chapter 80 - Commercial Fishing Loans › Article 3 - Community Charter Fisheries Revolving Loan Fund › 3 AAC 80.310 - Application process

Current through May 31, 2024
(a) To apply for a loan under
				  AS
				  16.10.801 - AS 16.10.890, the applicant shall
				  file with the department
(1) a completed
				  application for a commercial charter fisheries loan, on a form provided by the
				  department;
(2) a completed
				  residency questionnaire, on a form provided by the department;
(3) a letter of intent stating the amount
				  requested and intended use consistent with
				  AS
				  16.10.801 - 13.10.890 of the proposed loan
				  money, on a form provided by the department;
(4) a schedule of acceptable collateral,
				  including collateral now owned and other collateral to be acquired with the
				  loan proceeds, on a form provided by the department;
(5) an individual financial statement
				  consisting of a current balance sheet and a profit and loss statement, on a
				  form provided by the department;
(6) a statement of projected income and
				  expenses for the following year's operating plan, on a form provided by the
				  department;
(7) copies of the
				  applicant's federal income tax returns for the preceding three years, and for
				  additional years if necessary to establish eligibility;
(8) a signed credit authorization, on a form
				  provided by the department;
(9) a
				  resume identifying all permits and licenses held by the applicant, summarizing
				  the applicant's experience in commercial charter fisheries in Alaska for each
				  year, on a form provided by the department;
(10) consent to release information, on a
				  form provided by the department;
(11) copies of the purchase agreement or cost
				  estimates and down-payment receipt, with signatures by all parties;
(12) if a vessel is used for collateral, a
				  marine survey of the vessel less than 90 days old, acceptable to the
				  department, including pictures of the vessel;
(13) the application fee required by
				  3 AAC 80.355(b); and
(14) any other information requested by the
				  department needed to process the loan application.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 10 - Economic Development › Chapter 80 - Commercial Fishing Loans › Article 3 - Community Charter Fisheries Revolving Loan Fund › 3 AAC 80.315 - Examination

Current through May 31, 2024
(a) The materials described in
				  3 AAC 80.310 will be processed and evaluated by a loan
				  officer. The loan officer will evaluate the applicant's eligibility, financial
				  and credit history, operating plan, ability to repay, and proposed
				  collateral.
(b) On the basis of the
				  evaluation, the loan officer will either
(1)
				  inactivate the application due to
(A) lack of
				  information required under
				  3 AAC 80.310; or
(B) the ineligibility of the applicant;
				  or
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 10 - Economic Development › Chapter 80 - Commercial Fishing Loans › Article 3 - Community Charter Fisheries Revolving Loan Fund › 3 AAC 80.320 - Loan committee

Current through May 31, 2024
(a) A loan committee consists of one or more
				  persons appointed by the director to act on a loan request.
(b) A loan committee may approve, deny, or
				  modify a loan request, or may table a loan request subject to obtaining
				  additional information.
(c) A loan
				  committee may impose reasonable conditions on the approval of a loan, including
(1) additional collateral to secure the
				  loan;
(2) additional guarantors;
				  and
(2) subordination of prior lien
				  holders' rights to the interests of the state.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 10 - Economic Development › Chapter 80 - Commercial Fishing Loans › Article 3 - Community Charter Fisheries Revolving Loan Fund › 3 AAC 80.325 - Residency requirements

Current through May 31, 2024
(a) In determining if an applicant fulfills
				  the 24 consecutive month residency requirements under
				  AS
				  16.10.810, the loan committee may consider
				  any information that would indicate the applicant's residency, including where
				  the applicant
(1) is registered to
				  vote;
(2) maintains a permanent
				  place of abode;
(3) files tax
				  returns, and the address that is listed on the returns;
(4) registers or licenses personal property,
				  including cars, boats, trucks, and trailers;
(5) is licensed to drive;
(6) maintains bank accounts, savings
				  accounts, lines of credit, and other financial relationships;
(7) has claimed or received benefits as a
				  resident;
(8) has received
				  permanent fund dividends; and
(9)
				  owns real property.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 10 - Economic Development › Chapter 80 - Commercial Fishing Loans › Article 3 - Community Charter Fisheries Revolving Loan Fund › 3 AAC 80.330 - Financial and credit record

Current through May 31, 2024
(a) The department
				  may consider the following factors in evaluating an applicant's financial and
				  credit record:
(1) existing and prior
				  debts;
(2) credit reports obtained
				  from creditors and private credit reporting services;
(3) prior loan history with the
				  department;
(4) timeliness in
				  making payments on loans and other debts;
(5) existence of tax liens;
(6) judgments and foreclosures;
(7) financial and credit
				  reputation.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 10 - Economic Development › Chapter 80 - Commercial Fishing Loans › Article 3 - Community Charter Fisheries Revolving Loan Fund › 3 AAC 80.335 - Ability to repay

Current through May 31, 2024
(a) The department may consider the following
				  factors in evaluating an applicant's ability to repay:
(1) income history, including present
				  income;
(2) prospects for future
				  income;
(3) assets;
(4) liabilities;
(5) reasonableness of the projected profit
				  and loss statement;
(6) other
				  relevant information or experience.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 10 - Economic Development › Chapter 80 - Commercial Fishing Loans › Article 3 - Community Charter Fisheries Revolving Loan Fund › 3 AAC 80.340 - Collateral

Current through May 31, 2024
(a) A vessel that can be documented must be
				  documented to be acceptable collateral. If a vessel is offered as collateral
				  for a loan, the department or its designee shall be permitted to inspect the
				  vessel before making the loan.
(b)
				  A loan for the purchase of charter halibut permits will be made only if the
				  permits are placed in the name of the applicant.
Authority:
AS
						16.10.805
AS
						16.10.815