reglab/statecodes huggingface dataset:
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 80.345 - Lending practices

Current through May 31, 2024
(a) Except as provided in
				  AS
				  16.10.805(1)(B), a loan will
				  not be approved for refinancing long-term debt. Interim financing is not
				  considered long-term debt if the term is 24 months or less and the promissory
				  note or the original agreement was executed less than 12 months before the
				  department receives the application.
(b) A loan will not be approved if its
				  primary purpose would be to
(1) speculate in
				  the acquisition and sale of charter halibut permits, vessels, or
				  gear;
(2) lease out a charter
				  halibut permit; or
(3) purchase a
				  charter halibut permit, vessel, or gear, that will not be put to use in the
				  fishing season immediately following the loan approval date.
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 80.350 - 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, 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  46 U.S.C. 911 -
				  984  (Ship Mortgage Act of 1920);
(2) 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
				  16.10.801-16.10.890, and
				  3 AAC 80.310 -
				  3 AAC 80.380.
Authority:
AS
						16.10.805
AS
						16.10.815
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 80.355 - 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 is submitted under
				  3 AAC 80.310 -
				  3 AAC 80.380.
(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 the provisions of
				  3 AAC 80.310 -
				  3 AAC 80.380 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 fee not to exceed $100 will be charged
				  to a borrower to process a loan extension application.
(f) 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 3 - Community Charter Fisheries Revolving Loan Fund › 3 AAC 80.360 - Assumptions

Current through May 31, 2024
(a) A request for permission to assume the
				  obligations and benefits of a loan made under
				  AS
				  16.10.801-16.10.890 and
				  3 AAC 80.310 -
				  3 AAC 80.380 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 under
				  AS
				  16.10.801 and
				  3 AAC 80.310 -
				  3 AAC 80.380, 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
				  16.10.801-16.10.890 and
				  3 AAC 80.310 -
				  3 AAC 80.380 is prohibited and constitutes a default on
				  the loan.
Authority:
AS
						16.10.805
AS
						16.10.810
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 80.370 - Modifications

Current through May 31, 2024
(a) A request for a modification to a loan
				  made under
				  AS
				  16.10.801-16.10.890 and
				  3 AAC 80.310 -
				  3 AAC 80.380 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 80.310 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
						16.10.805
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 80.375 - 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 3 - Community Charter Fisheries Revolving Loan Fund › 3 AAC 80.380 - 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 4 - Mariculture Revolving Loan Fund › 3 AAC 80.410 - Application process

Current through May 31, 2024
(a) To apply for a loan under
				  AS
				  16.10.900-16.10.945, the applicant shall
				  file with the department
(1) a completed
				  application for a mariculture revolving 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
				  16.10.900-16.10.945 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 copy of the
				  Department of Natural Resources aquatic farm application and all
				  attachments;
(8) a copy of the
				  aquatic farm lease;
(9) a copy of
				  the aquatic farm operation permit;
(10) a copy of the special area permit, if
				  applicable;
(11) copies of the
				  applicant's federal income tax returns for the preceding three years, and for
				  additional years if necessary to establish eligibility;
(12) a signed credit authorization, on a form
				  provided by the department;
(13) a
				  resume identifying all permits, certificates and licenses held by the
				  applicant, and summarizing the applicant's experience and education in the
				  mariculture industry, on a form provided by the department;
(14) consent to release information, on a
				  form provided by the department;
(15) copies of the purchase agreements,
				  estimates, invoices, or other documentation regarding the intended use of loan
				  proceeds;
(16) 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;
(17) the application fee required by
				  3 AAC 80.445(b); and
(18) 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 4 - Mariculture Revolving Loan Fund › 3 AAC 80.415 - Examination

Current through May 31, 2024
(a) The materials described in
				  3 AAC 80.410 will be processed and evaluated by a loan
				  officer. The loan officer will evaluate the applicant's eligibility, financial
				  and credit history, experience, 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 80.410; 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 4 - Mariculture Revolving Loan Fund › 3 AAC 80.420 - 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 4 - Mariculture Revolving Loan Fund › 3 AAC 80.425 - Residency requirements

Current through May 31, 2024
(a) In determining if an applicant fulfills
				  the 24 consecutive month residency requirements under
				  AS
				  16.10.910, 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 4 - Mariculture Revolving Loan Fund › 3 AAC 80.430 - 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 4 - Mariculture Revolving Loan Fund › 3 AAC 80.435 - 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 4 - Mariculture Revolving Loan Fund › 3 AAC 80.440 - 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 will be made only if the collateral is placed in the name of the
				  applicant.
Authority:
AS
						16.10.905
AS
						16.10.915
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 10 - Economic Development › Chapter 80 - Commercial Fishing Loans › Article 4 - Mariculture Revolving Loan Fund › 3 AAC 80.445 - 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 24 months or less and the promissory note or the original
				  agreement was executed less than 12 months before the department receives the
				  application.
(b) Loan proceeds may
				  not be used to reimburse an applicant for the purchases more than 12 months
				  before receipt of the application by the department.
(c) The department will set the interest rate
				  for loans under
				  3 AAC 80.410 -
				  3 AAC 80.480 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
				  16.10.915(a)(3), and will be
				  established at the nearest one-quarter point. The interest rate set will be
				  based on the bank prime rate, as defined in
				  AS
				  44.88.599, during the previous
				  quarter.
(d) 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
						16.10.905
AS
						16.10.915
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 10 - Economic Development › Chapter 80 - Commercial Fishing Loans › Article 4 - Mariculture Revolving Loan Fund › 3 AAC 80.450 - 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, 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  46 U.S.C. 911 -
				  984  (Ship Mortgage Act of 1920);
(2) 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
				  16.10.900 - 16.10.999, and
				  3 AAC 80.410 -
				  3 AAC 80.480.
Authority:
AS
						16.10.905
AS
						16.10.915
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 10 - Economic Development › Chapter 80 - Commercial Fishing Loans › Article 4 - Mariculture Revolving Loan Fund › 3 AAC 80.455 - 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 is submitted under
				  3 AAC 80.410 -
				  3 AAC 80.480.
(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 80.410 -
				  3 AAC 80.480 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 fee not to exceed $100 will be charged
				  to a borrower to process a loan extension application.
(f) 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 of 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 4 - Mariculture Revolving Loan Fund › 3 AAC 80.460 - Assumptions

Current through May 31, 2024
(a) A request for permission to assume the
				  obligations and benefits of a loan made under
				  AS
				  16.10.900-16.10.945 and
				  3 AAC 80.410 -
				  3 AAC 80.480 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 under
				  AS
				  16.10.910 and
				  3 AAC 80.410 -
				  3 AAC 80.480, 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
				  16.10.900-16.10.945 and
				  3 AAC 80.410 -
				  3 AAC 80.480 is prohibited and constitutes a default on
				  the loan.
Authority:
AS
						16.10.905
AS
						16.10.910
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 10 - Economic Development › Chapter 80 - Commercial Fishing Loans › Article 4 - Mariculture Revolving Loan Fund › 3 AAC 80.470 - Modifications

Current through May 31, 2024
(a) A request for a modification to a loan
				  made under
				  AS
				  16.10.900-16.10.945 and
				  3 AAC 80.410 -
				  3 AAC 80.480 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 80.410 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
						16.10.905
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 10 - Economic Development › Chapter 80 - Commercial Fishing Loans › Article 4 - Mariculture Revolving Loan Fund › 3 AAC 80.475 - 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 4 - Mariculture Revolving Loan Fund › 3 AAC 80.480 - 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 81 - Fisheries Enhancement Loans and Grants › 3 AAC 81.010 - Loan application process

Current through May 31, 2024
(a) To apply for a
				loan for planning, construction, or operation of a hatchery, preconstruction
				activities necessary to obtain a permit, or for planning and implementation of
				nonhatchery fisheries enhancement activities and rehabilitation, including lake
				fertilization and habitat improvement, an applicant shall file with the
				department
(1) a completed application for a
				fisheries enhancement loan, on a form provided by the department;
(2) a letter of intent stating the amount
				requested, a schedule of acceptable collateral and the intended use of the
				proposed loan money, on a form provided by the department;
(3) copies of all permits, including copies
				of permits necessary to construct the hatchery facility;
(4) a copy of the general contractor's bid or
				an estimate of construction costs for the hatchery and an estimate of operating
				costs; costs in excess of $100,000 may be required to be supported by a minimum
				of two competitive bids;
(5) a copy
				of the statement of nonprofit status issued by the United States Internal
				Revenue Service or the department;
(6) a letter from the qualified regional
				association in that area approving the local nonprofit association, if the loan
				request is from a local nonprofit corporation and is for preconstruction
				activities or exceeds $1,000,000;
(7) a financial statement, including the most
				recent annual statement, the current month-end statement, and the terms of all
				outstanding state loans, on a form provided by the department;
(8) a projected statement of profit and loss,
				including actual figures currently available, and forecasted future state loan
				requirements, using the sample format provided by the department or a similar
				format acceptable to the department;
(9) the names of officers and principal
				employees of the corporation, and a brief resume of their professional
				background and experience, on a form provided by the department;
(10) a corporate resume, on a form provided
				by the department or other form acceptable to the department;
(11) a signed credit authorization, on a form
				provided by the department;
(12) a
				corporate resolution signed by the corporate president and secretary,
				authorizing the corporation to apply for a loan and authorizing an officer or
				agent to provide information and documentation necessary for loan approval, on
				a form provided by the department;
(13) a consent to release information, on a
				form provided by the department;
(14) a $100 nonrefundable application
				fee;
(15) a signed copy of the
				applicant's federal income tax returns for the most recent year; and
(16) any other information that might be
				helpful to an 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 81 - Fisheries Enhancement Loans and Grants › 3 AAC 81.012 - Grant application process

Current through May 31, 2024
(a) To apply for a
				grant under
				AS
				16.10.510(9) an applicant
				shall file with the department
(1) a letter
				stating the proposed use of the grant, including a list of goals and objectives
				to be accomplished through the use of the grant;
(2) a proposed budget;
(3) a copy of a letter from the Department of
				Fish and Game certifying the applicant as a regional association under
				AS
				16.10.380;
(4) the names of officers and principal
				employees of the association and a brief resume of their professional
				background and experience;
(5) a
				proposed disbursement schedule, not to exceed one year, for the grant;
				and
(6) other information that may
				be relevant to the grant application.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 10 - Economic Development › Chapter 81 - Fisheries Enhancement Loans and Grants › 3 AAC 81.015 - Examination

Current through May 31, 2024
(a) The materials described in
				3 AAC 81.010 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 81.010 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
					 16.10.510
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 10 - Economic Development › Chapter 81 - Fisheries Enhancement Loans and Grants › 3 AAC 81.020 - Loan committee

Current through May 31, 2024
(a) A loan committee consists of one or more
				persons appointed by the director to act on loan and grant requests.
(b) A loan committee may approve, deny, or
				modify and approve a loan or grant request, or may table a loan or grant
				request subject to obtaining additional information.
(c) A loan committee may impose reasonable
				conditions on the approval of a loan or grant request, 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 81 - Fisheries Enhancement Loans and Grants › 3 AAC 81.025 - Corporate management

Current through May 31, 2024
The department will, in its discretion, consider the previous
				  fisheries and nonfisheries business experience of the corporate officers and
				  principal employees in evaluating assessing an applicant's corporate
				  management.
Authority:
AS
					 16.10.510
AS
					 16.10.520(d)
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 10 - Economic Development › Chapter 81 - Fisheries Enhancement Loans and Grants › 3 AAC 81.035 - Eligibility

Current through May 31, 2024
To be eligible for a loan or grant under
				  AS
				  16.10.510, an applicant shall provide proof
				  of
(1) issuance of a Department of
				Fish and Game permit under
				AS
				16.10.400 if applying for a loan for the
				construction and operation of hatchery facilities;
(2) certification of the applicant as a
				regional association under
				AS
				16.10.380 or approval by the qualified
				regional association, if applying for a loan for fisheries enhancement and
				rehabilitation activities or preconstruction activities necessary to obtain a
				hatchery permit from the Department of Fish and Game; or
(3) certification of the applicant as a
				regional association under
				AS
				16.10.380 if applying for a grant for
				organizational and planning purposes.
Authority:
AS
					 16.10.510
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 10 - Economic Development › Chapter 81 - Fisheries Enhancement Loans and Grants › 3 AAC 81.040 - Financial and credit record

Current through May 31, 2024
(a) The department
				will, in its discretion, 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) prior bankruptcies;
(6) existence of tax liens;
(7) unpaid judgments and prior foreclosures;
				and
(8) financial and credit
				reputation.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 10 - Economic Development › Chapter 81 - Fisheries Enhancement Loans and Grants › 3 AAC 81.045 - Ability to repay

Current through May 31, 2024
(a) The department will, in its discretion,
				consider the following factors in evaluating an applicant's ability to repay a
				proposed loan:
(1) income history, including
				present income;
(2) prospects for
				future income;
(3) assets and their
				liquidity;
(4)
				liabilities;
(5) reasonableness of
				projected profit and loss statement; and
(6) other relevant experience.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 10 - Economic Development › Chapter 81 - Fisheries Enhancement Loans and Grants › 3 AAC 81.050 - Collateral

Current through May 31, 2024
A loan must be secured by collateral acceptable to the
				  department, such as an assignment of future revenue and the proceeds of sale of
				  surplus fish and eggs, and may include a mortgage or other security instrument
				  in real property, buildings, machinery and equipment, and
				  fixtures.
Authority:
AS
					 16.10.510
AS
					 16.10.520
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 10 - Economic Development › Chapter 81 - Fisheries Enhancement Loans and Grants › 3 AAC 81.055 - Lending practices

Current through May 31, 2024
(a) Loans may be made for planning and
				construction of fish hatchery facilities, including preconstruction activities
				necessary to obtain a permit.
(b)
				Repealed 7/4/91.
(c) Loan money may
				not be used to reimburse an applicant for expenses paid more than six months
				before receipt of the application by the department.
(d) A loan will not be approved for
				refinancing long-term debt. Interim or construction 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 six months before receipt of the
				application by the department.
(e)
				The department will quarterly set the interest rate for a loan under this
				chapter. The interest rate set for a quarter remains in effect until the
				department changes the rate. The interest rate set by the department is based
				on the bank prime rate listed in the Wall Street Journal during the previous
				quarter plus one percentage point, not to exceed the maximum interest allowed
				under AS
				16.10.510(6). The interest
				rate will be established at the nearest
1
/
2
point. The interest rate will not be less than five
				percent a year.
(f) The interest
				rate for a loan is the quarterly 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
					 16.10.510
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 10 - Economic Development › Chapter 81 - Fisheries Enhancement Loans and Grants › 3 AAC 81.060 - Initial loan period

Current through May 31, 2024
(a) At the time a loan is made the department
				will, in its discretion, consider the following factors in setting the initial
				loan period:
(1) The time needed to build
				brood stock to a production level;
(2) the financial need of the permit holder;
				and
(3) other factors the
				department considers appropriate to preserve the security of the state and its
				investment.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 10 - Economic Development › Chapter 81 - Fisheries Enhancement Loans and Grants › 3 AAC 81.065 - 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;
(2) the borrower has complied with the
				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
					 16.10.510
AS
					 16.10.520
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 10 - Economic Development › Chapter 81 - Fisheries Enhancement Loans and Grants › 3 AAC 81.070 - Supervision of loans and grants

Current through May 31, 2024
(a) As a condition
				of a loan and while there is an outstanding loan balance or if the loan is in
				default, the department will, in its discretion, require the borrower to
				furnish annual financial statements consisting of a balance sheet, profit and
				loss statement, sources and application of all money received and a schedule of
				change of owner's equity. The department will, in its discretion, also require
				an audit or audits to determine whether the borrower has complied with the
				provisions of the loan, and conduct periodic inspection of collateral securing
				repayment of the loan.
(b) The
				department will, in its discretion, exchange information with the Department of
				Fish and Game, including copies of reports filed under
				AS
				16.10.470, to assure compliance with loan
				terms.
Authority:
AS
					 16.10.510
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 10 - Economic Development › Chapter 81 - Fisheries Enhancement Loans and Grants › 3 AAC 81.075 - 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) An origination fee of not more than one
				percent of the total loan amount, to be set annually by the department, or an
				assumption fee of not more than one percent of the loan balance, to be set
				annually by the department, is due from the borrower when all provisions of
				3 AAC 81.065 have been met.
(c) A late fee not to exceed five percent of
				the payment amount will, in the department's discretion, be charged to a
				borrower for each loan payment that is more than 15 days past due.
(d) An extension fee not to exceed $100 will,
				in the department's discretion, be charged to a borrower to process a loan
				extension.
Authority:
AS
					 16.10.510
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 10 - Economic Development › Chapter 81 - Fisheries Enhancement Loans and Grants › 3 AAC 81.080 - Assumptions

Current through May 31, 2024
(a) A request to assume the obligations and
				benefits of a loan made under
				AS
				16.10.500 - 16.10.620 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 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
				16.10.500 - 16.10.620 and this chapter is
				prohibited, and constitutes a default on the loan.
Authority:
AS
					 16.10.510
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 10 - Economic Development › Chapter 81 - Fisheries Enhancement Loans and Grants › 3 AAC 81.081 - Closing an assumption

Current through May 31, 2024
An assumption agreement will be considered by the department
				  to be closed when
(1) all required
				signatures have been obtained and the assumption agreement has been properly
				recorded;
(2) the borrower has
				complied with the insurance requirements contained in an instrument signed by
				the borrower;
(3) all 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
					 16.10.510
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 10 - Economic Development › Chapter 81 - Fisheries Enhancement Loans and Grants › 3 AAC 81.082 - Modifications

Current through May 31, 2024
(a) A request for a modification to a loan
				made under
				AS
				16.10.500 - 16.10.620 and this chapter will
				be processed in the same manner as a loan application. The department will, in
				its discretion, require one or more of the items specified in
				3 AAC 81.010.
(b) A loan committee may permit a loan
				modification only if the security of the state and its investment is
				preserved.
Authority:
AS
					 16.10.510
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 10 - Economic Development › Chapter 81 - Fisheries Enhancement Loans and Grants › 3 AAC 81.085 - Reconsideration of loan or grant request

Current through May 31, 2024
(a) If a loan or
				grant 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, in its discretion,
				reconsider a request upon a showing by the applicant that
(1) there has been a substantial change in
				the circumstances leading to the department's 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 81 - Fisheries Enhancement Loans and Grants › 3 AAC 81.090 - 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 deeds of trust, financing statements, warranty deeds,
				bills of sale, mortgages, liens, and vehicle titles;
(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 81 - Fisheries Enhancement Loans and Grants › 3 AAC 81.900 - 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
				AS
				16.10.500 - 16.10.620 and this chapter, 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;
(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;
(5) "production level" means a level of
				broodstock development that will sustain brood stock and cost recovery needs
				without using more than 50 percent of the forecasted resource; and
(6) "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.
Authority:
AS
					 16.10.510
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 10 - Economic Development › Chapter 82 - Child Care Facility Loans › 3 AAC 82.010 - Application process

Current through May 31, 2024
(a) To apply for an assumption of an existing
				child care facility loan, an applicant shall file with the department
(1) a completed application for an assumption
				of a child care facility loan, on a form provided by the department;
(2) an individual financial statement, on a
				form provided by the department;
(3) a business financial statement, on a form
				provided by the department;
(4) an
				actual statement of profit and loss, on a form provided by the
				department;
(5) a projected
				statement of profit and loss, on a form provided by the department;
(6) a personal resume, including three
				personal references, on a form provided by the department;
(7) a business resume, on a form provided by
				the department;
(8) a signed credit
				authorization, on a form provided by the department;
(9) signed copies of the applicant's federal
				income tax returns for the preceding three years;
(10) an earnest money agreement explaining
				all terms and conditions of the transaction with signatures by all
				parties;
(11) a copy of the
				application for the license required to operate the facility or, if the
				facility has already been licensed, a copy of the license;
(12) a $100 nonrefundable application fee;
				and
(13) any other information that
				might be helpful to the applicant in demonstrating eligibility for an
				assumption, as requested by the department.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 10 - Economic Development › Chapter 82 - Child Care Facility Loans › 3 AAC 82.015 - Examination

Current through May 31, 2024
(a) The materials described in
				3 AAC 82.010 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 82.010 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
					 44.33.245
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 10 - Economic Development › Chapter 82 - Child Care Facility Loans › 3 AAC 82.020 - 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 82 - Child Care Facility Loans › 3 AAC 82.040 - Financial and credit record

Current through May 31, 2024
(a) The department
				will, in its discretion, 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) prior bankruptcies;
(6) existence of tax liens;
(7) unpaid judgments and prior foreclosures;
				and
(8) financial and credit
				reputation.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 10 - Economic Development › Chapter 82 - Child Care Facility Loans › 3 AAC 82.045 - Ability to repay

Current through May 31, 2024
The department will, in its discretion, consider the
				  following factors in evaluating an applicant's ability to repay a proposed
				  loan:
(1) income history, including
				present income;
(2) prospects for
				future income;
(3) assets and their
				liquidity;
(4)
				liabilities;
(5) reasonableness of
				projected profit and loss statement;
(6) other relevant experience.
Authority:
AS
					 44.33.245
AS
					 44.33.260
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 10 - Economic Development › Chapter 82 - Child Care Facility Loans › 3 AAC 82.055 - Lending practices

Current through May 31, 2024
An assumption will not be approved to finance a facility that
				  does not comply with state or local licensing requirements.
Authority:
AS
					 44.33.245
AS
					 44.33.260