reglab/statecodes huggingface dataset:
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 10 - Economic Development › Chapter 77 - Repossessed Property › 3 AAC 77.010 - Acquiring repossessed property

Current through May 31, 2024
In connection with a default on a loan made by the
				  department, it will, in its discretion, repossess property in any of the
				  following ways:
(1) judicial or
				nonjudicial foreclosure on real estate;
(2) U.S. Marshal's foreclosure sale on
				documented vessels under Federal Maritime Law;
(3) Uniform Commercial Code (UCC)
				foreclosure, which may include documented vessels, AK-registered vessels,
				vehicles, mobile homes, airplanes, inventory and equipment;
(4) abandonment;
(5) deed, bill of sale, or transfer instead
				of foreclosure;
(6) repossession of
				title vehicle;
(7) bankruptcy
				proceeding;
(8) limited entry
				permit foreclosure; or
(9) other
				manner consistent with federal and state law.
Acting under
					 AS
					 01.05.031, the revisor of statutes renumbered
					 former AS 45.89.070 as
					 AS
					 45.88.150; former AS 45.90.020(a) as
					 AS
					 45.81.120; former AS 45.95.020 as
					 AS
					 45.81.210. As of Register 203 (January 2013),
					 the regulations attorney made conforming technical revisions under
					 AS
					 44.62.125(b)(6) to
					 3 AAC 77.010 to reflect the statutory
					 renumbering.
Authority:
AS
					 16.10.310(a)
AS 16.10.335
AS 16.10.339
AS
					 16.10.510(4)
AS 26.15.010
AS 26.15.030
AS 26.15.040
AS 27.09.050
AS
					 44.33.020(1)
AS
					 44.33.245(a)
AS 45.81.120
AS 45.81.210
AS 45.87.060
AS
					 45.88.020(a)
AS 45.88.150
AS
					 45.98.030(3)
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 10 - Economic Development › Chapter 77 - Repossessed Property › 3 AAC 77.020 - Prior owner's right of redemption

Current through May 31, 2024
(a) Sale of
				repossessed property acquired by the department is subject to any right of
				redemption allowed by law.
(b) For
				the purposes of
				AS
				16.10.337(b), sale of the
				permit occurs and the right of redemption ends when a contract is formed as
				described in
				3 AAC 77.060(b).
(c) If a contract formed under
				3 AAC 77.060 is not fulfilled and no other contract is
				immediately formed, the prior owner will be notified that redemption will be
				allowed until another contract is formed.
Acting under
					 AS
					 01.05.031, the revisor of statutes renumbered
					 former AS 45.89.070 as
					 AS
					 45.88.150; former AS 45.90.020(a) as
					 AS
					 45.81.120; former AS 45.95.010 as
					 AS
					 45.81.200; former AS 45.95.055 as
					 AS
					 45.81.230. As of Register 203 (January 2013),
					 the regulations attorney made conforming technical revisions under
					 AS
					 44.62.125(b)(6) to
					 3 AAC 77.020 to reflect the statutory
					 renumbering.
Authority:
AS
					 16.10.310(a)
AS 16.10.337
AS 16.10.339
AS
					 16.10.510(4)
AS 26.15.010
AS 26.15.030
AS 26.15.085
AS 27.09.050
AS
					 44.33.020(1)
AS
					 44.33.245(a)
AS 45.81.120
AS 45.81.200
AS 45.81.230
AS
					 45.88.020(a)
AS 45.88.150
AS
					 45.98.030(3)
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 10 - Economic Development › Chapter 77 - Repossessed Property › 3 AAC 77.030 - Disposal of repossessed property

Current through May 31, 2024
(a) Unless
				otherwise prohibited, the department will dispose of all repossessed property
				by
(1) public auction, including advertised
				foreclosure sale or U.S. Marshal's sale with or without a minimum bid
				requirement;
(2) advertised sales
				through solicitation of competitive offers;
(3) negotiated or private sales, if no
				acceptable offers are received after advertising under (1) or (2) of this
				subsection;
(4)
				destruction;
(5) lease;
(6) lease with an option to
				purchase;
(7) redemption;
(8) transfer to other state department or
				agency; or
(9) other manner
				determined by the department to be in the best interests of the
				state.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 10 - Economic Development › Chapter 77 - Repossessed Property › 3 AAC 77.040 - Advertising

Current through May 31, 2024
(a) Notice and advertising for judicial and
				nonjudicial foreclosure sales, U.S. Marshal foreclosure sales on documented
				vessels, and other public auction sales will be in accordance with all laws
				that govern the particular kind of sale.
(b) The department will advertise a sale
				under 3 AAC 77.030(a) (2) by
(1)
				posting notice of the sale on the Alaska Online Public Notice System
				established under
				AS
				44.62.175; and
(2) providing notice of the sale by at least
				one of the following means:
(A) publication
				in a newspaper or periodical of general circulation in the area where the
				repossessed property is located;
(B) radio announcement;
(C) written notice, delivered by one or more
				of the following methods:
(i) mail;
(ii) electronic mail;
(iii) facsimile transmission;
(D) written notices posted in
				public places where potentially interested parties will view;
(E) other appropriate media, including
				electronic media.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 10 - Economic Development › Chapter 77 - Repossessed Property › 3 AAC 77.050 - Criteria for evaluating offers

Current through May 31, 2024
The loan committee will consider the following factors in
				  making its decision on an offer regarding repossessed property:
(1) the outstanding loan balance on the
				repossessed property;
(2) the
				current assessed, appraised, surveyed, replacement, forced sale, or market
				value;
(3) the present supply and
				demand for similar property;
(4)
				the length of time the state has owned the property;
(5) the length of time the property has been
				on the market;
(6) the ongoing
				management costs of the property to the state;
(7) any minimum acceptable offer set by the
				department;
(8) whether the offer
				is for cash or requires departmental financing;
(9) the credit history and financial
				condition of the person making the offer, if known;
(10) other factors that the loan committee
				determines to be significant.
Acting under
					 AS
					 01.05.031, the revisor of statutes renumbered
					 former AS 45.89.070 as
					 AS
					 45.88.150; former AS 45.90.020(a) as
					 AS
					 45.81.120, former AS 45.95.020 as
					 AS
					 45.81.210. As of Register 203 (January 2013),
					 the regulations attorney made conforming technical revisions under
					 AS
					 44.62.125(b)(6) to
					 3 AAC 77.050 to reflect the statutory
					 renumbering.
Authority:
AS
					 16.10.310(a)
AS 16.10.339
AS
					 16.10.510(4)
AS 26.15.010
AS 26.15.030
AS 26.15.040
AS 27.09.050
AS
					 44.33.020(1)
AS
					 44.33.245(a)
AS 45.81.120
AS 45.81.210
AS 45.87.060
AS
					 45.88.020(a)
AS 45.88.150
AS
					 45.98.030(3)
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 10 - Economic Development › Chapter 77 - Repossessed Property › 3 AAC 77.060 - Notification of acceptance or rejection of an offer

Current through May 31, 2024
(a) Within 15 days
				after the deadline for submission of offers regarding repossessed property, the
				loan committee will review all offers received.
(b) The loan committee may reject all offers,
				accept an offer as presented, make a counter offer to the apparent best offer,
				or accept a counter offer. A contract is formed when acceptance of an offer or
				a counter offer is communicated to the other contracting party.
(c) Within six working days after the date
				that a contract is formed or a decision is made to reject all offers notice
				will be mailed by first class mail to all offerors or their designated agent of
				the accepted offer, if any, the property sold, and any similar property still
				available, with the highest offer received but not accepted, if any. The
				decision to accept or reject an offer is subject to appeal under
				3 AAC 77.080.
(d) If all offers are rejected, new offers
				will continue to be considered and the department will, in its discretion,
				resolicit offers without readvertising. If a subsequent offer or counter offer
				is accepted and a contract is formed, notice will be mailed only to persons who
				submitted an offer after the original deadline for submission of offers and to
				persons who have appeals pending in regard to the same matter.
Acting under
					 AS
					 01.05.031, the revisor of statutes renumbered
					 former AS 45.89.070 as
					 AS
					 45.88.150; former AS 45.90.020(a) as
					 AS
					 45.81.120, AS 45.95.010 as
					 AS
					 45.81.200; former AS 45.95.055 as
					 AS
					 45.81.230. As of Register 203 (January 2013),
					 the regulations attorney made conforming technical revisions under
					 AS
					 44.62.125(b)(6) to
					 3 AAC 77.060 to reflect the statutory
					 renumbering.
Authority:
AS
					 16.10.310
AS 16.10.339
AS
					 16.10.510(4)
AS 26.15.010
AS 26.15.030
AS 26.15.085
AS 27.09.050
AS
					 44.33.020(1)
AS
					 44.33.245(a)
AS 45.81.120
AS 45.81.200
AS 45.81.230
AS
					 45.88.020(a)
AS 45.88.150
AS
					 45.98.030(3)
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 10 - Economic Development › Chapter 77 - Repossessed Property › 3 AAC 77.070 - Reimbursable fees and expenses

Current through May 31, 2024
The department will, in its discretion, reimburse or
				  pay
(1) a caretaker or custodian of
				repossessed property;
(2) brokerage
				fees or expenses related to repossessed property;
(3) an individual hired to perform services
				for or repairs to repossessed property; or
(4) any other person incurring expenses
				authorized by the department related to repossessed property.
Acting under
					 AS
					 01.05.031, the revisor of statutes renumbered
					 former AS 45.89.070 as
					 AS
					 45.88.150; former AS 45.90.020(a) as
					 AS
					 45.81.120, AS 45.95.010 as
					 AS
					 45.81.200; former AS 45.95.055 as
					 AS
					 45.81.230. As of Register 203 (January 2013),
					 the regulations attorney made conforming technical revisions under
					 AS
					 44.62.125(b)(6) to
					 3 AAC 77.070 to reflect the statutory
					 renumbering.
Authority:
AS
					 16.10.310(a)
AS 16.10.339
AS
					 16.10.510(4)
AS 26.15.010
AS 26.15.030
AS 26.15.085
AS 27.09.050
AS
					 44.33.020(1)
AS
					 44.33.245(a)
AS 45.81.120
AS 45.81.200
AS 45.81.230
AS
					 45.88.020(a)
AS 45.88.150
AS
					 45.98.030(3)
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 10 - Economic Development › Chapter 77 - Repossessed Property › 3 AAC 77.080 - Appeals

Current through May 31, 2024
(a) A person making an offer may appeal a
				loan committee decision made under
				3 AAC 77.060.
(b) All appeals must be made in writing and
				addressed to the department in Juneau, Alaska.
(c) An appeal must include the date, the
				appellant's full name, address, telephone number, and signature, a description
				of the repossessed property involved, and a complete explanation of why the
				appellant believes that the loan committee's decision should be amended or
				reversed.
(d) An appeal must be
				received by the department, at the address specified, not later than the close
				of business on the 15th day after the mailing of the notice under
				3 AAC 77.060(c).
(e) If an appeal is received, the party whose
				offer was proposed to be accepted will be notified as soon as
				possible.
(f) The senior loan
				committee shall review and decide all appeals within five working days after
				the deadline for receipt of appeals under (d) of this section.
(g) The department will send to all parties
				involved, by first class mail, a letter stating the senior loan committee's
				decision under (f) of this section, within five working days after the
				decision.
(h) If the senior loan
				committee amends or reverses the loan committee's decision, the party whose
				offer was initially proposed to be accepted has a right of appeal under this
				section.
The address for mailing appeals described in
					 3 AAC 77.080 is Division of Economic Development, Senior
					 Loan Committee: Appeals, P.O. Box 34159, Juneau, AK
					 99803-4159.
Authority:
AS
					 16.10.310
AS 16.10.339
AS 16.10.510
AS 26.15.010
AS 26.15.030
AS 26.15.085
AS 27.09.050
AS 44.33.020
AS 44.33.245
AS 45.81.120
AS 45.81.200
AS 45.81.230
AS 45.88.020
AS 45.88.150
AS
					 45.98.030
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 10 - Economic Development › Chapter 77 - Repossessed Property › 3 AAC 77.090 - Financing of repossessed property

Current through May 31, 2024
(a) A party
				requesting financing from the department to purchase property repossessed under
				3 AAC 77.010 shall file a completed application on forms
				provided by the department.
(b) A
				request for departmental financing for repossessed property will be handled in
				a manner similar to that used for other loan requests.
(c) A person requesting financing from the
				department is responsible for all fees and costs associated with the loan
				application and, in the department's discretion, the loan closing.
Acting under
					 AS
					 01.05.031, the revisor of statutes renumbered
					 former AS 45.89.050 as
					 AS
					 45.88.140; former AS 45.90.070 as AS
					 45.81.150; former AS 45.90.020(a) as
					 AS
					 45.81.120, former AS 45.89.050 as
					 AS
					 45.81.190; former AS 45.90.020 as
					 AS
					 45.81.210; former AS 45.95.055 as
					 AS
					 45.81.230. As of Register 203 (January 2013),
					 the regulations attorney made conforming technical revisions under
					 AS
					 44.62.125(b)(6) to
					 3 AAC 77.090 to reflect the statutory
					 renumbering.
Authority:
AS
					 16.10.310(a)
AS 16.10.339
AS 16.10.355
AS
					 16.10.510(4)
AS 16.10.555
AS 26.15.010
AS 26.15.030
AS 26.15.040
AS 26.15.085
AS 27.09.050
AS 27.09.055
AS
					 44.33.020(1)
AS
					 44.33.245(a)
AS 44.33.272
AS 45.81.120
AS 45.81.190
AS 45.81.210
AS 45.81.230
AS 45.86.040(a)
AS 45.87.040
AS 45.87.060
AS
					 45.88.020(a)
AS 45.88.050
AS 45.88.140
AS 45.88.150
AS
					 45.98.030(3)
AS
					 45.98.055
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 10 - Economic Development › Chapter 77 - Repossessed Property › 3 AAC 77.100 - Foreclosure expenses

Current through May 31, 2024
On all defaulted loans, the department will, in its
				  discretion, charge to the debtor's account all reasonable expenses,
				  including
(1) attorney fees and
				costs;
(2) collection officer time
				directly associated with the debtor's account;
(3) maintenance costs;
(4) costs to protect collateral;
(5) repossession costs;
(6) sales costs; and
(7) other direct costs attributed to the
				defaulted loan.
Acting under
					 AS
					 01.05.031, the revisor of statutes renumbered
					 former AS 45.89.070 as
					 AS
					 45.88.150; former AS 45.90.020(a) as
					 AS
					 45.81.120, former AS 45.95.020 as
					 AS
					 45.81.210. As of Register 203 (January 2013),
					 the regulations attorney made conforming technical revisions under
					 AS
					 44.62.125(b)(6) to
					 3 AAC 77.100 to reflect the statutory
					 renumbering.
Authority:
AS
					 16.10.310(a)
AS 16.10.337
AS 16.10.339
AS 16.10.342
AS
					 16.10.510(4)
AS 26.15.010
AS 26.15.030
AS 26.15.040
AS 27.09.050
AS
					 44.33.020(1)
AS
					 44.33.245(a)
AS 45.81.120
AS 45.81.210
AS 45.86.040(a)
AS 45.87.060
AS
					 45.88.020(a)
AS 45.88.150
AS
					 45.98.030(3)
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 10 - Economic Development › Chapter 77 - Repossessed Property › 3 AAC 77.900 - Definitions

Current through May 31, 2024
In
				  3 AAC 77.010 -
				  3 AAC 77.900
(1) "debtor" means an individual,
				partnership, corporation or other entity which contracts for a loan, assumes a
				loan, or guarantees or co-signs a loan administered by the
				department;
(2) "default" means a
				violation of a provision of the loan documents, including failure to make any
				payment within 15 days after it is due or failure to maintain insurance
				required by the department;
(3)
				"department" means the Department of Commerce, Community, and Economic
				Development;
(4) "loan committee"
				means those persons designated by the department to serve as a loan
				committee;
(5) "repossessed
				property" means collateral on a loan or other property obtained by the
				department through legal process, including default or other means;
				and
(6) "senior loan committee"
				means those persons designated by the department to serve as a senior loan
				committee.
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 45.89.070 as
					 AS
					 45.88.150; former AS 45.90.020(a) as
					 AS
					 45.81.120, former AS 45.95.020 as
					 AS
					 45.81.210. As of Register 203 (January 2013),
					 the regulations attorney made conforming technical revisions under
					 AS
					 44.62.125(b)(6) to
					 3 AAC 77.900 to reflect the statutory
					 renumbering.
Authority:
AS
					 16.10.310(a)
AS 16.10.339
AS
					 16.10.510(4)
AS 26.15.010
AS 26.15.030
AS 26.15.040
AS 27.09.050
AS
					 44.33.020(1)
AS
					 44.33.245(a)
AS 45.81.120
AS 45.81.210
AS 45.86.040(a)
AS 45.87.060
AS
					 45.88.020(a)
AS 45.88.150
AS
					 45.98.030(3)
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 10 - Economic Development › Chapter 78 - Alternative Energy Loans › 3 AAC 78.010 - Application process

Current through May 31, 2024
(a) To apply for a loan for the purchase,
				construction, and installation of alternative energy systems or energy
				conservation improvements in commercial buildings, an applicant shall file with
				the department
(1) a completed application
				for an alternative energy conservation loan, on a form provided by the
				department;
(2) a letter of intent
				stating the amount requested and intended use consistent with
				AS
				45.88.010-45.88.090 of the proposed loan
				money on a form provided by the department;
(3) an energy audit, a conceptual design and
				engineering feasibility report, manufacturer's specifications, or other proof
				of concept or conservation acceptable to the department;
(4) copies of cost estimates, invoices, or
				other documentation to verify the cost of any equipment being purchased and
				installed with loan proceeds;
(5)
				an individual financial statement, on a form provided by the
				department;
(6) a business
				financial statement, on a form provided by the department;
(7) a signed credit authorization, on a form
				provided by the department, for any individual, institution, or other person to
				release to the department credit information concerning the
				applicant;
(8) a copy of the
				applicant's federal income tax return for the preceding year, as necessary to
				verify the applicant's income; if a federal income tax return for the preceding
				year is not available, the department will request copies of federal income tax
				returns for earlier years or other documentation to verify the applicant's
				income;
(9) a signed consent, on a
				form provided by the department, for the department to obtain information from,
				or release information to, other government agencies;
(10) a schedule of collateral on a form
				provided by the department;
(11)
				the application fee required by
				3 AAC 78.075(e); and
(12) any other information that might be
				helpful to the applicant in qualifying for an assumption, as requested by the
				department.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 10 - Economic Development › Chapter 78 - Alternative Energy Loans › 3 AAC 78.015 - Examination

Current through May 31, 2024
(a) A loan officer shall evaluate and process
				the materials described in
				3 AAC 78.010. The loan officer shall evaluate the
				applicant's eligibility, financial and credit history, financial statement,
				ability to repay, and proposed collateral.
(b) On the basis of these evaluations, the
				loan officer shall 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
					 45.88.020
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 10 - Economic Development › Chapter 78 - Alternative Energy Loans › 3 AAC 78.020 - 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 lien
				holders' rights to the interests of the state.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 10 - Economic Development › Chapter 78 - Alternative Energy Loans › 3 AAC 78.025 - Residency requirements

Current through May 31, 2024
(a) If an applicant is an individual, in
				determining whether the applicant fulfills the one-year residency requirement
				under AS
				45.88.025, 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; or
(9)
				owns real property.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 10 - Economic Development › Chapter 78 - Alternative Energy Loans › 3 AAC 78.026 - Eligibility

Current through May 31, 2024
To be eligible for a loan an applicant must intend to
				  purchase, install, construct, or complete alternative energy systems or energy
				  conservation improvements permissible and defined in
				  AS
				  45.88.010-45.88.090.
Authority:
AS
					 45.88.020
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 10 - Economic Development › Chapter 78 - Alternative Energy Loans › 3 AAC 78.040 - 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) unpaid judgments and prior foreclosures;
				and
(7) financial and credit
				reputation.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 10 - Economic Development › Chapter 78 - Alternative Energy Loans › 3 AAC 78.045 - Ability to repay

Current through May 31, 2024
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
				profit and loss statement;
(6)
				expected energy cost savings from the installation of the alternative energy
				systems or energy efficiency measures; and
(7) other relevant experience.
Authority:
AS
					 45.88.020
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 10 - Economic Development › Chapter 78 - Alternative Energy Loans › 3 AAC 78.051 - Collateral

Current through May 31, 2024
A loan must be secured by collateral acceptable to the
				  department, which must include a lien on real property, the equipment, and the
				  improvements being financed.
Authority:
AS
					 45.88.020
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 10 - Economic Development › Chapter 78 - Alternative Energy Loans › 3 AAC 78.056 - Lending practices

Current through May 31, 2024
(a) A loan will not be approved for
				refinancing of long-term debt. Interim or construction financing is not
				considered long-term debt if the term of the financing is 24 months or less and
				the proceeds of the financing were 100 percent used to purchase, install,
				construct, or complete alternative energy systems or energy conservation
				improvements described in
				AS
				45.88.010-45.88.090.
(b) A loan may be approved under
				AS
				45.88.010-45.88.090 and this chapter for
				alternative energy systems or energy conservation improvements purchased,
				installed, or constructed not more than 120 days before receipt of the
				application by the department.
(c)
				An applicant will be considered eligible to apply for a loan in excess of
				$30,000 if the department receives acceptable documentation that the applicant
				has been denied a loan for the same project or the financial institution is
				unwilling to fund the entire project.
(d) A borrower may not modify, sell, or
				otherwise dispose of a structure or improvement financed, in whole or part,
				with loan money in any manner during the life of the loan without prior written
				approval of the department.
(e) A
				loan to purchase, install, construct, or complete alternative energy systems or
				energy conservation improvements must establish to the satisfaction of the
				department that the project to be financed with the loan will result in
				alternative energy production and energy conservation permissible and defined
				in AS
				45.88.010-45.88.090.
(f) The department will set the interest rate
				for loans under this chapter on the first day of each calendar quarter. The
				interest rate set for a quarter remains in effect until the department changes
				the rate, and will not be less than five percent per year. The interest rates
				set by the department are based on the bank prime rate listed in the Wall
				Street Journal during the previous quarter, plus one percentage
				point.
(g) A loan under this
				chapter may only include items directly related to alternative energy systems
				or energy efficiency improvements.
Authority:
AS
					 45.88.020
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 10 - Economic Development › Chapter 78 - Alternative Energy Loans › 3 AAC 78.066 - Disbursement of loan money

Current through May 31, 2024
Loan money will only 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) the requirements of
				the department as specified by the loan committee have been met; and
(4) the borrower is in compliance with all
				other provisions of the loan documents,
				AS
				45.88.010-45.88.090, and this
				chapter.
Authority:
AS
					 45.88.020
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 10 - Economic Development › Chapter 78 - Alternative Energy Loans › 3 AAC 78.075 - 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 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
				AS
				45.88.010-45.88.090 and this chapter 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 be charged to a borrower to process a loan
				extension.
(e) An application fee
				not to exceed $100 will be charged to a borrower to process an application for
				a loan.
Authority:
AS
					 45.88.020
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 10 - Economic Development › Chapter 78 - Alternative Energy Loans › 3 AAC 78.080 - Assumptions

Current through May 31, 2024
(a) A request for an assumption of a loan
				made under
				AS
				45.88.010-45.88.090 and this chapter 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 residency requirements under
				AS
				45.88.025 and
				3 AAC 78.025, 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
				45.88.010-45.88.090 and this chapter is
				prohibited, and constitutes a default on the loan.
Authority:
AS
					 45.88.020
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 10 - Economic Development › Chapter 78 - Alternative Energy Loans › 3 AAC 78.082 - Modifications

Current through May 31, 2024
(a) A request for a modification to a loan
				made under AS 45.88 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 78.010.
(b) A loan committee may permit a loan
				modification only if the security of the state and its investment is
				preserved.
Authority:
AS
					 45.88.020
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 10 - Economic Development › Chapter 78 - Alternative Energy Loans › 3 AAC 78.085 - 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 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'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 78 - Alternative Energy Loans › 3 AAC 78.090 - 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 78 - Alternative Energy Loans › 3 AAC 78.900 - 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.
Authority:
AS
					 45.88.020
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 10 - Economic Development › Chapter 79 - Residential Energy Conservation Loans › 3 AAC 79.010 - Application process

Current through May 31, 2024
(a) To apply for an assumption of an existing
				residential energy loan assumption, an applicant shall file with the department
(1) a completed application for an energy
				conservation loan assumption, on a form provided by the department;
(2) a financial statement, on a form provided
				by the department;
(3) a signed
				credit authorization, on a form provided by the department;
(4) an employment verification, on a form
				provided by the department;
(5) a
				signed copy of the applicant's federal income tax return for the most recent
				year;
(6) a $100 nonrefundable
				application fee; and
(7) any other
				information that might be helpful to the applicant in qualifying for an
				assumption, as requested by the department.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 10 - Economic Development › Chapter 79 - Residential Energy Conservation Loans › 3 AAC 79.015 - Examination

Current through May 31, 2024
(a) The materials described in
				3 AAC 79.010 will be processed and evaluated by a loan
				officer. The loan officer will evaluate the applicant's financial and credit
				history, 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 79.010, 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.
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 79.015 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 79 - Residential Energy Conservation Loans › 3 AAC 79.020 - 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 79 - Residential Energy Conservation Loans › 3 AAC 79.040 - 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 79 - Residential Energy Conservation Loans › 3 AAC 79.045 - 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
				  assumption:
(1) income history,
				including present income;
(2)
				prospects for future income;
(3)
				assets and their liquidity; and
(4)
				liabilities.
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 79.045 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 79 - Residential Energy Conservation Loans › 3 AAC 79.050 - Collateral

Current through May 31, 2024
A loan must be secured by collateral acceptable to the
				  department, such as a mortgage or other security instrument in real property,
				  buildings, machinery, equipment, or fixtures.
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 79.050 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 79 - Residential Energy Conservation Loans › 3 AAC 79.070 - Supervision of loans

Current through May 31, 2024
If a loan is in default, the department will, in its
				  discretion, require a 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 to determine
				  whether the borrower has complied with the provisions of the loan, and conduct
				  periodic inspection of collateral securing repayment of the
				  loan.
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 79.070 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 79 - Residential Energy Conservation Loans › 3 AAC 79.075 - 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 assumption fee of one percent of the
				loan balance is due from the borrower when all applicable provisions of this
				chapter 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.
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 79.075 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 79 - Residential Energy Conservation Loans › 3 AAC 79.080 - Assumptions

Current through May 31, 2024
(a) The department will, in its discretion
				and when it is in the state's best interests, allow an assumption of a loan
				made under AS 45.88 and this chapter.
(b) A request for an assumption of a loan
				made under AS 45.88 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 79.010.
(c) Wraparound financing that includes a loan
				made under AS 45.88 and this chapter is prohibited, and constitutes a default
				on the loan.
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 79.080 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 79.080 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 79 - Residential Energy Conservation Loans › 3 AAC 79.081 - 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) all requirements of
				the loan committee have been met; and
(3) the borrower is in compliance with all
				provisions of the loan documents, including insurance requirements, and this
				chapter.
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 79.081 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 79 - Residential Energy Conservation Loans › 3 AAC 79.082 - Modifications

Current through May 31, 2024
(a) A request for a modification to a loan
				made under AS 45.88 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 79.010.
(b) A loan committee may permit a loan
				modification only if the security of the state and its investment is
				preserved.
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 79.082 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 79.082 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 79 - Residential Energy Conservation Loans › 3 AAC 79.085 - Reconsideration of an assumption request

Current through May 31, 2024
(a) If an
				assumption of 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, 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 79 - Residential Energy Conservation Loans › 3 AAC 79.090 - 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.