(a) Except as provided in (b) of this section, a loan under Alaska Stat. § 16.10.801 – 16.10.840

lawyer at desk

Ask a business law question, get an answer ASAP!
Thousands of highly rated, verified business lawyers.
Click here to chat with a lawyer about your rights.

Terms Used In Alaska Statutes 16.10.815

  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • person: includes a corporation, company, partnership, firm, association, organization, business trust, or society, as well as a natural person. See Alaska Statutes 01.10.060
(1) for a charter halibut permit may not exceed the permit value determined by a 12-month rolling average set quarterly by the department for like permits;
(2) for a loan other than a loan for a charter halibut permit may not exceed $100,000 a year;
(3) may not exceed a term of 15 years, except for extensions under Alaska Stat. § 16.10.805;
(4) may not bear interest at a rate greater than the prime rate, as defined in Alaska Stat. § 44.88.599, plus two percentage points, but which may not be less than six percent a year or more than 10 1/2 percent a year;
(5) must be secured by a first priority lien on collateral acceptable to the commissioner, which may include collateral other than a charter halibut permit; and
(6) may not be made to a person who has a past due child support obligation established by court order or by the child support services agency under Alaska Stat. § 25.27.160 – 25.27.220 at the time of application.
(b) The total balances outstanding on loans made to a borrower under Alaska Stat. § 16.10.805 may not exceed $200,000.
  Previous section
Next section  
 Article 13 Contents