(a) The department may use money from the Alaska microloan revolving loan fund to make loans of up to $35,000 to a person or loans of up to $70,000 to two or more persons.
(b) A loan under AS 44.33.950 - 44.33.990
(1) may not exceed a term of six years, except for extensions under AS 44.33.955 ;
(2) may not bear interest at a rate greater than the prime rate, as defined in AS 44.88.599 , plus one percentage point, but which may not be less than six percent a year or more than eight percent a year;
(3) must be secured by collateral acceptable to the commissioner; and
(4) 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 AS 25.27.160 - 25.27.220 at the time of application.
Section: Previous 44.33.950 44.33.955 44.33.960 44.33.965 44.33.970 44.33.975 44.33.980 44.33.990 NextLast modified: November 15, 2016