A loan may not be secured by the pledge of a limited entry permit unless the proceeds of the loan are used for
(1) the purchase of a permit;
(2) the purchase or lease of quota shares, individual fishing quotas, or another license, permit, or other grant of commercial fisheries harvesting entitlements that is issued and regulated under state or federal law;
(3) the purchase, construction, maintenance, repair, or improvement of commercial fishing boats, sites, gear, or equipment;
(4) working capital, including insurance premiums, supplies, food, fuel, bait, boat storage, and boat launching;
(5) the payment of obligations whose status places the permit of a borrower in jeopardy of sale as a result of United States Internal Revenue Service enforcement action;
(6) the purchase of the bank's stock or other equity instruments and loan costs; or
(7) refinancing of debts incurred for a purpose listed in (1) - (4) or (6) of this section.
Section: Previous 44.81.210 44.81.215 44.81.220 44.81.225 44.81.230 44.81.231 44.81.235 44.81.236 44.81.240 44.81.241 44.81.243 44.81.245 44.81.247 44.81.249 44.81.250 NextLast modified: November 15, 2016