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HOUSE BILL NO. 315
IN THE LEGISLATURE OF THE STATE OF ALASKA
THIRTY-SECOND LEGISLATURE - SECOND SESSION
BY REPRESENTATIVE STORY
Introduced: 2/11/22
Referred: Labor and Commerce, Finance
A BILL
FOR AN ACT ENTITLED
1 "An Act relating to the Alaska microloan revolving loan fund."
2 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:
3 * Section 1. AS 44.33.960(a) is amended to read:
4 (a) For an applicant to be eligible for a loan under AS 44.33.950 - 44.33.990,
5 the applicant shall
6 (1) be a resident of the state, as determined under (b) of this section;
7 (2) provide a reasonable amount of money from other nonstate sources
8 for use on any project or enterprise for which money from a loan will be used; and
9 (3) if the requested loan amount is more than $50,000 [$35,000],
10 provide to the department a document from a state financial institution stating that
11 (A) the applicant has been denied a loan for the same purpose;
12 or
13 (B) a loan from the financial institution is contingent on the
14 applicant also receiving a loan from the fund.
15 * Sec. 2. AS 44.33.965(b) is amended to read:
HB0315a -1- HB 315
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1 (b) A loan under AS 44.33.950 - 44.33.990
2 (1) may not exceed a term of 15 [12] years, except for extensions
3 under AS 44.33.955;
4 (2) may not bear interest at a rate greater than the prime rate, as
5 defined in AS 44.88.599, plus one [TWO] percentage point [POINTS], but that may
6 not be less than four percent a year or more than eight percent a year;
7 (3) must be secured by collateral acceptable to the commissioner; and
8 (4) may not be made to a person who has a past due child support
9 obligation established by court order or by the child support services agency under
10 AS 25.27.160 - 25.27.220 at the time of application.
HB 315 -2- HB0315a
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Statutes affected:
HB0315A, AM HB 315, introduced 02/11/2022: 44.33.960, 44.33.950, 44.33.990, 44.33.965