This bill amends the uncodified law of Alaska to establish provisions for the Alaska Commercial Fishing and Agriculture Bank (ACFAB) regarding loans and share purchases. The Department of Commerce, Community, and Economic Development is authorized to purchase nonvoting, preferred shares from ACFAB to facilitate loans for individuals in the state's commercial fishing industry. The bank is required to repurchase these shares 20 years after the purchase, and if it fails to do so, the commissioner may appoint a receiver to manage the bank. Additionally, in the event of liquidation, the department's shares will have priority for redemption over other ownership forms.

The bill also outlines specific terms for loans made by ACFAB using the funds from the department's share purchase, including a fixed term of 15 years and interest rates capped at the prime rate plus two percentage points or a maximum of 5.25% per year. ACFAB must provide a list of loans originated or refinanced under these provisions, which will be audited by the department. If the projected interest earnings from these loans are less than the par value of the shares purchased, the department can request repayment from the bank. The bill includes a provision for the department to purchase shares using funds from a former revolving loan fund, and it will be repealed on July 1, 2027. The act takes effect immediately.