This bill establishes provisions for the Alaska Commercial Fishing and Agriculture Bank, allowing the Department of Commerce, Community, and Economic Development to purchase nonvoting, preferred shares from the bank to facilitate loans for 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, a receiver may be appointed to manage the bank. Loans made using these funds must have a fixed term of 15 years and a fixed interest rate, which cannot exceed the prime rate plus two percentage points or 5.25% annually.

Additionally, the bill mandates that the Alaska Commercial Fishing and Agriculture Bank provide detailed information about each loan originated or refinanced under the new provisions, including loan numbers, principal balances, and interest rates. The Department of Commerce is required to conduct a review of this information within 120 days, and if the projected interest earnings from these loans are less than the par value of the shares purchased, the bank must buy back the shares. The bill also specifies that the department's share purchases will be funded by an amount from the former Alaska capstone avionics revolving loan fund that was unobligated as of July 1, 2020. The provisions of this act will be repealed on July 1, 2027, and it takes effect immediately.