This bill amends the uncodified law of Alaska to establish provisions for the Alaska Commercial Fishing and Agriculture Bank, specifically regarding the purchase of nonvoting, preferred shares by the Department of Commerce, Community, and Economic Development. The department is authorized to purchase these shares to enable the bank to provide loans to individuals in the commercial fishing industry. The bank is required to repurchase the shares after 20 years, and if it fails to do so, the commissioner may appoint a receiver to manage the bank. Additionally, the bill outlines the terms for loans made by the bank, including a fixed term of 15 years and a capped interest rate.

Furthermore, the bill mandates that the Alaska Commercial Fishing and Agriculture Bank provide a detailed report to the Department of Commerce, Community, and Economic Development regarding each loan originated or refinanced under the new provisions. This report must include various financial details and a comparison of projected interest earnings. The department is required to conduct a review of this information and, if necessary, request the bank to buy back shares if the projected earnings are less than the par value of the shares purchased. The bill also specifies that the department's share purchases will be funded by unobligated amounts from a former loan fund, and it includes a sunset provision that repeals the section by July 1, 2027. The act takes effect immediately.