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 after 20 years, and if it fails to do so, the commissioner may appoint a receiver to manage the bank. Loans made using these funds must have a fixed term of 15 years and a fixed interest rate, capped at the prime rate plus two percentage points or a maximum of 5.25% per year.

Additionally, the bank must provide the department with detailed information about each loan originated or refinanced, including loan numbers, principal balances, interest rates, and amortization schedules. The department is tasked with reviewing this information to ensure that the projected interest earnings from the loans are sufficient to cover the value of the shares purchased. If the projected earnings are less than the share value, the department can request the bank to buy back the shares. The bill also specifies that the department's share purchases will be funded by unobligated amounts from a former revolving loan fund, and it will be repealed on July 1, 2027. The act takes effect immediately.