Alaska Statutes
Article 17. Alaska Microloan Revolving Loan Fund.
Sec. 44.33.955. Powers and duties of the department.

The department may
(1) make loans to eligible applicants under AS 44.33.950 - 44.33.990 to be used for working capital, equipment, construction, or other commercial purposes by a business located in the state;
(2) receive, take, hold, and administer any appropriation, transfer, gift, grant, bequest, devise, or donation of money for the fund;
(3) establish amortization plans for repayment of loans, including extensions of the terms of loans;
(4) allow an assumption of a loan if
(A) the applicant meets the requirements established under this section; and
(B) approval of the assumption would be consistent with the purposes of AS 44.33.950 - 44.33.990;
(5) establish the rate of interest for loans consistent with law;
(6) charge and collect fees for services provided under AS 44.33.950 - 44.33.990;
(7) adopt regulations under AS 44.62 necessary to carry out the provisions of AS 44.33.950 - 44.33.990, including regulations to establish reasonable fees for services provided; and
(8) designate agents and delegate powers as necessary to the agents.

Structure Alaska Statutes