Alaska Statutes
Article 17. Alaska Microloan Revolving Loan Fund.
Sec. 44.33.965. Limitations on loans.

(a) The department may use money from the Alaska microloan revolving loan fund to make loans of up to $35,000 to a person or loans of up to $70,000 to two or more persons.
(b) A loan under AS 44.33.950 - 44.33.990
(1) may not exceed a term of 12 years, except for extensions under AS 44.33.955;
(2) may not bear interest at a rate greater than the prime rate, as defined in AS 44.88.599, plus two percentage points, but that may not be less than four percent a year or more than eight percent a year;
(3) must be secured by collateral acceptable to the commissioner; and
(4) may not be made to a person who has a past due child support obligation established by court order or by the child support services agency under AS 25.27.160 - 25.27.220 at the time of application.

Structure Alaska Statutes