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Alaska Statutes Title 45. Trade and Commerce § 45.88.030. Loan terms

Current as of January 01, 2022 | Updated by FindLaw Staff

(a) A loan made under AS 45.88.010--45.88.090 may not exceed $50,000. If the requested loan amount exceeds $30,000, the applicant must deliver to the department a document from a financial institution stating that

(1) the applicant has been denied a loan for the same purpose; or

(2) the loan from the financial institution is contingent on the applicant also receiving a loan from the fund.

(b) The duration for repayment of the loan may not exceed 20 years.

(c) Repealed by SLA 2010, ch. 83, § 38, eff. September 14, 2010.

(d) Repealed by SLA 2010, ch. 83, § 38, eff. September 14, 2010.

(e) The rate of interest for a loan under AS 45.88.010--45.88.090 is the prime rate, as defined by AS 44.88.599, plus one percentage point, but may not be less than five percent a year.

(f) A loan under AS 45.88.010--45.88.090 must be secured by a mortgage or other security instrument in the real property to be improved and a lien on the improvements financed with the loan.

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Cite this article: FindLaw.com - Alaska Statutes Title 45. Trade and Commerce § 45.88.030. Loan terms - last updated January 01, 2022 | https://codes.findlaw.com/ak/title-45-trade-and-commerce/ak-st-sect-45-88-030/

Read this complete Alaska Statutes Title 45. Trade and Commerce § 45.88.030. Loan terms on Westlaw

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.

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