Section 11.39.501. Payment moratorium.

	(a)  The board may declare a moratorium on loan payments due from a borrower who is actively engaged in agriculture and has experienced an agricultural disaster under this chapter or a farm disaster under AS 03.10.058. The board will issue written findings and conclusions that support the declaration of the payment moratorium.  
	(b)  The board may extend the term of the loan issued under AS 03.10  for the period of time that the payment moratorium is in effect, but not beyond the term limits prescribed under AS 03.10.  
	(c)  The board may not declare a payment moratorium under this section that exceeds one year for a specific agricultural disaster or farm disaster.  
	(d)  A payment moratorium granted under this section automatically terminates if a loan is restructured under AS 03.10.033.   

Authorities

03.09.040;03.10.020;03.10.030;03.10.050

Notes

Reference

11 AAC 39.500
11 AAC 39.920
11 AAC 39.940

Authority

AS 03.09.040 AS 03.10.020 AS 03.10.030 AS 03.10.050

History

Eff. 12/1/84, Register 92; am 6/1/2001, Register 158