Alaska Administrative Code (Last Updated: January 12, 2017) |
Title 11. Natural Resources. |
Part 11.1. Office of the Commissioner. |
Chapter 11.39. Agricultural Revolving Loan Fund. |
Article 11.39.1. Powers and Duties. |
Section 11.39.610. Interest rate.
Latest version.
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(a) Interest accrues on a restructured loan from the date of restructuring at a rate no less than five percent per annum. The board may restructure a loan without reducing the interest rate if the board, based on financial information, determines that the borrower can repay the loan without a reduction in the interest rate. (b) When the board approves assumption of a restructured loan under 11 AAC 39.600, the board will apply an interest rate to the assumed loan that is comparable to the interest rate charged on a similar new loan made by the board that is in effect on the date that the assumption is approved.
Authorities
03.09.040;03.10.020;03.10.030;03.10.033
Notes
Authority
AS 03.09.040 AS 03.10.020 AS 03.10.030 AS 03.10.033History
Eff. 10/23/88, Register 108; am 6/1/2001, Register 158