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Alaska Administrative Code (Last Updated: January 12, 2017) |
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Title 3. Commerce, Community, and Economic Development. |
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Part 3.1. Banking, Securities, Small Loans and Corporations. |
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Chapter 3.170. Rural Development Initiative Fund. |
Section 3.170.110. General terms of loans.
Latest version.
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A loan in which the division will purchase a participation interest under 3 AAC 170.030 must mature within the period of time, and contain amortization terms, reasonable in the determination of the division for the size and type of loan involved. The division will consider an amortization schedule that provides for equal monthly payments through the term of the loan to be reasonable. The loan must be fully repaid within the following periods: (1) for a loan to be used for working capital, five years from the date that the loan is made; (2) for a loan to be used to acquire property other than real property, the earlier of (A) 15 years from the date the loan is made; or (B) the date that represents 75 percent of the reasonably expected economic life of the property from the date the loan is made as determined by the division; and (3) for a loan to be used to acquire, improve, or construct real property, the earlier of (A) 20 years from the date the loan is made; or (B) the date that represents 75 percent of the reasonably expected economic life of the real property or improvement from the date the loan is made as determined by the division.
Authorities
44.33.765;44.33.770