Section 16.10.805. Powers and duties of the department.

The department may
        (1) make loans to eligible applicants under AS 16.10.801 - 16.10.840
             (A) for the purchase of charter halibut permits;
             (B) to refinance debt obligations made by other lenders more than 12 months before the department received the loan application and incurred by an applicant for the purchase of charter halibut fishing vessels or gear if the applicant otherwise qualifies for a loan under AS 16.10.801 - 16.10.840; the department may collect a refinancing loan origination charge as provided by regulation;
        (2) receive, take, hold, and administer any appropriation, transfer, gift, grant, bequest, devise, or donation of money for the fund;
        (3) establish amortization plans for repayment of loans, including extensions of the terms of loans;
        (4) allow an assumption of a loan if
             (A) the applicant meets the requirements established under this section; and
             (B) approval of the assumption would be consistent with the purposes of AS 16.10.801 - 16.10.840;
        (5) establish the rate of interest for loans consistent with law;
        (6) charge and collect fees for services provided under AS 16.10.801 - 16.10.840;
        (7) adopt regulations under AS 44.62 necessary to carry out the provisions of AS 16.10.801 - 16.10.840, including regulations to establish reasonable fees for services provided; and
        (8) designate agents and delegate powers as necessary to the agents.

Authorities

16.10.815

Notes

Implemented As

3 AAC 80.310
3 AAC 80.315
3 AAC 80.320
3 AAC 80.325
3 AAC 80.330
3 AAC 80.340
3 AAC 80.345
3 AAC 80.350
3 AAC 80.355
3 AAC 80.360
3 AAC 80.370
3 AAC 80.375
3 AAC 80.380
3 AAC 80.900

References

3 AAC 80.345
AS 16.10.815 Limitations on loans.

History

(Sec. 12 ch 58 SLA 2012)