HB 424: "An Act amending the Commercial Fishing Loan Act to increase the maximum amount of certain authorized loans and to remove certain barriers to eligibility for subsequent loans by borrowers who have previously obtained loans under that loan program."
00HOUSE BILL NO. 424 01 "An Act amending the Commercial Fishing Loan Act to increase the maximum 02 amount of certain authorized loans and to remove certain barriers to eligibility 03 for subsequent loans by borrowers who have previously obtained loans under that 04 loan program." 05 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 06 * Section 1. AS 16.10.320(d) is amended to read: 07 (d) The total of balances outstanding on loans made to a borrower under 08 AS 16.10.310(a)(1) [AS 16.10.310(a)(1)(A)] may not exceed $300,000. [THE TOTAL 09 OF BALANCES OUTSTANDING ON LOANS MADE TO A BORROWER UNDER 10 AS 16.10.310(a)(1)(B) MAY NOT EXCEED $100,000.] 11 * Sec. 2. AS 16.10.320(e) is amended to read: 12 (e) Two or more individual commercial fishermen who each satisfy the 13 requirements specified in AS 16.10.310(a)(1)(B) may jointly, whether operating as a 14 corporation, partnership, joint venture, or otherwise, obtain a commercial fishing loan
01 for the repair, restoration, or upgrading of an existing vessel and gear, for the purchase 02 of gear, and for the construction or the purchase of a fishing vessel. A loan [LOANS] 03 granted under this subsection may not exceed $100,000 [THE AMOUNT SPECIFIED 04 IN (d) OF THIS SECTION] multiplied by the number of qualified commercial 05 fishermen applying for the loan. 06 * Sec. 3. AS 16.10.320(i) is repealed.