00SENATE BILL NO. 70                                                                                                      
01 "An Act establishing a loan guarantee and interest rate subsidy program for                                             
02 assistive technology."                                                                                                  
03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
04    * Section 1.  AS 23.15 is amended by adding a new section to read:                                                   
05  Sec. 23.15.125.  ASSISTIVE TECHNOLOGY LOAN GUARANTEE AND                                                              
06 INTEREST SUBSIDY PROGRAM.  (a)  An assistive technology loan guarantee fund                                             
07 is established in the agency.   The fund consists of money appropriated to it.                                          
08  (b)  Subject to (c) of this section, the agency may use money in the fund                                             
09 established under this section to guarantee 90 percent of the principal amount of a loan                                
10 or to subsidize the interest rate of a loan guaranteed by the agency for appropriate                                    
11 assistive technology that is best suited for enabling                                                                   
12   (1)  a handicapped individual to obtain or maintain employment; or                                                   
13   (2)  an individual having a physical or mental disability to live more                                               
14 independently.                                                                                                          

01  (c)  The agency may guarantee a loan or subsidize the interest rate of a loan                                         
02 guaranteed under this section if                                                                                        
03   (1)  the loan is made to a handicapped or disabled person, a member of                                               
04 the person's family, or the employer or prospective employer of a handicapped or                                        
05 disabled person;                                                                                                        
06   (2)  the term of the loan does not exceed four years if the loan amount                                              
07 is less than $10,000 and does not exceed six years if the loan amount is $10,000 or                                     
08 greater;                                                                                                                
09   (3)  the loan is originated and serviced by a state or federally chartered                                           
10 financial institution located in the state;                                                                             
11   (4)  the agency determines that the person requesting the loan guarantee                                             
12 or subsidy is not able to obtain the needed assistive technology from a less costly                                     
13 source;                                                                                                                 
14   (5)  the agency determines that the person or the family of a child                                                  
15 reasonably can be expected to repay the loan given their expected income or other                                       
16 resources; and                                                                                                          
17   (6)  for a loan to purchase or modify a vehicle to provide transportation                                            
18 for a handicapped person, the applicant has been steadily employed for the 90 days                                      
19 immediately preceding the date of the loan application.                                                                 
20  (d) In this section, "assistive technology" means durable equipment, adaptive                                         
21 aids, and assistive devices.