00 CS FOR HOUSE BILL NO. 65(HES)
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. The
08 agency may solicit and accept available public and private money for distribution from
09 the fund.
10 (b) Subject to (c) and (d) of this section, the agency may use money in the
11 fund established under this section to guarantee 90 percent of the principal amount of
12 a loan or to subsidize the interest rate of a loan guaranteed by the agency for
13 appropriate assistive technology that is best suited for enabling a person with a
14 disability to
01 (1) obtain or maintain employment; or
02 (2) live more independently.
03 (c) The agency may guarantee a loan or subsidize the interest rate of a loan
04 guaranteed under this section if
05 (1) the loan is made to a person with a disability or a member of the
06 person's family to obtain assistive technology for the person with a disability;
07 (2) the loan is originated and serviced by a state or federally chartered
08 financial institution located in the state;
09 (3) before a loan guarantee or subsidy is requested from a lending
10 institution, the agency determines that the person requesting the loan guarantee or
11 subsidy is not able to obtain the needed assistive technology from a less costly source;
12 (4) the lending institution determines that the person or the family of
13 a child reasonably can be expected to repay the loan given their expected income or
14 other resources; and
15 (5) for a loan to modify a vehicle to provide transportation for a person
16 with a disability, the applicant has been steadily employed for the 90 days immediately
17 preceding the date of the loan application.
18 (d) The director shall establish an assistive technology loan committee within
19 the agency. The committee shall consist of the director, or the director's designee, a
20 representative of a financial institution who is experienced with consumer loans, and
21 at least one but not more than three persons with disabilities. The committee shall
22 (1) establish guidelines for providing loans under this section, including
23 guidelines relating to the maximum amounts and duration of loans and guidelines to
24 ensure that persons with disabilities who live in rural or remote areas of the state have
25 adequate access to loans under this section;
26 (2) annually establish the percentage of money in the fund that may be
27 used for subsidizing the interest rates on loans guaranteed under this section; and
28 (3) make reports and recommendations to the legislature on the
29 operation of the loan program.
30 (e) In this section,
31 (1) "assistive technology" means durable equipment, adaptive aids, and
01 assistive devices;
02 (2) "person with a disability" means a handicapped individual or an
03 individual having a physical or mental disability.