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CSHB 405(MLV): "An Act relating to repayment of a percentage of student loans for a member of the armed forces deployed since 2001."

00                       CS FOR HOUSE BILL NO. 405(MLV)                                                                    
01 "An Act relating to repayment of a percentage of student loans for a member of the                                      
02 armed forces deployed since 2001."                                                                                      
03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
04    * Section 1. AS 14.43 is amended by adding a new section to read:                                                  
05            Sec. 14.43.925. Loan repayment for certain military personnel. (a) A                                       
06       portion of a loan made to a borrower by the commission shall be repaid by the state if                            
07       the borrower is a resident of the state, and                                                                      
08                 (1)  has served in the armed forces;                                                                    
09                 (2)  was deployed to provide direct or indirect support for the global                                  
10       war on terrorism;                                                                                                 
11                 (3)  if discharged from the armed forces, was discharged in honorable                                   
12       status; and                                                                                                       
13                 (4)  is in good standing for the repayment of the loan and in full                                      
14       compliance with the terms and conditions of the loan.                                                             
01            (b)  The portion of the loan that shall be repaid by the state under this section is                         
02       50 percent of the total unpaid balance of the loan, plus interest, not to exceed $20,000.                         
03            (c)  Repayment of a portion of a loan under this section is subject to                                       
04       appropriation and is not a financial obligation of the corporation.                                               
05            (d)  The commission may adopt regulations to implement this section.                                         
06            (e)  In this section, "armed forces" means the armed services or forces of the                               
07       United States, the United States Coast Guard, or the Alaska National Guard or Naval                               
08       Militia.                                                                                                          
09    * Sec. 2. The uncodified law of the State of Alaska is amended by adding a new section to                          
10 read:                                                                                                                   
11       APPLICABILITY. The provisions of this Act apply to loans that have an outstanding                               
12 balance on the effective date of this Act and to loans made after the effective date of this Act.