00 CS FOR SENATE BILL NO. 221(FIN)                                                                                       
01 "An Act relating to negatively amortizing loans secured by owner-occupied real                                          
02 property originated under a program approved or sponsored by the state or                                               
03 federal government, including congressionally chartered national corporations."                                         
04 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                               
05    * Section 1.  AS 45.45.010(f) is amended to read:                                                                  
06  (f)  A bank, credit union, savings and loan institution, pension fund, insurance                                      
07 company ,  or mortgage company may not require or accept any percent of ownership                                     
08 or profits above its interest rate.  This subsection does not apply to a loan if the                                    
09 principal amount of the loan is $1,000,000 or more and the term of the loan is five                                     
10 years or more , or to a negatively amortizing loan secured by owner-occupied real                                      
11 property originated under a program approved or sponsored by the state or                                               
12 federal government, including congressionally chartered national corporations .