HB 139: "An Act establishing a loan guarantee and interest rate subsidy program for assistive technology."
00HOUSE BILL NO. 139 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.