CSHB 381(L&C): "An Act relating to the commercial fishing revolving loan fund and the fisheries enhancement revolving loan fund; and providing for an effective date."
00CS FOR HOUSE BILL NO. 381(L&C) 01 "An Act relating to the commercial fishing revolving loan fund and the fisheries 02 enhancement revolving loan fund; and providing for an effective date." 03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 04 * Section 1. AS 16.10.310(a) is amended to read: 05 (a) The department may 06 (1) make loans to 07 (A) individual commercial fishermen who have been state 08 residents for a continuous period of two years immediately preceding the date 09 of application for a loan under AS 16.10.300 - 16.10.370 and have had a 10 crewmember or commercial fishing license under AS 16.05.480 or a permit 11 under AS 16.43 for the year immediately preceding the date of application and 12 any other two of the past five years, and who actively participated in the 13 fishery during those periods, 14 (i) for the purchase of entry permits;
01 (ii) to upgrade existing vessels and gear for the 02 purpose of improving the quality of Alaska seafood products; or 03 (iii) to satisfy past due federal tax obligations that 04 may result in the execution upon and involuntary transfer of the 05 individual commercial fishermen's entry permits, to the extent 06 allowed under (d) of this section; 07 (B) an individual for the repair, restoration, or upgrading of 08 existing vessels and gear, for the purchase of entry permits and gear, [AND] 09 for the construction and purchase of vessels, or, to the extent allowed under 10 (d) of this section, to satisfy past due federal tax obligations that may 11 result in the execution upon and involuntary transfer of the individual's 12 entry permits, if the individual has been a state resident for a continuous 13 period of two years immediately preceding the date of application for a loan 14 under AS 16.10.300 - 16.10.370, and either 15 (i) because of lack of training or lack of employment 16 opportunities in the area of residence, does not have occupational 17 opportunities available other than commercial fishing; or 18 (ii) is economically dependent on commercial fishing for 19 a livelihood and for whom commercial fishing has been a traditional 20 way of life in Alaska; 21 (2) designate agents and delegate its powers to them as necessary; 22 (3) adopt regulations necessary to carry out the provisions of 23 AS 16.10.300 - 16.10.370, including regulations to establish reasonable fees for 24 services provided; 25 (4) establish amortization plans for repayment of loans, which may 26 include extensions for poor fishing seasons or for adverse market conditions for 27 Alaskan products; 28 (5) enter into agreements with private lending institutions, other state 29 agencies, or agencies of the federal government, to carry out the purposes of 30 AS 16.10.300 - 16.10.370; 31 (6) enter into agreements with other agencies or organizations to create
01 an outreach program to make loans under AS 16.10.300 - 16.10.370 in rural areas of 02 the state; 03 (7) allow an assumption of a loan if 04 (A) the applicant has been a state resident for a continuous 05 period of two years immediately preceding the date of the request for an 06 assumption; and 07 (B) approval of the assumption would be consistent with the 08 purposes of AS 16.10.300; an applicant for a loan assumption may not be 09 disqualified because the applicant does not meet the loan eligibility 10 requirements of (1) of this subsection; 11 (8) prequalify loan applicants for a limited entry permit loan and charge 12 a fee not to exceed $200 for prequalification; 13 (9) charge and collect the fees established under this subsection; 14 (10) refinance a debt obligation incurred by a borrower or borrowers 15 under this section if the borrower or borrowers otherwise qualify for a loan under 16 AS 16.10.300 - 16.10.370; the department shall collect a refinancing loan origination 17 charge of one-half percent of the amount of the debt obligation that has been 18 refinanced when the first refinancing payment is due; 19 (11) refinance debt obligations, not to exceed $300,000, incurred by 20 a borrower or borrowers for the purchase of a commercial fishing vessel or gear 21 if the borrower or borrowers otherwise qualify for a loan under AS 16.10.300 - 22 16.10.370; the department may collect a refinancing loan origination charge as 23 provided by regulation. 24 * Sec. 2. AS 16.10.310 is amended by adding a new subsection to read: 25 (d) The department may not make a loan to an individual under (a)(1) of this 26 section to satisfy past due federal tax obligations unless the individual has filed past 27 and current federal tax returns with the federal government and has executed an 28 agreement with the federal government for repayment of past due federal tax 29 obligations. An individual may receive only one loan under (a)(1) of this section to 30 satisfy past due federal tax obligations during the individual's lifetime. A loan made 31 under (a)(1) of this section to satisfy past due federal tax obligations may not exceed
01 $30,000. 02 * Sec. 3. AS 16.10.320(d) is amended to read: 03 (d) The total of balances outstanding on loans made to a borrower under 04 AS 16.10.310(a)(1)(A) may not exceed $300,000. The total of balances outstanding 05 on loans made to a borrower under AS 16.10.310(a)(1)(B) may not exceed $100,000. 06 The total of balances outstanding on all loans, including debt refinancing under 07 AS 16.10.310(a), made to a borrower under AS 16.10.300 - 16.10.370 may not 08 exceed $300,000. 09 * Sec. 4. AS 16.10.340 is amended by adding a new subsection to read: 10 (c) Money in the fund that the commissioner determines to be excess to that 11 needed to carry out the purpose of AS 16.10.300 - 16.10.370 may be used to carry out 12 the purpose of AS 16.10.500 - 16.10.560. 13 * Sec. 5. AS 16.10.505(a) is amended to read: 14 (a) There is created within the Department of Commerce and Economic 15 Development a revolving fund to be known as the fisheries enhancement revolving 16 loan fund. Except as provided in (b) and (c) of this section, the fund shall be used to 17 carry out the purposes of AS 16.10.500 - 16.10.560 and for no other purpose. All 18 principal and interest payments, and money chargeable to principal or interest that is 19 collected through liquidation by foreclosure or other process on loans made under 20 AS 16.10.500 - 16.10.560, shall be paid into the fisheries enhancement revolving loan 21 fund. 22 * Sec. 6. AS 16.10.505 is amended by adding a new subsection to read: 23 (c) Money in the fund that the commissioner determines to be excess to that 24 needed to carry out the purpose of AS 16.10.500 - 16.10.560 may be used to carry out 25 the purpose of AS 16.10.300 - 16.10.370. 26 * Sec. 7. This Act takes effect immediately under AS 01.10.070(c).