HB 408: "An Act setting a maximum rate of interest that may be charged on a loan guaranteed by the Alaska Industrial Development and Export Authority under its export assistance program; and annulling a portion of a current regulation of the Alaska Industrial Development and Export Authority that establishes the maximum allowable interest on a guaranteed loan to be computed at a different rate."
00HOUSE BILL NO. 408 01 "An Act setting a maximum rate of interest that may be charged on a loan 02 guaranteed by the Alaska Industrial Development and Export Authority under its 03 export assistance program; and annulling a portion of a current regulation of the 04 Alaska Industrial Development and Export Authority that establishes the maximum 05 allowable interest on a guaranteed loan to be computed at a different rate." 06 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 07 * Section 1. AS 44.88.320 is amended by adding a new subsection to read: 08 (c) When the authority agrees to guarantee a loan under AS 44.88.300 - 09 44.88.390, the maximum interest rate on the loan guaranteed by the authority is two 10 and three-quarters percentage points above the prime rate at the time of disbursement 11 of the loan that is subject to the guarantee. 12 * Sec. 2. That portion of 3 AAC 99.650(d) directing, with reference to the interest on an 13 export guarantee loan, that "[i]nterest may not exceed the lesser of the rate charged under the 14 promissory note or one percent over the United States Treasury note rate of comparable term
01 at the time of disbursement" is annulled.