SB 30: "An Act establishing a loan guarantee and interest rate subsidy program for assistive technology."

00SENATE BILL NO. 30 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. The 08 agency may solicit and accept available federal, state, and private money for 09 distribution from the fund. 10  (b) Subject to (c) and (d) of this section, the agency may use money in the 11 fund established under this section to guarantee 90 percent of the principal amount of 12 a loan or to subsidize the interest rate of a loan guaranteed by the agency for 13 appropriate assistive technology that is best suited for enabling 14  (1) a handicapped individual to obtain or maintain employment; or

01  (2) an individual having a physical or mental disability to live more 02 independently. 03  (c) The agency may guarantee a loan or subsidize the interest rate of a loan 04 guaranteed under this section if 05  (1) the loan is made to a handicapped or disabled person or a member 06 of the person's family; 07  (2) the loan is originated and serviced by a state or federally chartered 08 financial institution located in the state; 09  (3) before a loan guarantee or subsidy is requested from a lending 10 institution, the agency determines that the person requesting the loan guarantee or 11 subsidy is not able to obtain the needed assistive technology from a less costly source; 12  (4) the lending institution determines that the person or the family of 13 a child reasonably can be expected to repay the loan given their expected income or 14 other resources; and 15  (5) for a loan to modify a vehicle to provide transportation for a 16 handicapped person, the applicant has been steadily employed for the 90 days 17 immediately preceding the date of the loan application. 18  (d) The director shall establish an assistive technology loan committee within 19 the agency. The committee shall consist of the director, or the director's designee, a 20 representative of a financial institution who is experienced with consumer loans, and 21 at least one but not more than three persons with disabilities. The committee shall 22  (1) establish guidelines for providing loans under this section, including 23 guidelines relating to the maximum amounts and duration of loans and guidelines to 24 ensure that persons with disabilities who live in rural or remote areas of the state have 25 adequate access to loans under this section; 26  (2) annually establish the percentage of money in the fund that may be 27 used for subsidizing the interest rates on loans guaranteed under this section; and 28  (3) make reports and recommendations to the legislature on the 29 operation of the loan program. 30  (e) In this section, "assistive technology" means durable equipment, adaptive 31 aids, and assistive devices.