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