CSHB 20(FIN): "An Act relating to commercial fishing loans for energy efficiency upgrades and increasing the maximum amount for certain loans under the Commercial Fishing Loan Act; and providing for an effective date."
00 CS FOR HOUSE BILL NO. 20(FIN) 01 "An Act relating to commercial fishing loans for energy efficiency upgrades and 02 increasing the maximum amount for certain loans under the Commercial Fishing Loan 03 Act; and providing for an effective date." 04 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 05 * Section 1. AS 16.10.310(a) is amended to read: 06 (a) The department may 07 (1) make loans 08 (A) to individual commercial fishermen who have been state 09 residents for a continuous period of two years immediately preceding the date 10 of application for a loan under AS 16.10.300 - 16.10.370, who have had an 11 annual crewmember or commercial fishing license under AS 16.05.480 or a 12 permit under AS 16.43 for the year immediately preceding the date of 13 application and any other two of the past five years, and who actively 14 participated in the fishery during those periods
01 (i) for the purchase of entry permits; or 02 (ii) to upgrade existing vessels and gear for the purpose 03 of improving the quality of Alaska seafood products or of improving 04 energy efficiency; 05 (B) to an individual for the repair, restoration, or upgrading of 06 existing vessels and gear, for the purchase of entry permits and gear, and for 07 the construction and purchase of vessels, if the individual has been a state 08 resident 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, is not eligible for 10 financing from a state financial institution as defined in AS 06.01.050, a 11 federally chartered financial institution, or the Commercial Fishing and 12 Agricultural Bank, and 13 (i) because of lack of training or lack of employment 14 opportunities in the area of residence, does not have occupational 15 opportunities available other than commercial fishing; or 16 (ii) is economically dependent on commercial fishing 17 for a livelihood and for whom commercial fishing has been a traditional 18 way of life in Alaska; 19 (C) for the purchase of quota shares for fisheries in or off the 20 state by individual commercial fishermen who 21 (i) have been state residents for a continuous period of 22 two years immediately preceding the date of application for a loan 23 under AS 16.10.300 - 16.10.370; 24 (ii) for any two of the past five years, possessed an 25 annual crewmember or commercial fishing license under AS 16.05.480 26 or a permit under AS 16.43 and actively participated in a fishery for 27 which the license or permit was issued; 28 (iii) qualify as transferees for quota shares under 29 applicable law; and 30 (iv) are not eligible for financing from other recognized 31 commercial lending institutions to purchase quota shares;
01 (D) to an individual commercial fisherman to satisfy past due 02 federal tax obligations, if the fisherman has been a state resident for a 03 continuous period of two years immediately preceding the date of application 04 for the loan, has filed past and current federal tax returns with the federal 05 government, has executed an agreement with the federal government for 06 repayment of past due federal tax obligations, and either 07 (i) because of lack of training or lack of employment 08 opportunities in the area of residence, does not have occupational 09 opportunities available other than commercial fishing; or 10 (ii) is economically dependent on commercial fishing 11 for a livelihood and for whom commercial fishing has been a traditional 12 way of life in Alaska; 13 (E) for the purchase of fishing quota shares by a community 14 quota entity eligible under federal statute or regulation to purchase the fishing 15 quota shares if the community quota entity is not eligible or qualified for 16 financing from other recognized commercial lending institutions to purchase 17 the fishing quota shares; 18 (F) to an individual for the upgrade of existing tender vessels 19 and gear to improve the quality of Alaska seafood products, if the individual 20 has been a state resident for a continuous period of two years immediately 21 preceding the date of application for a loan under AS 16.10.300 - 16.10.370; 22 (2) designate agents and delegate its powers to them as necessary; 23 (3) adopt regulations necessary to carry out the provisions of 24 AS 16.10.300 - 16.10.370, including regulations to establish reasonable fees for 25 services provided; 26 (4) establish amortization plans for repayment of loans, which may 27 include extensions for poor fishing seasons or for adverse market conditions for 28 Alaska products; 29 (5) enter into agreements with private lending institutions, other state 30 agencies, or agencies of the federal government to carry out the purposes of 31 AS 16.10.300 - 16.10.370;
01 (6) enter into agreements with other agencies or organizations to create 02 an outreach program to make loans under AS 16.10.300 - 16.10.370 in rural areas of 03 the state; 04 (7) allow an assumption of a loan if 05 (A) the applicant has been a state resident for a continuous 06 period of two years immediately preceding the date of the request for an 07 assumption; and 08 (B) approval of the assumption would be consistent with the 09 purposes of AS 16.10.300; an applicant for a loan assumption may not be 10 disqualified because the applicant does not meet the loan eligibility 11 requirements of (1) of this subsection; 12 (8) prequalify loan applicants for a limited entry permit loan or a quota 13 shares loan and charge a fee not to exceed $200 for prequalification; 14 (9) charge and collect the fees established under this subsection; 15 (10) refinance a debt obligation incurred by a borrower or borrowers 16 under this section if the borrower or borrowers otherwise qualify for a loan under 17 AS 16.10.300 - 16.10.370; 18 (11) refinance debt obligations, not to exceed $200,000, incurred by a 19 borrower or borrowers for the purchase of a commercial fishing vessel or gear if the 20 borrower or borrowers otherwise qualify for a loan under AS 16.10.300 - 16.10.370; 21 the department may collect a refinancing loan origination charge as provided by 22 regulation. 23 * Sec. 2. AS 16.10.320(i) is amended to read: 24 (i) If a loan is made to a borrower under AS 16.10.310(a)(1)(A), a subsequent 25 loan may not be made to the borrower under AS 16.10.310(a)(1)(B), unless the loan 26 requested under AS 16.10.310(a)(1)(B) is for an energy efficiency upgrade. If a 27 loan is made to a borrower under AS 16.10.310(a)(1)(B), a subsequent loan may be 28 made to the borrower under AS 16.10.310(a)(1)(A) if the total of the balance 29 outstanding on loans received by the borrower under AS 16.10.310(a)(1)(A) and (B) 30 does not exceed $400,000 [$300,000]. 31 * Sec. 3. This Act takes effect immediately under AS 01.10.070(c).