Enrolled HB 261: Relating to loans for the purchase of commercial fishing entry permits; and providing for an effective date.
00Enrolled HB 261 01 Relating to loans for the purchase of commercial fishing entry permits; and providing for an 02 effective date. 03 _______________ 04 * Section 1. AS 16.10.320(d) is amended to read: 05 (d) The total of balances outstanding on loans made to a borrower under 06 AS 16.10.310(a)(1)(A) may not exceed $300,000. The total of balances outstanding on 07 loans made to a borrower under AS 16.10.310(a)(1)(B) may not exceed $200,000 for 08 the purchase of an entry permit and may not exceed $100,000 for all other loans 09 under that subparagraph. The total of balances outstanding on loans made to a 10 borrower under AS 16.10.310(a)(1)(C) may not exceed $300,000. The total of 11 balances outstanding on loans made to a borrower under AS 16.10.310(a)(1)(D) to 12 satisfy past due federal tax obligations may not exceed $35,000. The total of balances 13 outstanding on loans made under AS 16.10.310(a)(1)(E) may not exceed $2,000,000 14 for each community eligible under federal statute or regulation to establish or
01 participate in the establishment of a community quota entity. The total of balances 02 outstanding on loans made to a borrower under AS 16.10.310(a)(1)(F) may not exceed 03 $300,000. Excluding loans made under AS 16.10.310(a)(1)(E), the total of balances 04 outstanding on all loans, including debt refinancing under AS 16.10.310(a), made to a 05 borrower under AS 16.10.300 - 16.10.370 may not exceed $400,000. 06 * Sec. 2. AS 16.10.320(i) is amended to read: 07 (i) If a loan is made to a borrower under AS 16.10.310(a)(1)(A), a subsequent 08 loan may not be made to the borrower under AS 16.10.310(a)(1)(B), unless the loan 09 requested under AS 16.10.310(a)(1) is for propulsion engine or generator engine 10 replacement on an existing vessel for the purpose of improving fuel efficiency or is 11 for the purchase of an entry permit. If a loan is made to a borrower under 12 AS 16.10.310(a)(1)(B), a subsequent loan may be made to the borrower under 13 AS 16.10.310(a)(1)(A) if the total of the balance outstanding on loans received by the 14 borrower under AS 16.10.310(a)(1)(A) and (B) does not exceed $400,000. 15 * Sec. 3. The uncodified law of the State of Alaska is amended by adding a new section to 16 read: 17 APPLICABILITY. The increase in balances outstanding permitted by 18 AS 16.10.320(d), as amended by sec. 1 of this Act, on loans made to a borrower under 19 AS 16.10.310(a)(1)(B), applies only to a person who first receives a loan under 20 AS 16.10.310(a)(1)(B) on or after the effective date of this Act. 21 * Sec. 4. This Act takes effect July 1, 2012.