Alaska Administrative Code
Title 11 - Natural Resources
Part 4 - Agriculture
Chapter 39 - Agricultural Revolving Loan Fund
Article 5 - Restructuring Delinquent Loans
11 AAC 39.610 - Interest rate

Universal Citation: 11 AK Admin Code 39.610

Current through August 30, 2024

(a) Interest accrues on a restructured loan from the date of restructuring at a rate no less than five percent per annum. The board may restructure a loan without reducing the interest rate if the board, based on financial information, determines that the borrower can repay the loan without a reduction in the interest rate.

(b) When the board approves assumption of a restructured loan under 11 AAC 39.600, the board will apply an interest rate to the assumed loan that is comparable to the interest rate charged on a similar new loan made by the board that is in effect on the date that the assumption is approved.

Authority:AS 03.09.040

AS 03.10.020

AS 03.10.030

AS 03.10.033

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