Alaska § 16.10.815 - Limitations on loans.
Full text of Alaska Alaska Statutes § 16.10.815 — Limitations on loans., with citation guidance and answers to common questions.
§ 16.10.815. Limitations on loans.
(a) Except as provided in (b) of this section, a loan under AS 16.10.801 — 16.10.840 (1) for a charter halibut permit may not exceed the permit value determined by a 12-month rolling average set quarterly by the department for like permits;
(2) for a loan other than a loan for a charter halibut permit may not exceed $100,000 a year;
(3) may not exceed a term of 15 years, except for extensions under AS 16.10.805 ;
(4) may not bear interest at a rate greater than the prime rate, as defined in AS 44.88.599 , plus two percentage points, but which may not be less than six percent a year or more than 10 1/2 percent a year;
(5) must be secured by a first priority lien on collateral acceptable to the commissioner, which may include collateral other than a charter halibut permit; and
(6) may not be made to a person who has a past due child support obligation established by court order or by the child support services agency under AS 25.27.160 — 25.27.220 at the time of application.
(b) The total balances outstanding on loans made to a borrower under AS 16.10.805 may not exceed $200,000.
Frequently Asked Questions About Alaska § 16.10.815
What does Alaska Statutes § 16.10.815 cover?
Section 16.10.815 ("Limitations on loans.") is part of the Alaska Statutes, the codified statutory law of Alaska. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Alaska § 16.10.815?
A common citation format is "Alaska Statutes § 16.10.815" (Alaska). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Alaska law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Alaska official source linked on this page or consult a licensed Alaska attorney.
How does Alaska § 16.10.815 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Alaska can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Alaska.