Alaska § 45.88.030 - Loan terms.
Full text of Alaska Alaska Statutes § 45.88.030 — Loan terms., with citation guidance and answers to common questions.
§ 45.88.030. Loan terms.
(a) A loan made under AS 45.88.010 — 45.88.090 may not exceed $50,000. If the requested loan amount exceeds $30,000, the applicant must deliver to the department a document from a financial institution stating that (1) the applicant has been denied a loan for the same purpose; or
(2) the loan from the financial institution is contingent on the applicant also receiving a loan from the fund.
(b) The duration for repayment of the loan may not exceed 20 years.
(c) [Repealed, § 38 ch 83 SLA 2010.] (d) [Repealed, § 38 ch 83 SLA 2010.] (e) The rate of interest for a loan under AS 45.88.010 — 45.88.090 is the prime rate, as defined by AS 44.88.599 , plus one percentage point, but may not be less than five percent a year.
(f) A loan under AS 45.88.010 — 45.88.090 must be secured by a mortgage or other security instrument in the real property to be improved and a lien on the improvements financed with the loan.
Frequently Asked Questions About Alaska § 45.88.030
What does Alaska Statutes § 45.88.030 cover?
Section 45.88.030 ("Loan terms.") 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 § 45.88.030?
A common citation format is "Alaska Statutes § 45.88.030" (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 § 45.88.030 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.