Alaska § 45.98.040 - Limitations on loans.
Full text of Alaska Alaska Statutes § 45.98.040 — Limitations on loans., with citation guidance and answers to common questions.
§ 45.98.040. Limitations on loans.
Loans made under this chapter are subject to the following limitations: (1) state participation in all loans in the aggregate, for any one historical district qualifying under this chapter may not exceed $1,500,000;
(2) state participation in a loan for the restoration, improvement, rehabilitation, or maintenance of any one building or structure qualifying under this chapter may not exceed $250,000;
(3) the loans shall be secured by acceptable collateral and may not exceed 85 percent of the appraised value of the collateral offered as security;
(4) the rate of interest may not exceed seven and one-half percent a year on the unpaid balance of the state's share of the loan;
(5) a participating financial institution shall administer and service the loan for a reasonable fee not exceeding one-quarter of one percent;
(6) the state has a lien on the property accepted as collateral to the extent of its portion of the loan; when the lien or notice of the lien is properly recorded it is superior to all other liens except those for taxes and special assessments; a lien of the participating financial institution, to the extent of its portion of the loan after it is properly recorded, is superior to all other liens except liens for taxes, special assessments, and the lien of the state.
Frequently Asked Questions About Alaska § 45.98.040
What does Alaska Statutes § 45.98.040 cover?
Section 45.98.040 ("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 § 45.98.040?
A common citation format is "Alaska Statutes § 45.98.040" (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 § 45.98.040 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.