An Act relating to the Department of Commerce, Community, and Economic Development; relating to the Alaska Commercial Fishing and Agriculture Bank; relating to certain loans made by the Alaska Commercial Fishing and Agriculture Bank; and providing for an effective date.
What changed between versions
Loan terms were changed from having a fixed 15-year term with no interest exceeding certain limits to requiring a fixed interest rate in addition to the existing interest rate caps.
New detailed reporting requirements were added, requiring the bank to provide loan numbers, principal balances, interest rates, loan terms, loan agreements, amortization schedules, and other information to the Department of Commerce.
The process for recovering funds was updated. If loans don't generate enough interest to cover the state's investment, the bank must buy back shares rather than just repaying a cash difference.
The department's review process was changed from an audit to a one-time review, and the timeline for bank response was clarified to 30 days for share buybacks.
The bill's header information was updated to reflect its status as a Committee Substitute (CSHB) with new sponsor attribution and different filing dates.