{"data":{"id":"us-ak/as-45.88.030","jurisdiction":"us-ak","citation":"AS 45.88.030","heading":"Loan terms.","body":"(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\n(1) the applicant has been denied a loan for the same purpose; or\n(2) the loan from the financial institution is contingent on the applicant also receiving a loan from the fund.\n(b) The duration for repayment of the loan may not exceed 20 years.\n(c) [Repealed, § 38 ch 83 SLA 2010.]\n(d) [Repealed, § 38 ch 83 SLA 2010.]\n(e) The rate of interest for a loan under AS 45.88.010 — 45.88.090 is the prime rate, as defined by AS 44.88.599, plus one percentage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.\n(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.","path":["Title 45. Trade and Commerce.","Chapter 88. Energy Loan and Grant Programs."],"source_url":"https://www.akleg.gov/basis/statutes.asp#45.88.030","current_through":"Alaska Statutes 2025 (34th Legislature, 2025-2026)","vintage":"","retrieved_at":"2026-09-02T06:19:44Z","sha256":"88d8cb793a5bf620eb72c2a70e19a4c9c23deb7240cad6aebbb43964d771d237","source_id":"us-ak","stale":false,"prev":"us-ak/as-45.88.025","next":"us-ak/as-45.88.040"},"notice":"GroundRules: Original legal text. Not legal advice."}