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The department shall set the interest rate on a quarterly basis for loans under this article. The interest rate set for a quarter remains in effect until the department changes the rate. The interest rate set by the department is based on the prime rate listed in the Wall Street Journal during the previous quarter minus one percentage point, but not less than six percent per annum. The interest rate will be established at the nearest one-half point. The interest rate on an individual loan will be set at the time the loan is approved by the loan committee.
History: Eff. 2/8/2001, Register 158
Authority: AS 44.88.600
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Last modified 7/05/2006