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(a) For a loan that is a guaranteed loan, the division will only purchase a participation interest in the loan that is not the guaranteed portion. The division's participation interest in the loan will not exceed the lesser of
(1) 20 percent of the entire loan, including the guaranteed portion; or
(2) the amount described in (c) of this section.
(b) For a loan that is not a guaranteed loan, the division's participation interest in the loan will not exceed the lesser of
(1) 80 percent of the entire loan; or
(2) the amount described in (c) of this section.
(c) In addition to the provisions of (a) and (b) of this section, the division's participation interest in a loan may not exceed $100,000 if the loan is made to an individual or $200,000 if the loan is made to two or more individuals. If the loan is made to a corporation, joint venture, partnership, or other form of business consisting of more than one individual, the division's participation interest in a loan will not exceed $200,000. For a loan that is a guaranteed loan, the amounts described in this subsection will be reduced by any amount required to be deposited in a reserve account for the loan.
History: Eff. 1/19/93, Register 125
Authority: AS 44.33.765
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Last modified 7/05/2006