15 AAC 150.060. Determination of interest rates

(a) The Corporation will establish and, in its discretion, from time to time revise rates of interest applicable to loans. The Corporation will not make, participate in the making of, purchase, or participate in the purchase of a loan unless the loan bears interest at the rate established under this section at the time of the making, purchasing, or participating by the Corporation. The rate of interest established and revised under this section will:

(1) not exceed the legal rate of interest in the state applicable to the type of loan involved;

(2) be adequate to insure the financial viability of the Corporation's bond and note financing programs and comply with the requirements of contracts entered into with holders of the Corporation's bonds and notes;

(3) comply with all provisions of law, including United States Treasury regulations, applicable to the Corporation and its loans; and

(4) be designed to promote the use of the programs by qualifying residents of the state.

(b) The board of directors may delegate the power to revise interest rates on mortgage loans to the executive director.

History: Eff. 5/7/93, Register 130

Authority: AS 18.56.050

AS 18.56.088

AS 18.56.090 (13)

AS 18.56.098

Editor's note: Before Register 130, July, 1994, the substance of 15 AAC 150.060 was contained in former 15 AAC 118.250. The history note for 15 AAC 150.060 does not reflect the history of the section under its former number.

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