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(a) The board may declare a moratorium on loan payments due from a borrower who is actively engaged in agriculture and has experienced an agricultural disaster under this chapter or a farm disaster under AS 03.10.058 . The board will issue written findings and conclusions that support the declaration of the payment moratorium.
(b) The board may extend the term of the loan issued under AS 03.10 for the period of time that the payment moratorium is in effect, but not beyond the term limits prescribed under AS 03.10.
(c) The board may not declare a payment moratorium under this section that exceeds one year for a specific agricultural disaster or farm disaster.
(d) A payment moratorium granted under this section automatically terminates if a loan is restructured under AS 03.10.033 .
History: Eff. 12/1/84, Register 92; am 6/1/2001, Register 158
Authority: AS 03.09.040
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Last modified 7/05/2006