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(a) The board may restructure a loan made by the former Agricultural Revolving Loan Fund Board, the former Alaska Agricultural Action Council, or the commissioner before January 1, 1987, if the borrower is actively engaged in agriculture, shows good cause why the borrower did not apply for restructuring before December 1, 1988, and meets the criteria for restructuring under AS 03.10.033 and 11 AAC 39.660(b) .
(b) The board may restructure a loan made by the board, the commissioner under former AS 03.10.050 , the former Agricultural Revolving Loan Fund Board, or the former Alaska Agricultural Action Council after January 1, 1987, if the borrower meets the criteria for restructuring under AS 03.10.033 and 11 AAC 39.660(b) , and is actively engaged in agriculture and
(1) the borrower's agricultural operation is located in an area declared a farm disaster area under AS 03.10.058 ; or
(2) has experienced an agricultural disaster.
(c) Consistent with AS 03.10.033 , the board may reduce the interest rate and extend the term when restructuring a loan. The board will not reduce or forgive principal or interest accruing before the date of restructuring.
(d) The board may approve the assumption of a restructured loan if the borrower to assume the loan applies under 11 AAC 39.101 and meets the qualifications of AS 03.10 and this chapter.
(e) The board may waive a penalty under 11 AAC 39.920 that was incurred as a result of a farm disaster declared under AS 03.10.058 or an agricultural disaster determined under 11 AAC 39.500.
History: Eff. 10/23/88, Register 108; am 6/1/2001, Register 158; am 10/27/2002, Register 164
Authority: AS 03.09.040
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Last modified 7/05/2006