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(a) Interest accrues on a restructured loan from the date of restructuring at a rate no less than five percent per annum. The board may restructure a loan without reducing the interest rate if the board, based on financial information, determines that the borrower can repay the loan without a reduction in the interest rate.
(b) When the board approves assumption of a restructured loan under 11 AAC 39.600, the board will apply an interest rate to the assumed loan that is comparable to the interest rate charged on a similar new loan made by the board that is in effect on the date that the assumption is approved.
History: Eff. 10/23/88, Register 108; am 6/1/2001, Register 158
Authority: AS 03.09.040
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Last modified 7/05/2006