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Title 11 . Natural Resources
Chapter 39 . Agricultural Revolving Loan Fund
Section 680. Cessation of agricultural activity

11 AAC 39.680. Cessation of agricultural activity

If, after an application for restructuring is approved, the borrower substantially ceases agricultural activity, the board may increase the interest rate on the outstanding balance of the restructured loan to the commercial interest rate for non-agricultural loans. The board shall establish the commercial interest rate required by this section after consideration of

(1) representative sample of interest rates charged for similar loans by financial institutions in this state;

(2) the type of loan being restructured; and

(3) the length of time for repayment for the restructured loan.

History: Eff. 10/23/88, Register 108; am 6/1/2001, Register 158

Authority: AS 03.09.040

AS 03.10.020

AS 03.10.030

AS 03.10.033

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Last modified 7/05/2006