Section 11 AAC 39.610 - Interest rate(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.Eff. 10/23/88, Register 108; am 6/1/2001, Register 158Authority:AS 03.09.040
AS 03.10.020
AS 03.10.030
AS 03.10.033