(a) The department may use money from the Alaska microloan revolving loan fund to make loans of up to $35,000 to a person or loans of up to $70,000 to two or more persons.
(b) A loan under AS 44.33.950 - 44.33.990
(1) may not exceed a term of 12 years, except for extensions under AS 44.33.955;
(2) may not bear interest at a rate greater than the prime rate, as defined in AS 44.88.599, plus two percentage points, but that may not be less than four percent a year or more than eight percent a year;
(3) must be secured by collateral acceptable to the commissioner; and
(4) may not be made to a person who has a past due child support obligation established by court order or by the child support services agency under AS 25.27.160 - 25.27.220 at the time of application.
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