HB 20 Summary

• Adds fuel efficiency improvements as an eligible use for commercial fishing loans, allowing borrowers to obtain loans for propulsion engine or generator engine replacements on existing vessels.

• Increases the maximum combined loan balance for borrowers receiving both types of commercial fishing loans from $300,000 to $400,000.

• Allows borrowers who previously received a loan under one loan category to obtain a subsequent loan under a different category if the loan is for fuel efficiency improvements.

• Applies to individual commercial fishermen meeting Alaska residency and licensing requirements under the Commercial Fishing Loan Act.

• Takes effect immediately upon enactment.