AK SB204

Creates a separate community quota entity revolving loan fund for loans to community quota entities under AS 16.10.310(a)(1)(E), effective June 30, 2012, with payments directed to this new fund instead of the commercial fishing revolving loan fund.

Allows community quota entity loans to reach 95 percent of collateral value (compared to 80 percent for other loans) until the entity has cumulatively purchased fishing quota shares authorizing 50,000 pounds total take.

Permits community quota entity loans up to 25-year terms with a maximum of $1,000,000 per entity and allows deferral of interest payments for up to 10 years.

Prohibits loans to individuals with past due child support obligations and excludes community quota entity loans from the commercial fishing revolving loan fund's administration.

Establishes a foreclosure expense account within the community quota entity revolving loan fund and requires the commissioner to administer both revolving loan funds; effective July 1, 2012.