SB 178 Summary

• Repeals the Alaska BIDCO Assistance program (AS 37.17.500-37.17.690) and eliminates requirements for annual BIDCO examinations by the Department of Commerce, Community, and Economic Development.

• Increases minimum net worth requirement for BIDCOs from $500,000 to $1,500,000 by removing the exception that allowed lower net worth for BIDCOs receiving loans under the repealed assistance program.

• Transfers money in the Alaska BIDCO fund to the general fund, subject to appropriation.

• Continues existing regulations adopted under the repealed statutes to remain in effect for administering outstanding loans to BIDCOs that received assistance before the effective date.

• Requires principal, interest, and fees from existing BIDCO borrowers to be paid into the general fund rather than supporting the repealed assistance program.