(a) The Alaska microloan revolving loan fund is created in the Department of Commerce, Community, and Economic Development to carry out the purposes of Alaska Stat. § 44.33.950 -44.33.990.
Terms Used In Alaska Statutes 44.33.950
Bequest: Property gifted by will.
Devise: To gift property by will.
Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
(b) The Alaska microloan revolving loan fund consists of the following:
(1) money appropriated to, transferred to, or received by gift, grant, devise, bequest, or donation to the fund;(2) principal and interest payments or other income earned on loans or investments of the fund;(3) money chargeable to principal or interest that is collected through liquidation by foreclosure or other process on loans made under Alaska Stat. § 44.33.950 -44.33.990.(c) Money in the fund may be used by the legislature to make appropriations for costs of administering Alaska Stat. § 44.33.950 – 44.33.990.
