3 AAC 80.200 - Application process

(a) To apply for a loan for the purchase of quota shares, the applicant shall file with the department

(1) a completed application for a community quota entity loan, on a form provided by the department;

(2) a letter of denial from a recognized quota share lender recognized by the department;

(3) a copy of the applicant's National Marine Fisheries Service application to be designated as a community quota entity and all attachments;

(4) a list of the applicant's key personnel, directors, and officers;

(5) the corporate resolution supporting the application;

(6) applicant's corporate by-laws;

(7) copies of the applicant's federal income tax returns for the preceding three years;

(8) a financial statement consisting of a current balance sheet and a profit and loss statement, on a form provided by the department;

(9) a statement of projected income and expenses for the following year's operating plan, on a form provided by the department;

(10) a copy of the purchase agreement signed by all parties and the down payment receipt or earnest money receipt;

(11) authorization to release information or obtain credit information, on a form provided by the department;

(12) the application fee required by 3 AAC 80.245(b); and

(13) any other information requested by the department needed to process the application.

(b) The department may process loan requests without the information described in (a) of this section if the department determines that the information is not necessary for making the lending decision.

(c) To prequalify for a loan for the purchase of quota shares, an applicant shall file with the department

(1) the materials listed in (a) of this section, except the materials listed in (a)(10) and (12) of this section; and

(2) the prequalification application 'fee required by 3 AAC 80.245(e).

(d) If the department determines an applicant previously submitted a false sworn or unsworn statement on or in support of a loan application, the department may deny any future loan application submitted by the applicant. An applicant who submits a false sworn or unsworn statement on or in support of a loan application is subject to AS 11.56.200-11.56.210.

(e) A request for prequalification will be processed in the same manner as a loan request. A prequalification commitment may not exceed 90 days.

Notes

3 AAC 80.200

Eff. 10/16/2012, Register 204

Authority:AS 16.10.310