3 AAC 86.900 - Definitions

(a) Unless the context requires otherwise, in this chapter

(1) repealed 8/10/97;

(2) "default" includes a violation of any provision of AS 45.81, this chapter, or the loan documents, failure to make the necessary payment within 15 days after it is due, or failure to maintain the insurance required by the department;

(3) "department" means the Department of Commerce, Community, and Economic Development;

(4) "small business" means a commercial enterprise operated for profit and engaged in lawful business activity with not more than $10,000,000 in annual gross sales, and does not include a business that is a division or subsidiary of a larger parent company that does not qualify as a small business;

(5) "wraparound financing" means a contract that includes the balance due on an existing debt and an additional amount to cover the difference between the selling price and the existing debt;

(6) "director" means the director of the division assigned economic development functions or its successor agency in the department.

(b) In AS 45.81.260, "resident" means a corporation, partnership, or limited partnership organized under the laws of Alaska and headquartered in Alaska or a person who, except for brief intervals, periods of military service, or attendance at an educational or training institution, has been physically present in Alaska with the intent to remain indefinitely and make a primary and permanent home in the state.

Notes

3 AAC 86.900

Eff. 9/11/85, Register 95; am 8/10/97, Register 143; am 10/16/2012, Register 204

As of Register 171 (October 2004), the regulations attorney made technical revisions under AS 44.62.125(b)(6) to reflect the name change of the Department of Community and Economic Development to the Department of Commerce, Community, and Economic Development made by ch. 47, SLA 2004 and the corresponding title change of the commissioner of community and economic development.

Acting under AS 01.05.031, the revisor of statutes renumbered former AS 45.95 as AS 45.81 and former AS 45.95.070 as AS 45.81.260. As of Register 203 (January 2013), the regulations attorney made conforming technical revisions under AS 44.62.125(b)(6) to 3 AAC 86.900 to reflect the statutory renumbering.

Acting under AS 01.05.031, the revisor of statutes renumbered former AS 45.95.010 as AS 45.81.200. As of Register 203 (January 2013), the regulations attorney made conforming technical revisions under AS 44.62.125(b)(6) to 3 AAC 86.900 to reflect the statutory renumbering.

Authority:AS 45.81.200