If, after an application for restructuring is approved, the borrower substantially ceases agricultural activity, the board may increase the interest rate on the outstanding balance of the restructured loan to the commercial interest rate for non-agricultural loans. The board shall establish the commercial interest rate required by this section after consideration of

1. (1) representative sample of interest rates charged for similar loans by financial institutions in this state;
2. (2) the type of loan being restructured; and
3. (3) the length of time for repayment for the restructured loan.

(Eff. 10/23/88, Register 108; am 6/1/2001, Register 158)

Authority: AS 03.09.040, AS 03.10.020, AS 03.10.030, AS 03.10.033