(a) Except as provided in (b) of this section, a loan under AS 16.10.801 — 16.10.840 (1) for a charter halibut permit may not exceed the permit value determined by a 12-month rolling average set quarterly by the department for like permits;
(2) for a loan other than a loan for a charter halibut permit may not exceed $100,000 a year;
(3) may not exceed a term of 15 years, except for extensions under AS 16.10.805;
(4) may not bear interest at a rate greater than the prime rate, as defined in AS 44.88.599, plus two percentage points, but which may not be less than six percent a year or more than 10 1/2 percent a year;
(5) must be secured by a first priority lien on collateral acceptable to the commissioner, which may include collateral other than a charter halibut permit; and
(6) may not be made to a person who has a past due child support obligation established by court order or by the child support services agency under AS 25.27.160 — 25.27.220 at the time of application.
(b) The total balances outstanding on loans made to a borrower under AS 16.10.805 may not exceed $200,000.