Do you own a Non-Coast Guard documented boat over 24 feet in length?
SB92 which was
signed into law in 2018 requires that undocumented AK vessels over 24 feet in
length be TITLED through the Department of Motor Vehicles (DMV) . This is a new requirement and while most of
you may have already REGISTERED your vessel with DMV, this new statute requires
that your vessel be TITLED. There are
many steps to this process and if you have pledged your AK boat as collateral
on your CFAB loan it is best you contact us directly to assist you with this
For those vessels which our Coast Guard Documented SB92 now requires that you REGISTER your boat with DMV. Again, if your Coast Guard Documented Vessel is collateral on your CFAB loan please contact us for more information.
Some important information about LLC’s, Corporations, and Partnerships.
It has been become more and more fashionable over the years to incorporate your Business into a more formal structure. Primarily we are seeing Limited Liability Companies and Corporations. The advantages and disadvantages of each of these is a personal choice, however, from the view of your lender we want to remind you that you are creating a separate “Entity” and there are some rules, requirements, and responsibilities that come along with these entities.
Your lender, in
this case CFAB, will need to have the
Organic documents that established the structure, these may include the
Articles, Bylaws, Operating Agreements, Articles of Organization etc., The
“Entity” must be properly registered with the State of Alaska and must be in
Good Standing with them by filing all of its annual paperwork (along with
various other requirements).
If you place the
ownership of your business assets into the “Entity” or are looking to purchase an asset (boat,
quota etc.,) from someone else who has placed that asset into a LLC,
Corporation or Partnership you or they must provide the appropriate
documentation of that entity to show who within the entity has the authority to
act on behalf of the entity to sell or pledge that asset.
We encourage you
to contact us EARLY in the process to discuss this in more detail before
submitting your application, this will help save you a lot of time.
Director Election Results:
- CFAB’s membership elected Paula Cullenberg of Anchorage, AK and reelected Stosh Anderson of Kodiak, AK to its Board of Directors.
- Further, Governor Walker re-appointed Doug Blumer of Anchorage, AK to another term as Chairman.
- All three directors will serve three-year terms expiring in 2022.
- Jim Hubbard of Seward, AK was appointed by CFAB’s Board of Directors to fill the vacant Directors seat created after the sudden passing of Bruce Gabrys.
Congratulations to the recipients of the CFAB Scholarship Fund, Inc. 2018 Scholarship winners:
- Katie Beans of St. Mary’s, Alaska
- Tessa Coopchiak of Togiak, Alaska
- Sydney Mahoney of Unalaska, Alaska
- Ruth Myrvold of Wasilla, Alaska
- Edward Nick of Manokotak, Alaska
- Kiana Nick of Manokotak, Alaska
- Kaden Spurgeon of Eagle River, Alaska