Alaska Stat. § 06.55.104 — AK Code / Title 6 / Chapter 06.55 / Section 06.55.104
Security.
Status: in_force

(a) Except as otherwise provided in (b) of this section, a surety bond, a letter of credit, or another similar security acceptable to the department in the amount of $25,000 plus $5,000 for each location, not exceeding a total addition of $125,000, must accompany an application for a money transmission license.

(b) Security must be in a form satisfactory to the department and payable to the state for the benefit of a claimant against the money transmission licensee to secure the faithful performance of the obligations of the money transmission licensee with respect to money transmission.

(c) The aggregate liability on a surety bond may not exceed the principal sum of the bond. A claimant against a money transmission licensee may maintain an action on the bond, or the department may maintain an action on behalf of the claimant.

(d) A surety bond must cover claims for as long as the department specifies, but for at least five years after the money transmission licensee ceases to provide money services in this state. However, the department may permit the amount of security to be reduced or eliminated before the expiration of that time to the extent the amount of the money transmission licensee's payment instruments or stored-value obligations outstanding in this state is reduced. The department may permit a money transmission licensee to substitute another form of security acceptable to the department for the security effective at the time the money transmission licensee ceases to provide money services in this state.

(e) Instead of the security prescribed in this section, an applicant for a money transmission license or a money transmission licensee may provide security in a form prescribed by the department.

(f) The department may increase the amount of security required to a maximum of $500,000 if the financial condition of a money transmission licensee requires the increase, as evidenced by reduction of net worth, financial losses, or other relevant criteria.
Alaska Stat. § 06.50.330 — AK Code / Title 6 / Chapter 06.50 / Section 06.50.330
Examinations and investigations.
Status: in_force

(a) The department shall examine the business records of a licensee at intervals the department considers appropriate. In addition, for the purpose of discovering violations of this chapter or securing information lawfully required, the department may, at any time, investigate the advances, business transactions, and records of a licensee. For these purposes, the licensee shall provide the department with unrestricted access to the offices, places of business, and records of the licensee. Within 30 days after the department requests payment, the licensee shall pay the department the cost of examination at a rate of $75 an hour for each examiner.

(b) For the purposes of this section, the department may administer oaths or affirmations and, upon its own motion or upon request of a party, may subpoena witnesses, compel the attendance of witnesses, take evidence, and require the production of material that is relevant to the investigation, including the existence, description, nature, custody, condition, and location of books, documents, and other tangible items, and the identity and location of persons having knowledge of relevant facts, or other material reasonably calculated to lead to the discovery of admissible evidence.

(c) Upon failure without lawful excuse to obey a subpoena or to give testimony, and upon reasonable notice to all persons affected by the failure, the department may apply to the superior court for an order compelling compliance.

Article 4. Licensee Practices and Recipient Rescission and Payment.
Alaska Stat. § 06.65.090 — AK Code / Title 6 / Chapter 06.65 / Section 06.65.090
Contract termination; nonrenewal.
Status: in_force

The department may terminate or fail to renew a financial contract. If the department terminates or does not renew a contract with a financial contractor, the department shall take custody of the program accounts held by the financial contractor and transfer the program accounts to another financial contractor as soon as possible and into program accounts that are as similar as possible to the types of program accounts being transferred.
Alaska Stat. § 06.20.220 — AK Code / Title 6 / Chapter 06.20 / Section 06.20.220
Transactions limited to licensed premises.
Status: in_force

A licensee may not transact business or make any loan under this chapter under any name or at any place of business other than that named in the license.
Alaska Stat. § 06.26.100 — AK Code / Title 6 / Chapter 06.26 / Section 06.26.100
Department notices regarding application.
Status: in_force

(a) The department shall notify the organizers of a proposed trust company when the application under AS 06.26.090 is complete and accepted for filing and all required fees and deposits have been paid. Promptly after notification, the organizers shall publish in a form specified by the department notice of the filing of the application in a newspaper of general circulation published in the community proposed as the trust company's principal place of business. If a newspaper of general circulation is not published in the community, the organizers shall publish the notice in a newspaper of general circulation near the community. The department may require the organizers to publish the notice at other locations reasonably necessary to solicit the views of potentially affected persons. The notice must include a solicitation of comments and protests.

(b) To prove that the publication required by (a) of this section has been accomplished, the organizers shall file with the department an affidavit of publication from the newspaper in which the notice was published.
Alaska Stat. § 06.40.060 — AK Code / Title 6 / Chapter 06.40 / Section 06.40.060
Place of business.
Status: in_force

(a) A licensee may maintain only one place of business under a license. The department may issue more than one license to the same licensee upon application and compliance by the licensee with the provisions of this chapter governing the original issuance of a license.

(b) If a licensee changes the place of business to another location, the licensee shall give written notice to the department. The department shall attach the written notice of the change to the license together with the date. Thereafter, the licensee may operate the business under the license at the new location.
Alaska Stat. § 06.05.280 — AK Code / Title 6 / Chapter 06.05 / Section 06.05.280
Fees connected with obtaining mortgage loans.
Status: reserved

(a) [Repealed, § 102 ch 26 SLA 1993.] (b) [Repealed, § 102 ch 26 SLA 1993.] (c) A director, officer, or employee of a bank may not receive a fee or other compensation of any kind in connection with obtaining a mortgage loan from a bank, except for services actually rendered as provided in this chapter.

Article 4. Organization, Incorporation, Certification, Capital Structure, and General Powers, Limitations, and Requirements.
Alaska Stat. § 06.50.530 — AK Code / Title 6 / Chapter 06.50 / Section 06.50.530
Payment by advance recipient.
Status: in_force

(a) An advance recipient may repay an advance (1) in cash;

(2) by negotiation of the recipient's check that secures the advance; or

(3) with the agreement of the licensee, a debit card, a cashier's check, an electronic funds transfer from the recipient's bank account, or a reasonable electronic payment mechanism to which the parties agree.

(b) An advance is paid in full when the advance recipient repays the advance under (a) of this section, or when the advance recipient rescinds the advance under AS 06.50.480 .

(c) A licensee may not accept payment of an advance from the proceeds of another advance provided by the same licensee.
Alaska Stat. § 06.05.095 — AK Code / Title 6 / Chapter 06.05 / Section 06.05.095
Payment of items.
Status: in_force

If the balance in an account subject to withdrawal by or upon the order of a depositor is insufficient to pay an item presented for payment, a bank may select from the items that in the aggregate exceed the balance the items to be paid in the order convenient to the bank.
Alaska Stat. § 06.26.630 — AK Code / Title 6 / Chapter 06.26 / Section 06.26.630
Reports of apparent crime.
Status: in_force

(a) A trust company that is the victim of a robbery, that has a shortage of money or other assets in excess of $5,000, or that is the victim of an apparent or suspected misapplication of its money or other assets in any amount by a director, an officer, or an employee shall report the robbery, shortage, or apparent or suspected misapplication to the department within 48 hours after it is discovered. The initial report may be oral if the trust company promptly confirms the report in writing to the department. The trust company or a director, an officer, an employee, or an agent of the trust company is not liable for defamation to or subject to any another cause of action based on supplying the information in the report.

(b) A trust company may satisfy the requirements of (a) of this section by filing with the department a copy of a written report filed with the appropriate law enforcement agency.

Article 9. Organic Change.
Alaska Stat. § 06.45.210 — AK Code / Title 6 / Chapter 06.45 / Section 06.45.210
Minors or trusts.
Status: in_force

Shares of a credit union may be issued in the name of a minor or in trust, subject to conditions prescribed by the bylaws. When shares are issued in trust, the name of the beneficiary shall be disclosed to the credit union.
Alaska Stat. § 06.15.340 — AK Code / Title 6 / Chapter 06.15 / Section 06.15.340
Transfer and exercise of rights.
Status: in_force

All rights, franchises, and property interests of the merged or consolidating mutual banks are transferred to and vested in the surviving or consolidated mutual bank by virtue of the merger or consolidation without the requirement under this chapter of a deed or other instrument of transfer. The surviving or consolidated mutual bank may exercise all rights and privileges of the merged or consolidating mutual banks in accordance with the terms of the merger or consolidation agreement. The surviving or consolidated mutual bank is responsible for all debts and obligations of the merged or consolidating mutual bank under the terms of the merger or consolidation agreement.
Alaska Stat. § 06.60.990 — AK Code / Title 6 / Chapter 06.60 / Section 06.60.990
Definitions.
Status: in_force

In this chapter, unless the context otherwise requires, (1) bona fide nonprofit organization means an organization that the department has determined qualifies as a bona fide nonprofit organization under AS 06.60.015 (c);

(2) borrower means an individual who receives a mortgage loan;

(3) consumer reporting agency means a consumer reporting agency that compiles and maintains files on consumers on a nationwide basis; in this paragraph, consumer reporting agency that compiles and maintains files on consumers on a nationwide basis has the meaning given in 15 U.S.C. 1681a(p) (Fair Credit Reporting Act);

(4) control means the power, directly or indirectly, to direct the management or policies of a company, whether through ownership of securities, by contract, or otherwise; an individual is presumed to control a company if the individual (A) is a director, general partner, or executive officer, including chief executive officer, chief financial officer, chief operations officer, chief legal officer, chief credit officer, or chief compliance officer, or occupies a similar position or performs a similar function;

(B) directly or indirectly, has the right to vote 10 percent or more of a class of voting security or has the power to sell or direct the sale of 10 percent or more of a class of voting securities;

(C) in the case of a limited liability company, (i) is a managing member;

(ii) is a member who has the right to receive on dissolution, or has contributed, 10 percent or more of the capital of the limited liability company; or

(iii) if the limited liability company is managed by elected or appointed managers, is an elected or appointed manager; or

(D) in the case of a partnership, has the right to receive on dissolution, or has contributed, 10 percent or more of the capital;

(5) control person means an individual described in the uniform mortgage lender and mortgage broker application form of the registry who directly or indirectly exercises control over the applicant;

(6) department means the Department of Commerce, Community, and Economic Development;

(7) depository institution has the meaning given in 12 U.S.C. 1813 (Federal Deposit Insurance Act) and includes a credit union;

(8) dwelling means a residential structure or mobile home that contains one to four family housing units, or the individual units of condominiums or cooperatives;

(9) federal banking agency means the Board of Governors of the Federal Reserve System, the Comptroller of the Currency, the director of the Office of Thrift Supervision, the National Credit Union Administration, and the Federal Deposit Insurance Corporation;

(10) fund means the mortgage loan originator surety fund established under AS 06.60.500 ;

(11) fund claim means a claim against the fund;

(12) fund fee means the fee required to be paid by AS 06.60.550 ;

(13) individual means a natural person;

(14) knowingly has the meaning given in AS 11.81.900 (a);

(15) license means a license issued under this chapter;

(16) licensed mortgage loan originator means a person who holds a mortgage loan originator license issued under this chapter;

(17) licensee means a person who holds a license issued under this chapter;

(18) loan processor or underwriter means an individual who performs clerical or support duties as an employee at the direction of and subject to the supervision and instruction of a person required to be licensed or exempt from licensing under this chapter; in this paragraph, clerical or support duties includes, subsequent to the receipt of an application, (A) the receipt, collection, distribution, and analysis of information common for the processing or underwriting of a mortgage loan; and

(B) communicating with a consumer to obtain the information necessary for the processing or underwriting of a loan, to the extent that the communication does not include offering or negotiating loan rates or terms or counseling consumers about mortgage loan rates or terms;

(19) mortgage broker means a person who, for compensation or gain, or in the expectation of compensation or gain, directly or indirectly, by telephone, by electronic means, by mail, through the Internet, in person, or by the person itself or a mortgage loan originator, (A) arranges with a variety of lending sources, including private lenders, institutional investors, or wholesale lenders, to provide financing for mortgage loans; or

(B) assists or offers to assist a borrower or potential borrower to obtain financing for a mortgage loan;

(20) mortgage lender (A) means a person who consummates and funds a mortgage loan and who is named as the payee in the promissory note and as the beneficiary of the deed of trust;

(B) does not include a subsequent purchaser of a mortgage loan or an interest in a mortgage loan that is originated by a licensee under this chapter;

(21) mortgage license means a license issued under this chapter to operate as a mortgage lender or a mortgage broker;

(22) mortgage licensee means a person who holds a mortgage license;

(23) mortgage loan means a residential mortgage loan;

(24) mortgage loan originator (A) means an individual who, for compensation or gain, or in the expectation of compensation or gain, (i) takes a mortgage loan application; or

(ii) offers or negotiates terms of a mortgage loan;

(B) does not include an individual who is not otherwise described in (A) of this paragraph and who is engaged solely as a loan processor or underwriter on behalf of a person described in (A) of this paragraph, except as provided in AS 06.60.013 ;

(C) does not include an individual who only performs real estate brokerage activities and is licensed or registered under applicable state law, unless the individual is compensated by a lender, a mortgage broker, or another mortgage loan originator, or by an agent of the lender, mortgage broker, or other mortgage loan originator; in this subparagraph, real estate brokerage activity means an activity that involves offering or providing real estate brokerage services to the public, including (i) acting as a real estate agent or real estate broker for a buyer, seller, lessor, or lessee of real property;

(ii) bringing together parties interested in the sale, purchase, lease, rental, or exchange of real property;

(iii) negotiating, on behalf of a party, a portion of a contract relating to the sale, purchase, lease, rental, or exchange of real property other than in connection with providing financing with respect to the transaction;

(iv) engaging in an activity for which a person engaged in the activity is required to be registered or licensed as a real estate agent or real estate broker under an applicable law; and

(v) offering to engage in an activity, or act in a capacity, described in (i), (ii), (iii), or (iv) of this subparagraph; and

(D) does not include a person solely involved in extensions of credit relating to timeshare plans; in this subparagraph, timeshare plan has the meaning given in 11 U.S.C. 101 (Bankruptcy Code);

(25) mortgage loan originator license means a license issued to a person to operate as a mortgage loan originator;

(26) Nationwide Mortgage Licensing System and Registry has the meaning given in 12 U.S.C. 5102 (Secure and Fair Enforcement for Mortgage Licensing Act of 2008);

(27) nontraditional mortgage product means a mortgage product other than a 30-year fixed-rate mortgage;

(28) operate means hold out, do business, offer to provide services, or provide services; in this paragraph, hold out means to represent to the public, through advertising or other means of communicating or providing information, including the use of business cards, stationery, brochures, signs, rate lists, or other promotional items, that the person can or will perform an activity for which a license is required under this chapter;

(29) operate in the state includes operating in the state from a location outside the state or from an Internet website that originates inside or outside the state;

(30) program administration fee means the fee described under AS 06.60.800 (a);

(31) record means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form;

(32) registered mortgage loan originator means an individual who (A) is a mortgage loan originator and is an employee of (i) a depository institution;

(ii) a subsidiary that is owned and controlled by a depository institution and regulated by a federal banking agency; or

(iii) an institution regulated by the Farm Credit Administration; and

(B) is registered with the registry and maintains a unique identifier with the registry;

(33) registry means the Nationwide Mortgage Licensing System and Registry;

(34) registered depository institution means a depository institution that is registered under AS 06.60.014 .

(35) residential mortgage loan means a loan that is primarily for personal, family, or household use and that is secured by a mortgage, deed of trust, or other equivalent consensual security interest on a dwelling or residential real estate located in the state; in this paragraph, (A) manufactured home has the meaning given in AS 45.29.102 ;

(B) residential real estate means real property on which a dwelling is constructed or intended to be constructed, including a manufactured home that has become real property under AS 34.85.010 ;

(36) unique identifier means a number or other identifier assigned to a licensee by protocols established by the registry.
Alaska Stat. § 06.65.220 — AK Code / Title 6 / Chapter 06.65 / Section 06.65.220
Preparation and filing.
Status: in_force

In addition to the other reporting requirements of this chapter, a financial contractor shall prepare and file the statements, program account information, and other information as required by state and federal law and state and federal agencies.
Alaska Stat. § 06.60.750 — AK Code / Title 6 / Chapter 06.60 / Section 06.60.750
Disciplinary action against a mortgage loan originator licensee.
Status: in_force

Repayment in full of all obligations to the fund does not nullify or modify the effect of disciplinary proceedings brought against a mortgage loan originator licensee under this chapter.
Alaska Stat. § 06.05.327 — AK Code / Title 6 / Chapter 06.05 / Section 06.05.327
Change in outstanding voting shares.
Status: in_force

Before a change may occur in the outstanding voting shares of a state bank that will result in a change in the control of the bank, or before any sales or transfers by or to a person, corporation or other legal entity of the aggregate of 10 percent or more of the voting shares of a state bank may be made, the transaction must be approved by the department.
Alaska Stat. § 06.05.445 — AK Code / Title 6 / Chapter 06.05 / Section 06.05.445
Net undivided profits and dividends.
Status: in_force

(a) A bank may not declare or pay a dividend in an amount greater than its net undivided profits then on hand.

(b) In determining net profits for the purpose of declaring a dividend, a bank may not include in its calculations (1) loan loss reserves and losses in excess of reserves, including loans or other credits upon which interest for a period of six months is due and unpaid, unless the loan or credit is well secured and in the process of collection;

(2) interest accrued but not collected on loans or other credits upon which the interest due is more than 90 days delinquent;

(3) interest collected but not earned;

(4) assets or depreciation that the department has required to be charged off;

(5) the appreciation of any asset above its actual cost to the bank; and

(6) any accrued expenses, interest or taxes due from the bank.
Alaska Stat. § 06.55.404 — AK Code / Title 6 / Chapter 06.55 / Section 06.55.404
Change of control.
Status: in_force

(a) A money services licensee shall (1) give the department notice in a record of a proposed change of control within 15 days after learning of the proposed change of control;

(2) request approval of the acquisition; and

(3) submit a nonrefundable fee with the notice.

(b) After review of a request for approval under (a) of this section, the department may require the money services licensee to provide additional information concerning the proposed persons in control of the money services licensee. The additional information must be limited to the same types required of the money services licensee or persons in control of the money services licensee as part of its original money services license or renewal application.

(c) The department shall approve a request for change of control under (a) of this section if, after investigation, the department determines that the person or group of persons requesting approval has the competence, experience, character, and general fitness to operate the money services licensee or person in control of the money services licensee in a lawful and proper manner and that the public interest will not be jeopardized by the change of control.

(d) When an application for a change of control under AS 06.55.401  06.55.407 is complete, the department shall notify the money services licensee in a record of the date on which the request was determined to be complete, and (1) the department shall approve or deny the request within 120 days after that date; or

(2) if the request is not approved or denied within 120 days after that date, (A) the request is approved; and

(B) the department shall permit the change of control under this section, to take effect as of the first business day after expiration of the period.

(e) The department, by regulation or order, may exempt a person from any of the requirements of (a)(2) and (3) of this section if it is in the public interest to exempt the person.

(f) The provisions of (a) of this section do not apply to a public offering of securities.

(g) Before filing a request for approval to acquire control of a money services licensee or person in control of a money services licensee, a person may request in a record a determination from the department as to whether the person would be considered a person in control of a money services licensee upon consummation of a proposed transaction. If the department determines that the person would not be a person in control of a money services licensee, the department shall enter an order to that effect, and the proposed person and transaction are not subject to the requirements of (a)  (c) of this section.
Alaska Stat. § 06.65.170 — AK Code / Title 6 / Chapter 06.65 / Section 06.65.170
Limited investment direction.
Status: in_force

A designated beneficiary or the designated beneficiary's representative may not, directly or indirectly, direct the investment of a program account, including the earnings on the program account, more than twice in one calendar year.
Alaska Stat. § 06.55.703 — AK Code / Title 6 / Chapter 06.55 / Section 06.55.703
Investigative powers.
Status: in_force

(a) In its investigations under this chapter, the department may administer oaths or affirmations and, on its own motion or on the request of a party to a proceeding, may subpoena witnesses, compel the attendance of witnesses, take evidence, and require the production of material that is relevant to the investigation, including the existence, description, nature, custody, condition, and location of books, documents, and other tangible items, and the identity and location of persons having knowledge of relevant facts or other material reasonably calculated to lead to the discovery of admissible evidence.

(b) If a person fails without a lawful excuse to obey a subpoena, and after reasonable notice to all persons affected by the failure, the department may apply to the superior court for an order compelling the person to obey the subpoena.

Article 8. Miscellaneous Provisions.
Alaska Stat. § 06.20.200 — AK Code / Title 6 / Chapter 06.20 / Section 06.20.200
Advertising of misleading statements prohibited.
Status: in_force

(a) A person may not advertise, print, display, publish, distribute, or broadcast or cause or permit to be advertised, printed, displayed, published, distributed, or broadcast, in any manner any statement or representation with regard to the rates, terms, or conditions for the lending of money, credit, goods, or things in action in the amount or of the value of $25,000 or less, which is false, misleading, or deceptive. The department may order a licensee to desist from conduct that it finds to be in violation of this section.

(b) The department may require rates of charge stated by a licensee to be stated fully and clearly in the manner considered necessary to prevent misunderstanding by prospective borrowers.
Alaska Stat. § 06.60.087 — AK Code / Title 6 / Chapter 06.60 / Section 06.60.087
Standards for license renewal.
Status: in_force

(a) After a licensee complies with AS 06.60.085 , the department may renew the licensee's license if (1) the licensee continues to meet the standards for license issuance under AS 06.60.060 ;

(2) in the case of a mortgage loan originator license, the mortgage loan originator licensee has satisfied the annual continuing education requirements of AS 06.60.160 ;

(3) the licensee has paid all required fees for renewal of the license; and

(4) the licensee is in compliance with the requirements of this chapter and regulations adopted and orders issued under this chapter.

(b) If a licensee fails to satisfy (a) of this section, the license expires at the end of the period for which the license was issued. The department may adopt by regulation procedures for the reinstatement of expired licenses. The procedures must be consistent with the standards established by the registry.
Alaska Stat. § 06.05.440 — AK Code / Title 6 / Chapter 06.05 / Section 06.05.440
Authority to declare dividends.
Status: in_force

The directors of a bank transacting business in the state may declare a dividend out of the net profits, subject to any restrictions under AS 06.05.307 (c) and after complying with AS 06.05.441  06.05.445.
Alaska Stat. § 06.45.190 — AK Code / Title 6 / Chapter 06.45 / Section 06.45.190
Dividends.
Status: in_force

At intervals as the board of directors may authorize and after provision for required reserves, the board of directors may declare, under regulations adopted by the commissioner, a dividend to be paid at different rates on different types of shares and at different rates and maturity dates in the case of share certificates. Dividend credit may be accrued on various types of shares and share certificates as authorized by the board of directors.
Alaska Stat. § 06.05.435 — AK Code / Title 6 / Chapter 06.05 / Section 06.05.435
Directors.
Status: reserved

(a) The affairs of every bank incorporated under this chapter shall be managed by not less than five directors, nor more than 25. A majority of the board of directors shall be bona fide residents of the state, and a majority constitutes a quorum for the transaction of business.

(b) [Repealed, § 102 ch 26 SLA 1993.] (c) Unless otherwise approved by the department, each director of a state bank shall own, in the director's own right or jointly with the director's spouse, free of any encumbrance, common or preferred stock of the state bank or of an entity that controls the state bank that has an aggregate par value of at least $1,000, an aggregate shareholder's equity of at least $1,000, or an aggregate fair market value of at least $1,000.

(d) Each director shall take an oath that the director will faithfully and honestly perform the duties of the office and will not violate or permit to be violated any provisions of this chapter. The oath shall be filed annually in the office of the department.

(e) [Repealed, § 102 ch 26 SLA 1993.] (f) A bank shall report within 30 days to the department a change in directors, including a statement of the business and professional affiliations of new directors.

(g) The department may issue an order under AS 06.01.030 removing a person from the board of directors or prohibiting a person from being on the board, if the department determines that (1) due to the competence, experience, character, or integrity of the person, it is not in the best interests of the depositors or the public for the person to be or remain on the board;

(2) the person is dishonest or reckless in managing the affairs of the bank;

(3) the person has persistently violated this title, the regulations adopted under this title, or the orders of the department under this title or under the regulations adopted under this title;

(4) the person has been indicted for a felony or other crime involving moral turpitude or breach of trust; or

(5) the person has filed a petition in bankruptcy either in an individual capacity or in the name of a corporation in which the person owns a majority of the shares.

(h) In the case of an entity that owns more than one bank, a director may use the director's equity interest in the controlling entity to satisfy, in whole or in part, the equity interest requirement for one or all of the controlled banks.

(i) The value of the common or preferred stock held by a director of a state bank or of an entity that controls the state bank is valued as of the date purchased, or as of the date on which the individual became a director, whichever value is greater.
Alaska Stat. § 06.45.030 — AK Code / Title 6 / Chapter 06.45 / Section 06.45.030
Approval of articles of incorporation and issuance of certificate of authority.
Status: in_force

(a) The articles of incorporation shall be presented to the commissioner for approval. Before the certificate of authority is issued, the commissioner shall determine (1) whether the articles of incorporation and bylaws conform to the provisions of this chapter and to regulations of the commissioner;

(2) the general character and fitness of the subscribers; and

(3) the economic advisability of establishing the proposed credit union.

(b) A certificate of authority shall be delivered by the commissioner to the credit union if the required fee has been paid. On issuance of the certificate of authority, the credit union is a body corporate and is subject to the limitations of this chapter, and is vested with all of the powers and charged with all of the liabilities conferred and imposed by this chapter upon credit unions organized under it.
Alaska Stat. § 06.01.020 — AK Code / Title 6 / Chapter 06.01 / Section 06.01.020
Department authority to add financial institution powers and limitations.
Status: in_force

(a) Notwithstanding other provisions of this title, the department may by order authorize state financial institutions, except licensees subject to AS 06.20 , AS 06.40 , or AS 06.50 , to exercise any of the powers conferred upon, or to be subject to any of the limitations imposed upon, a federally chartered financial institution doing business in this state with deposits insured by an agency of the federal government if the department finds that the exercise of the power or imposition of the limitation both (1) serves the public convenience and advantage; and

(2) equalizes and maintains the quality of competition between state financial institutions and federally chartered financial institutions.

(b) The authority granted to the department by this section may not be limited by law unless that law expressly refers to this section.
Alaska Stat. § 06.35.010 — AK Code / Title 6 / Chapter 06.35 / Section 06.35.010
Common trust funds.
Status: in_force

(a) A bank or trust company that is qualified to act as a fiduciary in this state, or in another state if affiliated with a bank or trust company that is qualified to act as a fiduciary in this state, may establish common trust funds for the purpose of furnishing investments to (1) itself as fiduciary;

(2) itself and others as cofiduciaries; or

(3) its affiliated bank or trust company as fiduciary.

(b) A bank or trust company may invest, as fiduciary or cofiduciary, in the common trust funds it establishes under (a) of this section, the funds that the bank or trust company lawfully holds for investment, if the investment is not prohibited by the instrument, court judgment, court decree, or court order creating the fiduciary relationship, and if, in the case of cofiduciaries, the bank or trust company procures the consent of its cofiduciary or cofiduciaries to the investment.

(c) Notwithstanding (a) and (b) of this section, a bank or trust company that is qualified to act as a fiduciary in the state where the bank or trust company is organized or otherwise formed and that is not a member of the Federal Reserve System shall in the establishment of or investment in a common trust fund under (a)  (b) of this section comply with the law regulating financial institutions in the state where the bank or trust company is organized or otherwise formed.

(d) The Department of Commerce, Community, and Economic Development may adopt regulations under AS 44.62 (Administrative Procedure Act) to implement this section.

(e) In this section, (1) affiliated means two or more banks or trust companies in which (A) 25 percent or more of the voting shares, excluding shares owned by the United States or by a corporation or other entity wholly owned by the United States, is directly or indirectly owned or controlled by a holding company; or

(B) the election of a majority of the directors is controlled in any manner by a holding company;

(2) bank means an organization that is authorized by the United States Comptroller of the Currency, or by the director of banking or the equivalent position in the state of organization, to accept deposits and to make commercial loans, and whose deposits are insured by the Federal Deposit Insurance Corporation;

(3) trust company means a financial institution, corporation, or other legal entity, authorized to exercise general trust powers, but does not include a natural person.
Alaska Stat. § 06.45.070 — AK Code / Title 6 / Chapter 06.45 / Section 06.45.070
Membership.
Status: in_force

Credit union membership consists of the incorporators and other persons and incorporated and unincorporated organizations, to the extent permitted by regulations adopted by the commissioner, elected to membership. Each member shall subscribe to at least one share of the stock of the credit union and pay the initial installment on the stock and a uniform entrance fee if required by the board of directors of the credit union. Credit union membership is limited to groups having a common bond of occupation or association, or to groups within a well-defined neighborhood, community, or rural district. Shares may be issued in joint tenancy with right of survivorship with a person designated by the credit union member. A joint tenant may not be permitted to vote, obtain loans, or hold office, unless the joint tenant is within the field of membership and is qualified for membership.
Alaska Stat. § 06.60.895 — AK Code / Title 6 / Chapter 06.60 / Section 06.60.895
Effect of revocation, suspension, or surrender of license.
Status: in_force

The revocation, suspension, or surrender of a license does not impair or otherwise affect the rights or obligations of a preexisting lawful contract between the licensee and a borrower.
Alaska Stat. § 06.65.350 — AK Code / Title 6 / Chapter 06.65 / Section 06.65.350
Annual report.
Status: in_force

The department shall evaluate the program each year. The department shall submit an annual report containing the evaluation to the senate secretary and chief clerk of the house of representatives on or before the first day of each regular session of the legislature and shall notify the legislature that the report is available.
Alaska Stat. § 06.55.406 — AK Code / Title 6 / Chapter 06.55 / Section 06.55.406
Money laundering reports.
Status: in_force

(a) A money services licensee and an authorized delegate shall file with the attorney general all reports required by federal currency reporting, record keeping, and suspicious transaction reporting requirements as set out in 31 U.S.C. 5311 and other federal and state laws pertaining to money laundering.

(b) The timely filing of a complete and accurate report required under (a) of this section with the appropriate federal agency is compliance with the requirements of (a) of this section, unless the department notifies the money services licensee that the attorney general has notified the department that reports of this type are not being regularly and comprehensively transmitted by the federal agency to the attorney general.
Alaska Stat. § 06.05.342 — AK Code / Title 6 / Chapter 06.05 / Section 06.05.342
Subscriptions for shares.
Status: in_force

(a) Subscription agreements and accompanying prospectuses or offering circulars, whether for a proposed state bank or for an increase in capital of an existing state bank, shall be submitted to the department for approval before their use. The department shall determine whether the subscription agreements or offering circulars provide full and accurate disclosure of the material terms of the offering. The department may order the incorporators not to accept any stock subscriptions or to cease accepting subscriptions if the department determines that the incorporators are not acting lawfully or in good faith.

(b) In the case of a proposed state bank, the incorporators shall submit a list of subscribers, providing the name, residence address, and occupation of each subscriber and the number of shares for which the person has subscribed.
Alaska Stat. § 06.60.800 — AK Code / Title 6 / Chapter 06.60 / Section 06.60.800
Authorization of program administration fee.
Status: in_force

(a) The department may collect a program administration fee of $10 for each mortgage loan transaction to reimburse the state for the cost of administering this chapter.

(b) The program administration fee shall be paid by a borrower who is providing real property as security for the mortgage loan, except that, if the regulations of a federal or state loan program that insures the loan and that applies to the mortgage loan transaction prohibits the borrower from paying the program administration fee, another party to the mortgage loan transaction shall pay the program administration fee.

(c) If there are multiple mortgage loan instruments recorded for a single mortgage loan transaction, the department shall collect only one program administration fee.

(d) The program administration fees collected under this section shall be separately accounted for and may be appropriated by the legislature to the department for the operation of this chapter.

(e) In this section, mortgage loan instrument means a deed of trust, mortgage, or another loan instrument recorded to encumber residential real property in the state.
Alaska Stat. § 06.50.410 — AK Code / Title 6 / Chapter 06.50 / Section 06.50.410
Maximum amount of advances.
Status: in_force

A licensee, including a licensee with more than one location, may not make advances to an advance recipient that exceed $500 outstanding in advances to the recipient at one time.
Alaska Stat. § 06.26.010 — AK Code / Title 6 / Chapter 06.26 / Section 06.26.010
Persons authorized to act as fiduciaries.
Status: in_force

(a) Notwithstanding other provisions of law and except as provided in AS 06.26.020 , a person may not act as a fiduciary in this state unless the person is (1) a trust company organized under this chapter;

(2) a private trust company that has received an exemption under AS 06.26.200 ;

(3) a state financial institution;

(4) a national bank having its principal office in this state and authorized by the United States Comptroller of the Currency to act as a fiduciary;

(5) a federally chartered savings association having its principal office in this state and authorized by its federal chartering authority to act as a fiduciary;

(6) an international bank that has a branch bank in this state established or maintained under AS 06.05.550 ; in this paragraph, international bank has the meaning given in AS 06.05.990 ;

(7) an interstate national bank with a branch bank in this state established or maintained under AS 06.05.550 ; in this paragraph, interstate national bank means a national bank whose principal office, as designated in the bank's articles of incorporation, is not located in this state;

(8) an entity that (A) is organized under the laws of a state of the United States other than this state;

(B) holds a charter, license, certificate, or other type of authorization from this or another state of the United States to engage in banking; and

(C) has a branch bank located in this state established or maintained under AS 06.05.550 ;

(9) an interstate state trust company or international trust company with a trust office authorized by the department under AS 06.26.810  06.26.895;

(10) a trustee of only charitable trusts, does not offer fiduciary services to the general public with regard to noncharitable trusts, and observes the requirements applicable to trustees under AS 13.36.225  13.36.290 (Alaska Uniform Prudent Investor Act); or

(11) a federally chartered credit union having its principal office in this state and authorized by the National Credit Union Administration to act as a fiduciary.

(b) In this section, branch bank has the meaning given in AS 06.05.990 .
Alaska Stat. § 06.50.300 — AK Code / Title 6 / Chapter 06.50 / Section 06.50.300
Suspension or revocation of license.
Status: in_force

(a) The department may suspend or revoke a license under AS 44.62 (Administrative Procedure Act) if the department finds that (1) the licensee has failed to pay the license fee, failed to maintain the required bond in effect, or failed to comply with a demand, ruling, or requirement of the department made under this chapter;

(2) the licensee has violated a provision of this chapter or a regulation adopted by the department under this chapter; or

(3) a fact or condition exists that, if it had existed at the time of the original application for the license, clearly would have constituted ground for denial of the issuance of the license.

(b) If the reason for suspension or revocation of a licensee's license at one location applies generally to all locations operated by the licensee, the department may suspend or revoke all licenses issued to the licensee.
Alaska Stat. § 06.26.790 — AK Code / Title 6 / Chapter 06.26 / Section 06.26.790
Claims.
Status: in_force

(a) As soon as practical after beginning the liquidation of a trust company, the department shall (1) mail a notice of the liquidation proceedings to the last known post office address of each depositor, creditor, lessee of a safe deposit box, bailor of property, and trustor and beneficiary of trust assets held by the trust company;

(2) post a notice of the proceedings conspicuously on the premises of the trust company; and

(3) publish a notice that the department determines to be appropriate for the proceedings.

(b) The department shall mail with the notice sent under (a)(1) of this section a statement of the amount shown on the trust company's records to be the claim of the depositor or creditor. The notice must also include a demand that a person who is entitled to property held by the trust company as bailee or trustee or in a safe deposit box of the trust company withdraw the property within 30 days. The notice must direct those depositors and creditors who claim amounts different from the amounts in the notice to file their claims with the trust company under the procedure described in the notice and before a specified date. The specified day may not be less than 60 days from the date of the first publication of the notice.

(c) A safe deposit box whose contents have not been removed within 30 days after demand shall be opened. The department shall retain the contents of the box and the other unclaimed property held by the trust company as bailee until the conclusion of the liquidation proceedings. At the conclusion of the liquidation proceedings under this section, the property held by the department under this subsection is considered abandoned, and the department shall deliver the property to the Department of Revenue under AS 34.45.110  34.45.780.

(d) Within six months after the last day specified in the notice for the filing of claims, or within a longer period if allowed by the superior court, the department shall (1) reject a claim that it determines to be invalid;

(2) determine the amount, if any, owing to each known creditor or depositor and the priority class of the person's claim under this chapter;

(3) prepare a schedule of its determinations for filing in the superior court;

(4) publish a notice in a newspaper once each week for three successive weeks, of the times and places where the schedule of determinations will be available for inspection and the date when the department will file its schedule in court; the date may not be sooner than 30 days after the first publication.

(e) Within 30 days after the filing with the superior court of the department's schedule under (d)(3) of this section, a creditor, depositor, or stockholder may file with the court an objection to a determination. The court shall hear and determine the filed objections after the notice to the department and interested claimants that the court establishes. If the court sustains an objection, the court shall direct that the schedule be modified appropriately.

(f) After filing its schedule, the department may make partial distribution to the holders of the claims that are undisputed or are allowed by the court if an adequate reserve is established for the payment of disputed claims. As soon as practicable after the determination of all objections, the department shall make the final distribution.

(g) The following claims have priority in liquidation proceedings, in the order listed: (1) obligations incurred by the department in liquidating the trust company;

(2) wages and salaries of officers and employees earned during the three-month period preceding the department's possession in an amount not exceeding $3,000 for each person;

(3) fees and assessments owed by the trust company to the department;

(4) deposits;

(5) claims secured by trust company assets.

(h) After the payment of all other claims, including interest at the rate of 10.5 percent a year, the department shall pay claims that are otherwise valid but that were not filed within the time prescribed.

(i) If the sum available for a class of creditors is insufficient to provide payment in full, the sum shall be distributed pro rata to the claimants in the class.

(j) Unclaimed property remaining after the completion of the liquidation proceedings under this section is presumed abandoned, and the property shall be delivered to the Department of Revenue for handling under AS 34.45.110  34.45.780.

(k) After payment of the expenses of the liquidation and the claims against the trust company arising from its fiduciary obligations in this state under AS 06.26.760  06.26.800, the receiver shall distribute any remaining money or other assets from the liquidation of the trust company's fiduciary operations in this state equitably among, as applicable, the receivers for liquidation of the trust company's fiduciary operations in other states of the United States and under the laws of the United States, for payment of the expenses of liquidation and claims against the trust company's fiduciary operations. If the trust company's fiduciary operations are not being liquidated in another state or under the laws of the United States, the receiver shall, after satisfying the requirements of AS 06.26.760  06.26.800, pay any remaining money or other assets from the liquidation of the trust company's fiduciary operations in this state to the trust company.

(l) When the receiver has completed the liquidation of the trust company's fiduciary operations in this state, the receiver shall, with notice to the department, petition the court for an order declaring the trust company's fiduciary operations in this state properly wound up under AS 06.26.760  06.26.800. Upon the filing of the petition, the court shall proceed as provided in AS 06.26.760  06.26.800.

(m) An order issued by the court under a petition filed under (l) of this section may only declare the trust company's fiduciary operations in this state have been properly wound up and may not declare the trust company is dissolved. The court may make whatever additional orders and grant whatever additional relief that the court determines is proper under the evidence submitted.

(n) After an order is issued under (m) of this section declaring the trust company's fiduciary operations in this state are properly wound up, (1) the trust company shall, except for any further winding up, cease acting as a fiduciary in this state or in any jurisdiction; and

(2) the receiver shall promptly file with the department a copy of the order certified by the clerk of the court.
Alaska Stat. § 06.45.110 — AK Code / Title 6 / Chapter 06.45 / Section 06.45.110
Executive officers.
Status: in_force

(a) At its first meeting after the annual meeting of the members, the board of directors shall elect from its membership the executive officers of the credit union.

(b) An executive officer, other than the treasurer, may not be compensated as an officer.

(c) The offices of secretary and treasurer may be held by the same person.

(d) The duties of the officers are determined by the bylaws.

(e) The treasurer shall give bond with good and sufficient surety, in an amount and character to be determined by the board of directors in compliance with regulations adopted by the commissioner.

(f) The board of directors shall appoint a president to act as chief executive officer of the credit union and to be actively in charge of the operations of the credit union.
Alaska Stat. § 06.05.075 — AK Code / Title 6 / Chapter 06.05 / Section 06.05.075
Standards.
Status: in_force

The department, in the exercise of its authority under this chapter, shall act in the interests of promoting and maintaining a sound and competitive banking system, the security of deposits and customers, the liquid position of banks, and the prevention of injurious credit expansions and contractions.
Alaska Stat. § 06.60.670 — AK Code / Title 6 / Chapter 06.60 / Section 06.60.670
Nonapplication.
Status: in_force

AS 06.60.630  06.60.660 do not apply to a fund claim that is dismissed under AS 06.60.610 .
Alaska Stat. § 06.65.120 — AK Code / Title 6 / Chapter 06.65 / Section 06.65.120
Program account ownership.
Status: in_force

(a) The owner of a program account is the designated beneficiary of the program account.

(b) If a representative of an eligible individual establishes a program account for an eligible individual, the representative is not an owner of the program account and does not have or acquire an interest in the assets of the program account.
Alaska Stat. § 06.05.045 — AK Code / Title 6 / Chapter 06.05 / Section 06.05.045
Bank reports to the department.
Status: in_force

(a) Each state bank shall make at least four reports of condition each year to the department on days designated by, and on forms prescribed by, the department. The report shall be signed by a duly authorized officer of the bank and shall be signed by at least three directors who certify under penalty of unsworn falsification in the second degree under AS 11.56.210 that they, and each of them, have personal knowledge of the facts stated in the report and that the facts are true. The reports must exhibit in detail and under appropriate heads the resources and liabilities of the bank and must be received by the department within 30 calendar days after the end of the period covered by the report.

(b) The department may require special reports from a bank whenever in its judgment they are necessary in order to obtain a full knowledge of its condition.

(c) Each state bank shall make at least one report of income and dividends to the department each year. The report shall be submitted to the department within 30 days following the end of the calendar year covered in the report.
Alaska Stat. § 06.65.250 — AK Code / Title 6 / Chapter 06.65 / Section 06.65.250
Use as security.
Status: in_force

A person may not use a program account or an interest in a program account as security for a loan. If a person pledges a program account or an interest in a program account as security for a loan, the pledge is void.
Alaska Stat. § 06.15.130 — AK Code / Title 6 / Chapter 06.15 / Section 06.15.130
Deposit of funds.
Status: in_force

A mutual bank may not deposit any of its funds except with a depositary approved by vote of a majority of all the trustees, exclusive of any trustee who is an officer, partner, director or trustee of the depositary.
Alaska Stat. § 06.60.016 — AK Code / Title 6 / Chapter 06.60 / Section 06.60.016
Registry.
Status: in_force

(a) The department may participate in the registry and pay the fees required for participation in the registry.

(b) The department (1) may establish relationships or contracts with the registry or other entities designated by the registry to collect and maintain records and process transaction fees or other fees related to licensees or other persons subject to this chapter;

(2) shall require mortgage licensees and mortgage loan originators to register with the registry; and

(3) shall establish by regulation a process that allows mortgage licensees and mortgage loan originators to challenge information entered into the registry by the department.

(c) The department may adopt emergency regulations under AS 44.62 (Administrative Procedure Act) to implement this section, including emergency regulations for the assessment of fees.
Alaska Stat. § 06.60.600 — AK Code / Title 6 / Chapter 06.60 / Section 06.60.600
Filing and distribution of claim.
Status: in_force

At least 20 days before a hearing is held on the fund claim by the office of administrative hearings ( AS 44.64.010 ), the department shall send a copy of the claim filed with the department to (1) each mortgage loan originator licensee alleged to have committed the misconduct resulting in the alleged loss;

(2) the employer of the mortgage loan originator licensee described in (1) of this section; and

(3) any other parties involved in the mortgage loan transaction that is the subject of the fund claim.
Alaska Stat. § 06.50.500 — AK Code / Title 6 / Chapter 06.50 / Section 06.50.500
Posted fee notice.
Status: in_force

A licensee shall post a notice in each business location that discloses the fees that the licensee charges for advances. The fees in the notice must be expressed as a dollar amount, as an annual percentage rate for 14 days for each $100, and as an annual percentage rate for 30 days for each $100. The notice must also contain any other reasonably necessary information required by the department by regulation. The notice shall be posted so that it is conspicuous to an advance recipient or a potential advance recipient. The lettering in the notice must be legible and at least one inch in height.
Alaska Stat. § 06.60.730 — AK Code / Title 6 / Chapter 06.60 / Section 06.60.730
False claims or documents.
Status: in_force

A person who files a notice, statement, or other document under AS 06.60.500  06.60.750 that contains a material misstatement of fact is guilty of a class A misdemeanor.
Alaska Stat. § 06.05.355 — AK Code / Title 6 / Chapter 06.05 / Section 06.05.355
Deposit insurance required.
Status: in_force

(a) The department shall require a state bank, at the time the bank applies for a certificate of authority under AS 06.05.350 , to become a member of the Federal Deposit Insurance Corporation.

(b) A bank that is a member of the Federal Deposit Insurance Corporation may not voluntarily relinquish membership without the consent of the department. Request for the consent must be made at least 180 days before the proposed date of relinquishment.

(c) Relinquishment of membership without giving notice and obtaining the department's consent, involuntary loss of membership, or failure to become a member after the department directs the bank to become a member constitutes cause for the department to take possession of the bank in the manner provided by this chapter.
Alaska Stat. § 06.26.480 — AK Code / Title 6 / Chapter 06.26 / Section 06.26.480
Objection to other transfer.
Status: in_force

AS 06.26.450  06.26.480 may not be construed to prevent the department from investigating, commenting on, or seeking to enjoin or set aside a transfer of voting securities that evidence a direct or indirect interest in a trust company if the department considers the transfer to be against the public interest.
Alaska Stat. § 06.45.120 — AK Code / Title 6 / Chapter 06.45 / Section 06.45.120
Board of directors.
Status: in_force

(a) The board of directors shall meet at least once a month and shall have the general direction and control of the business affairs of the credit union. Minutes of all meetings shall be kept.

(b) The board of directors shall (1) act upon applications for membership;

(2) require an officer or employee having custody of or handling funds to give bond with good and sufficient surety in an amount and character to be determined by the board of directors in compliance with regulations adopted by the commissioner and authorize the payment of the premium by the credit union;

(3) fill vacancies in the board of directors until successors elected at the next annual meeting have qualified;

(4) have charge of investments other than loans to members; the board of directors may designate a committee of not less than two to act as an investment committee that has charge of making investments under rules and procedures established by the board of directors;

(5) determine the maximum number of shares and share certificates and the classes of shares and share certificates that may be held;

(6) subject to the limitations of this chapter, determine the interest rates on loans, the security, and the maximum amount that may be loaned or provided in lines of credit;

(7) subject to regulations adopted by the commissioner, authorize an interest refund to members of record at the close of business on the last day of any dividend period in proportion to the interest paid by the members during the dividend period; and

(8) provide for compensation of officers and employees.

(c) The board of directors may appoint an executive committee of not less than three directors to exercise authority delegated to it under the conditions and limitations prescribed by the board of directors.
Alaska Stat. § 06.65.070 — AK Code / Title 6 / Chapter 06.65 / Section 06.65.070
Financial contractor obligations.
Status: in_force

In addition to any other obligations imposed by the contract with the department, if the department enters into a contract with a person to provide program accounts, the financial contractor shall (1) provide program accounts that comply with the federal authorizing law;

(2) take the action necessary to keep the program in compliance with the requirements of this chapter and to manage the program accounts in compliance with the federal authorizing law;

(3) keep adequate records of each program account and keep each program account segregated from other program accounts;

(4) as requested by the department, compile the information contained in statements required to be prepared under AS 06.65.210 and provide the statements and the compiled material to the department;

(5) provide the department with access to the books and records of the financial contractor to the extent needed to determine compliance with the contract, this chapter, and the federal authorizing law;

(6) hold program accounts for the benefit of the program account owner;

(7) be audited, at least annually, by a firm of certified public accountants acceptable to the department and provide the results of the audits to the department;

(8) upon request of the department, provide the department with copies of all filings and reports related to the program made by the financial contractor during the contract or while the financial contractor holds program accounts;

(9) upon request of the department, make available to the department for review the results of periodic examinations of the financial contractor by a state or federal banking, insurance, or securities agency, except to the extent that the report is confidential under state or federal law; and

(10) ensure that the descriptions of the program in the media that the financial contractor uses to promote the program are consistent with a marketing plan developed for the program.
Alaska Stat. § 06.26.580 — AK Code / Title 6 / Chapter 06.26 / Section 06.26.580
Trust asset transactions involving certain securities, assets, or information.
Status: in_force

(a) Except as provided in this chapter, or as authorized under the instrument creating the relationship, a trust company may not invest trust assets in the stock or obligations of, or use trust assets to acquire property from, the trust company or any of the trust company's officers, directors, or employees. A trust company may not sell trust assets to the trust company or to any of the trust company's directors, officers, or employees.

(b) A trust company may not use material inside information in connection with a decision or recommendation to purchase or sell a security that is a trust asset.
Alaska Stat. § 06.60.720 — AK Code / Title 6 / Chapter 06.60 / Section 06.60.720
Order of fund claim payment.
Status: in_force

If the money appropriated to the department for payment under AS 06.60.520  06.60.750 is insufficient to satisfy an award under AS 06.60.680 for a fund claim, the department shall, when sufficient money has been appropriated to the department for the purpose, satisfy unpaid fund claims in the order the fund claims were originally filed, plus accumulated interest at the rate allowed under AS 45.45.010 (a).
Alaska Stat. § 06.65.240 — AK Code / Title 6 / Chapter 06.65 / Section 06.65.240
Annual fee.
Status: in_force

A financial contractor may impose an annual fee as may be established by the department on the program account owner for the maintenance of a program account.
Alaska Stat. § 06.26.840 — AK Code / Title 6 / Chapter 06.26 / Section 06.26.840
Conditions for approval.
Status: in_force

(a) An interstate state trust company or international trust company may not establish or acquire a trust office in this state under AS 06.26.810  06.26.895 unless (1) the trust company confirms in writing to the department that, while the trust company maintains a trust office in this state, the trust company will comply with all applicable laws of this state, including, except where the context or this section indicates otherwise, the provisions of this chapter applicable to trust companies organized under this chapter;

(2) the trust company provides satisfactory evidence to the department of compliance with the (A) requirements for foreign corporations under AS 10.06 ; and

(B) applicable requirements of its home jurisdiction regulator for establishing or acquiring and maintaining the office;

(3) the department, acting within 90 days after receiving notice under AS 06.26.830 , certifies to the home jurisdiction regulator that the requirements of AS 06.26.810  06.26.895 have been met and the notice has been approved or, if applicable, that any conditions imposed by the department under (b) of this section have been satisfied;

(4) the department receives evidence from the trust company that the department determines clearly demonstrates that the establishment or acquisition will serve the public interest and well-being; the evidence must address the factors listed in AS 06.26.090 (b); and

(5) the department has received all required fees and the affidavit of publication required by AS 06.26.100 (b).

(b) An interstate state trust company or international trust company may begin acting as a fiduciary at a trust office on the 91st day after the date that the department receives the notice under (a) of this section for the trust office unless the department specifies a different date.

(c) The department may extend the 90-day period of review provided by (a) of this section if the department determines that the written notice raises issues that require additional information or additional time for analysis by the department. If the department extends the 90-day period of review, the trust company may establish the trust office only after written approval by the department.

(d) The department may deny an interstate state trust company or international trust company permission to establish or acquire the trust office if the department finds that the trust company lacks sufficient financial resources to undertake the proposed expansion without adversely affecting its safety or soundness or that the proposed trust office would be contrary to the public interest. When acting on the notice provided under (a) of this section, the department shall consider the views of the home jurisdiction regulator.

(e) If an interstate state trust company or international trust company is not required by AS 10.06 or another law of this state to maintain a registered agent in this state, the trust company shall file a written consent with the department permitting the commissioner to act as the agent for the trust company for service of process in a court action arising out of or connected with the proposed trust office.

(f) An interstate national trust company may not establish or acquire a trust office in this state unless the trust company provides satisfactory evidence to the department of compliance with the applicable requirements of its home jurisdiction regulator for establishing or acquiring and maintaining the office.
Alaska Stat. § 06.26.200 — AK Code / Title 6 / Chapter 06.26 / Section 06.26.200
Private trust companies.
Status: in_force

(a) Unless the department expressly in writing exempts the person under this section from all or some of the provisions of this chapter, a private trust company shall comply with the provisions of this chapter applicable to a trust company.

(b) A person may apply in writing for an exemption from specific provisions of this chapter. The department may grant the exemption, in whole or in part, if the department finds that the person qualifies under (c) of this section and does not and will not offer fiduciary services to the general public.

(c) To qualify as a private trust company, a person shall be a corporation organized under AS 10.06 , a limited liability company organized under AS 10.50 , or a limited partnership formed under AS 32.11 , and the person's (1) articles of incorporation, articles of organization, or partnership agreement must prohibit the person from acting as a fiduciary of a trust, except for a trust created during the lifetime or upon the death of (A) one named individual;

(B) a child, grandchild, or greatgrandchild of the individual identified in (A) of this paragraph, but not including a stepchild, stepgrandchild, or stepgreatgrandchild;

(C) a spouse or former spouse, including a person divorced from the individual, of an individual identified in (A) and (B) of this paragraph; and

(2) headquarters must be located in this state, or the person must have in force a contract with a qualified entity to represent the person on an exclusive or nonexclusive basis in this state, including maintaining a set of records for each trust for which the person acts as a fiduciary and receiving legal process on behalf of the person; in this paragraph, qualified entity has the meaning given to qualified person in AS 13.36.390 (3)(B) and (C).

(d) At the expense of the applicant, the department may examine or investigate the applicant in connection with an application for an exemption under this section. Unless the application presents novel or unusual questions, the department shall approve or deny the application for exemption not later than the 61st day after the date that the department considers the application complete and accepted for filing. If the application presents novel or unusual questions, the department may extend the time for approving or denying the application. The department may require the applicant to submit additional information the department considers necessary to make an informed decision.

(e) The department may make an exemption under this section subject to conditions or limitations imposed by the department that are consistent with this chapter.

(f) The department may adopt regulations that are consistent with this chapter defining the activities that do not constitute providing or offering fiduciary services to the general public, specifying the provisions of this chapter that are subject to an exemption under this section, and establishing procedures and requirements for obtaining, maintaining, or revoking an exemption granted under this section.
Alaska Stat. § 06.26.740 — AK Code / Title 6 / Chapter 06.26 / Section 06.26.740
Revocation.
Status: in_force

(a) If the department determines that any of the following factors exist, the department may revoke, consistent with AS 06.01.030 and regulations adopted by the department under AS 06.01.030 and this chapter, a trust company's certificate of authority: (1) the existence of the trust company, or its authority to act as a fiduciary, has been terminated or suspended under the laws of the state or other jurisdiction in which the trust company is organized;

(2) the trust company's authority to act as fiduciary has been terminated or suspended under the laws of the state or other jurisdiction in which the trust company is organized, or its license to act as a fiduciary has been terminated or suspended under the laws of any other jurisdiction in which the trust company had been authorized to act as a fiduciary;

(3) a receiver, liquidator, or conservator has been appointed for the trust company under the laws of the state or other jurisdiction in which the trust company is organized, or for its operation in any other jurisdiction in which the trust company operates;

(4) the trust company is violating or has violated or the department has reasonable cause to believe is about to violate (A) a law or regulation;

(B) a condition imposed by the department in writing in connection with approving an application or notice under this chapter or granting any other request of the trust company under this chapter;

(C) a written agreement that the trust company entered into with the department;

(D) a cease and desist order issued by the department under AS 06.01.030 ;

(5) the trust company is engaging in or has engaged in, or the department has reasonable cause to believe the trust company is about to engage in an unsafe or unsound practice;

(6) the trust company has ceased to pay its debts in the ordinary course of business, is incapable of paying its debts as they mature, has liabilities in excess of its assets, or is subject to or has applied for an adjudication in bankruptcy, reorganization, or other relief under any bankruptcy, reorganization, insolvency, or moratorium law;

(7) the trust company has ceased to act as a fiduciary in this state;

(8) the trust company has failed to pay any fees, charges, forfeitures, penalties, or other payment due to the department under this title.

(b) If the department has reasonable cause to believe any of the factors identified in (a) of this section is true, and if the department determines it is necessary to protect the persons and interests in this state for whom the trust company acts as a fiduciary or to protect the property in this state to which the trust company holds title as a fiduciary or in which the trust company holds an interest as a fiduciary, the department may immediately suspend the trust company's certificate of authority.
Alaska Stat. § 06.15.220 — AK Code / Title 6 / Chapter 06.15 / Section 06.15.220
Interest on deposits.
Status: in_force

A mutual bank may pay interest on deposits from net earnings and undivided profits at the rates and intervals that its trustees or the persons to whom the trustees have delegated the trustees' authority approve.
Alaska Stat. § 06.05.565 — AK Code / Title 6 / Chapter 06.05 / Section 06.05.565
Applicability of title to interstate state banks, interstate national banks, international banks, and bank holding companies.
Status: in_force

(a) An interstate state bank or international bank operating a branch bank in the state is subject to the provisions of this title and the regulations adopted and orders issued under this title, except for the residency requirements in AS 06.05.435 (a).

(b) In meeting the reserve requirements of AS 06.05.200 (a) and applicable regulations, the bank shall maintain the required reserve fund in the state, except that assets held to meet the requirements of AS 06.05.560 (a) may be applied to meet the requirements of AS 06.05.200 .

(c) A branch bank of an interstate state bank or international bank operating in the state is subject to examination under AS 06.01.015 and assessments under AS 06.01.010 . Assessments under AS 06.01.010 (d) are based on the branch bank's total deposits in the state.

(d) When the department considers it necessary to protect the public interest, the department or a competent person designated by the department may examine an interstate state bank or international bank with a branch in the state. The interstate state bank or international bank shall pay an examination fee established under AS 06.01.010 .

(e) The department may require periodic reports from an interstate state bank or an interstate national bank that maintains a branch in this state and from a bank holding company that controls the interstate state bank or interstate national bank. The reports shall be made under oath and filed as frequently as required by the department. The reports must contain the information and detail that the department determines to be appropriate to assure continuing compliance of the interstate state bank or interstate national bank with the provisions of this title.

(f) The department may enter into cooperative, coordinating, or information-sharing agreements with other depository institution supervisory agencies or with an organization affiliated with or representing depository institution supervisory agencies, to handle the periodic examination or other supervision of a depository institution branch that is located in this state and owned by a depository institution organized in another state, or of a depository institution branch that is located in a host state and owned by a depository institution organized in this state. Under the agreements, the department may accept reports of examination and reports of investigation instead of conducting the department's own examinations or investigations. The department may enter into joint enforcement action agreements with other depository institution supervisory agencies having concurrent jurisdiction over a depository institution branch that is located in this state and owned by a depository institution organized in another state, or over a depository institution branch that is located in a host state and owned by a depository institution organized in this state. Notwithstanding the existence of an agreement under this subsection, the department may at any time make an examination or take supervisory or enforcement action independently if the department determines that the examination or action is necessary or appropriate to carry out the department's responsibilities under this title or to ensure compliance with the laws of this state. In this subsection, host state means a state, other than the state where the depository institution is organized, in which a depository institution maintains, or seeks to establish and maintain, a branch.

(g) An interstate national bank operating a branch bank in this state is subject to the provisions of AS 06.05.548 and 06.05.550 and the regulations adopted and orders issued under those sections.
Alaska Stat. § 06.05.230 — AK Code / Title 6 / Chapter 06.05 / Section 06.05.230
Investment in property and banking premises.
Status: in_force

A bank may acquire, purchase, hold, and convey real and personal property for the following purposes only: (1) that which is necessary for the convenient transaction of, or the promotion of, its business, including buildings containing banking offices, equipment, furniture and fixtures, art work, leasehold improvements, parking lots, and, with the prior approval of the department, real property reasonably anticipated to be necessary for future expansion of the bank, if the book asset value of the purchase or investment does not exceed 60 percent of the capital and surplus of the bank;

(2) the satisfaction of or on account of debts previously contracted in the course of its business;

(3) the purchase at sale under judgment, decree, lien, or mortgage foreclosure, against security held by it;

(4) that which is necessary in connection with a negatively amortizing loan described under AS 45.45.010 (f).
Alaska Stat. § 06.60.640 — AK Code / Title 6 / Chapter 06.60 / Section 06.60.640
Defense of claim.
Status: in_force

When the department receives a fund claim, the department shall allow each mortgage loan originator licensee against whom the claim is made an opportunity to file with the department, within seven days after receipt of notification of the fund claim under AS 06.60.600 , a written statement in opposition to the fund claim and a request for a hearing.
Alaska Stat. § 06.60.550 — AK Code / Title 6 / Chapter 06.60 / Section 06.60.550
Required fund fees.
Status: in_force

(a) A person who applies for or renews a mortgage loan originator license shall pay to the department, in addition to the fees required by AS 06.60.035 , a fund fee established by the department.

(b) Every two years, if the department determines that the average balance in the fund during the previous two years was less than $250,000 or more than $500,000, the department shall, unless the department waives the adjustment, adjust the fund fee so that the average balance of the fund during the next two years is anticipated to be an amount that is not less than $250,000 or more than $500,000. In this subsection, average balance means the average balance in the fund after the department deducts anticipated expenditures for claims against the fund and for hearing and legal expenses directly related to fund operations and claims.

(c) At least once a month, the department shall pay the fees collected under this section into the general fund. These payments shall be credited to the fund.

(d) Notwithstanding (a) of this section, a mortgage loan originator licensee who obtains an initial mortgage loan originator license when the department has reduced the fund fee to nothing shall nonetheless pay the fund fee established by regulation to the department for the first year of the mortgage loan originator license.
Alaska Stat. § 06.50.520 — AK Code / Title 6 / Chapter 06.50 / Section 06.50.520
Payment by licensee.
Status: in_force

(a) A licensee may give an advance recipient the amount of the advance in cash, by the licensee's business check, by a money order, or by a reasonable electronic payment mechanism, including an electronic funds transfer to the advance recipient's account.

(b) A licensee may not use another form of payment than the form of payment authorized in (a) of this section to make an advance to an advance recipient. In this subsection, another form of payment includes coupons, merchandise, services, or chattel of any kind.
Alaska Stat. § 06.05.212 — AK Code / Title 6 / Chapter 06.05 / Section 06.05.212
Overdrafts.
Status: in_force

(a) A director, officer, or employee of a state bank may not knowingly, wilfully, and persistently overdraw the director's, officer's, or employee's account or permit a customer to do so.

(b) An overdraft of more than 30 days' standing may not be allowed as an asset of the bank.

(c) The provisions of this section do not apply to an approved overdraft created under a check guaranty plan or other similar revolving credit plan.
Alaska Stat. § 06.50.210 — AK Code / Title 6 / Chapter 06.50 / Section 06.50.210
Change in control.
Status: in_force

The prior written approval of the department is required for the continued operation of a licensee's deferred deposit advance business when a change in control of the licensee is proposed. The department may require the information it considers necessary to determine whether a new application is required. The licensee requesting approval of the change in control shall pay all reasonable expenses incurred by the department to investigate and approve or deny the change in control.
Alaska Stat. § 06.65.290 — AK Code / Title 6 / Chapter 06.65 / Section 06.65.290
Treatment under means test programs.
Status: in_force

(a) Notwithstanding a contrary provision of law, a state agency may not consider a program account amount in this or another state when determining the eligibility of the designated beneficiary of the program account to receive state assistance or state benefits or when determining the amount of state assistance or state benefits to be received by the designated beneficiary of the program account.

(b) In this section, program account amount means a contribution to a program account, earnings on the contribution, or a distribution for a qualified expense.
Alaska Stat. § 06.50.090 — AK Code / Title 6 / Chapter 06.50 / Section 06.50.090
Denial of license or renewal.
Status: in_force

(a) If the department determines that an applicant is not qualified to receive a license or a license renewal, the department shall notify the applicant in writing within 20 days that the application has been denied and state the basis for the denial.

(b) The decision of the department to deny an application or a renewal may be reviewed in the manner provided in AS 44.62.330  44.62.630 (Administrative Procedure Act).

(c) If the denial of a renewal is upheld, the former licensee shall return the license to the department within 10 days after the former licensee receives notice of the denial.

(d) A license application shall be considered withdrawn within the meaning of this section if the applicant fails to respond to a written notification of a deficiency in the application within 60 days after the date of the notification.

(e) If a license renewal is denied or if a license is surrendered, suspended, or revoked, all accounts of the licensee remain subject to this chapter until paid in full.

Article 2. License Transfer, Assignment, Control, and Change.
Alaska Stat. § 06.65.150 — AK Code / Title 6 / Chapter 06.65 / Section 06.65.150
Program account establishment fee.
Status: in_force

The financial contractor may charge an eligible individual a nonrefundable fee for establishing a program account. The department shall establish the amount of the fee by contract with the financial contractor or by regulation.
Alaska Stat. § 06.26.850 — AK Code / Title 6 / Chapter 06.26 / Section 06.26.850
Representative office business; registration.
Status: in_force

(a) An interstate state trust company, interstate national trust company, or international trust company may not provide fiduciary services, but may otherwise engage in trust business, at a representative office as permitted by AS 06.26.810  06.26.895.

(b) Subject to the requirements contained in AS 06.26.810  06.26.895, an interstate state trust company, interstate national trust company, or international trust company may establish or acquire representative offices in any location in this state.

(c) If an interstate state trust company or international trust company that does not maintain a trust office in this state wants to establish or acquire a representative office in this state, the trust company shall file a notice with the department on a form prescribed by the department. The trust company shall furnish a copy of a resolution adopted by its board authorizing the establishment or acquisition of the representative office and shall pay the filing fee established by the department by regulation. The notice required under this subsection must provide the name of the trust company, the location of the proposed representative office, and satisfactory evidence that the trust company is chartered or otherwise organized in another jurisdiction to act as a fiduciary.

(d) An interstate state trust company or international trust company may commence business at a representative office on the 61st day after the date that the department receives the notice required under (c) of this section unless the department specifies a different date.

(e) The department may extend the 60-day period of review provided by (d) of this section if the department determines that the written notice raises issues that require additional information or additional time for analysis by the department. If the 60-day period of review is extended, the trust company may establish the representative office only after written approval by the department.

(f) In addition to the other requirements of this section, in order to receive permission to establish or acquire a representative office in this state, an interstate state trust company or international trust company must have sufficient financial resources to undertake the proposed expansion without adversely affecting its safety or soundness and the proposed representative office may not be contrary to the public interest. When acting on the notice provided under (c) of this section, the department shall consider the views of the home jurisdiction regulator.

(g) The department may determine by order that an interstate state trust company or international trust company does not meet the requirements for establishing or acquiring a representative office in this state under this section. An order issued under this subsection is effective on the date of its issuance or on another date as the department may determine.

(h) An interstate national trust company shall give the department notice of its intent to establish or acquire a representative office in this state.
Alaska Stat. § 06.60.560 — AK Code / Title 6 / Chapter 06.60 / Section 06.60.560
Claim for reimbursement.
Status: in_force

In addition to any other remedies available to the person, a person may seek reimbursement for a loss suffered in a mortgage loan transaction as a result of fraud, misrepresentation, deceit, or the wrongful conversion of money by a mortgage loan originator licensee and is eligible to be reimbursed under AS 06.60.500  06.60.750 for the loss from money appropriated for that purpose.
Alaska Stat. § 06.15.300 — AK Code / Title 6 / Chapter 06.15 / Section 06.15.300
Conversion of thrift institution to mutual bank.
Status: in_force

Any thrift institution other than a mutual bank may, with the approval of the department, convert itself into a mutual bank upon the affirmative vote of not less than a majority of the votes cast by those entitled to vote upon its affairs at a duly called and held meeting and shall thereupon possess the powers of and be subject to the duties imposed upon mutual banks under the provisions of this chapter. Before approving a conversion, the department shall determine that the thrift institution seeking conversion has the ability to discharge the duties and conform to the restrictions upon mutual banks and has previously so conformed to the extent required by the department. However, the institution may retain and service all accounts lawfully held by it on the date of its conversion.
Alaska Stat. § 06.60.085 — AK Code / Title 6 / Chapter 06.60 / Section 06.60.085
Renewal of license.
Status: in_force

(a) If a licensee intends to renew a license, the licensee shall submit to the department (1) a renewal application at a time and in the form and manner established by the department and the registry;

(2) the annual license fee;

(3) if the renewal is for a mortgage license, (A) a report, as required by regulation, identifying any changes in the information provided to the department; and

(B) current information indicating that the mortgage licensee continues to meet the minimum standards for license issuance;

(4) if the renewal is for a mortgage loan originator license, (A) a report, as required by regulation, identifying any changes in the information provided to the department;

(B) current information indicating that the mortgage loan originator continues to meet the minimum standards for license issuance;

(C) certificates or other documents showing the mortgage loan originator has satisfied the annual continuing education requirements of AS 06.60.160 ; and

(D) the fund fee required by AS 06.60.550 ; and

(5) payment of any other required fees for renewal of the license.

(b) The department may adopt by regulation procedures and deadlines regarding the filing of an application for renewal of a license and the assessment of a penalty or other consequence for late filing, consistent with the requirements of the registry.

(c) The department shall approve or deny the application for renewal of a license not later than 60 days after the renewal application is filed.
Alaska Stat. § 06.60.530 — AK Code / Title 6 / Chapter 06.60 / Section 06.60.530
Fund report.
Status: in_force

Every six months, the department shall provide a written report to the director of the office of management and budget on the activities of the fund, the balances in the fund, interest earned on the fund, and interest returned to the fund.
Alaska Stat. § 06.26.450 — AK Code / Title 6 / Chapter 06.26 / Section 06.26.450
Acquisition of control.
Status: in_force

(a) Except as expressly otherwise permitted under this chapter, a person may not, without the prior written approval of the department, directly or indirectly acquire control of a trust company through a change in a legal or beneficial interest in voting securities of a trust company or a corporation or other person who owns voting securities of a trust company.

(b) This section does not apply to (1) the acquisition of securities in connection with the exercise of a security or other interest in full or partial satisfaction of a debt previously contracted for in good faith if the acquiring person files written notice of acquisition with the department before the person votes the securities acquired;

(2) the acquisition of voting securities in any class or series by a person in control who has previously complied with and received approval to acquire control under AS 06.26.450  06.26.480 or who was identified as a person in control in an earlier application filed with and approved by the department;

(3) an acquisition or transfer by operation of law, a will, or intestate succession if the acquiring person files written notice of acquisition with the department before the person votes the securities acquired; or

(4) a transaction exempted by the department by regulation or order because the transaction is not within the purposes of AS 06.26.450  06.26.480.
Alaska Stat. § 06.05.180 — AK Code / Title 6 / Chapter 06.05 / Section 06.05.180
Fiduciary and other powers authorized.
Status: in_force

Every bank organized under this chapter, subject to the restrictions and limitations of laws and the regulations of the department, may (1) act as trustee under any mortgage or bond issued by the state, or any municipality, body politic, or corporation, foreign or domestic, and accept and execute any municipal or corporate trust not prohibited by the laws of this state;

(2) accept a trust from, and execute a trust for, a married person in respect to the married person's separate property, and act as agent in the management of the property or transact any business in relation to the property;

(3) act under the order or appointment of a court of competent jurisdiction, including any probate court, as custodian, receiver, or trustee of the estate of a minor, and as depository of money paid into court for the benefit of any person, corporation, or party, and in any other fiduciary capacity;

(4) act under the order or appointment of a court of competent jurisdiction, including any probate court, as trustee, custodian, receiver or committee of the estate of an incapacitated person, as defined in AS 13.26.005 , or of a spendthrift, or as receiver or committee of the property or estate of a person in insolvency or bankruptcy proceedings;

(5) act as executor or administrator with or without the will annexed of the estate of a deceased person;

(6) accept and execute any legal trust, duty, and power in regard to the holding, management, and disposition of any estate, real or personal, wherever located, and the rents and profits from it, or the sale of it, as may be granted or confided to it by a court of competent jurisdiction, including any probate court, or by any person, corporation, municipality, or other authority, and is accountable to all parties in interest for the faithful discharge of every trust, duty, or power which it may accept;

(7) accept and execute any trust or power conferred upon it by any person or any body politic or domestic or foreign corporation, or any other authority, grant, assignment, transfer, devise, bequest, or otherwise, or which may be entrusted or committed or transferred to it by order of a court of competent jurisdiction, including any probate court;

(8) receive, manage, hold, and dispose of according to the terms of any trust or power any property or estate, real or personal, which may be the subject of any such trust or power;

(9) act as the fiscal or transfer agent of the United States or of any state, territory, municipality, or other body politic, and in this capacity may receive and disburse money, transfer, register, and countersign certificates of stocks, bonds, or other evidences of indebtedness;

(10) whenever the instrument or power governing the fiduciary relationship directs, requires, authorizes, or permits investment in obligations of the United States government, or its agencies or instrumentalities, invest in those obligations either directly or in the form of securities of, or other interests in, an open-end or closed-end management type investment company or investment trust registered under 15 U.S.C. 80a-1  80a-64 (Investment Company Act of 1940) if (A) the portfolio of the investment company or investment trust is limited to (i) obligations of the United States government, or its agencies or instrumentalities;

(ii) repurchase agreements fully collateralized by the obligations identified in (i) of this subparagraph; and

(iii) securities of, or other interests in, other open-end or closed-end management type investment companies or investment trusts registered under 15 U.S.C. 80a-1  80a-64 whose portfolios are limited to the obligations and repurchase agreements identified in (i) and (ii) of this subparagraph; and

(B) the investment company or investment trust takes delivery of the collateral for any repurchase agreement directly or through an authorized custodian.
Alaska Stat. § 06.65.210 — AK Code / Title 6 / Chapter 06.65 / Section 06.65.210
Statements.
Status: in_force

(a) A financial contractor shall provide program account statements to the designated beneficiary or the designated beneficiary's representative of each program account established with the financial contractor at least four times each year and at the times the department establishes.

(b) A financial contractor shall provide the department with the reports and information that the department requests that are related to the program account statements.
Alaska Stat. § 06.55.501 — AK Code / Title 6 / Chapter 06.55 / Section 06.55.501
Maintenance of permissible investments.
Status: in_force

(a) A money services licensee shall maintain at all times permissible investments that have a market value computed under generally accepted accounting principles of not less than the aggregate amount of all of its outstanding payment instruments and stored value obligations issued or sold in all states and money transmitted from all states by the money services licensee.

(b) The department, with respect to any money services licensees, may limit the extent to which a type of investment within a class of permissible investments may be considered a permissible investment, except for money and certificates of deposit issued by a bank. The department by regulation may prescribe or by order allow other types of investments that the department determines to have a safety substantially equivalent to other permissible investments.

(c) Permissible investments, even if commingled with other assets of the money services licensee, are held in trust for the benefit of the purchasers and holders of the money services licensee's outstanding payment instruments and stored value obligations in the event of bankruptcy or receivership of the money services licensee.
Alaska Stat. § 06.50.320 — AK Code / Title 6 / Chapter 06.50 / Section 06.50.320
Records.
Status: in_force

(a) A licensee shall maintain all records relating to this chapter at the location for which the licensee has a license. The records must conform to generally accepted accounting principles and practices in a manner that will enable the department to determine whether the licensee is complying with the provisions of this chapter. The department shall have unrestricted access to the records of the licensee.

(b) A licensee shall retain records relating to an advance for at least two years after the last entry on the advance, unless otherwise required by the department.

(c) A licensee shall retain records of an advance that is the subject of a court action for at least two years after a judgment or settlement of the court action.
Alaska Stat. § 06.40.040 — AK Code / Title 6 / Chapter 06.40 / Section 06.40.040
Annual license fee.
Status: in_force

On or before December 20 of each year, each licensee shall pay a fee of $200 to the department as an annual license fee for the next succeeding calendar year. At that same time the licensee shall file with the department a new bond that complies with AS 06.40.030 .
Alaska Stat. § 06.45.340 — AK Code / Title 6 / Chapter 06.45 / Section 06.45.340
Limitations on credit unions.
Status: in_force

A credit union may not acquire control directly or indirectly of another financial institution or invest in shares, stocks, or obligations of an insurance company, trade association, liquidity facility, or any other similar organization, corporation, or association except as expressly provided by this chapter.
Alaska Stat. § 06.05.320 — AK Code / Title 6 / Chapter 06.05 / Section 06.05.320
Bank purchases of own shares.
Status: in_force

Except in accordance with written approval of the department, a bank may not purchase its own capital stock.
Alaska Stat. § 06.20.170 — AK Code / Title 6 / Chapter 06.20 / Section 06.20.170
Periodic examination.
Status: in_force

The department shall examine the affairs, business, office, and records of each licensee at least once every 18 months. Examination fees are to be charged to and paid by the licensee in accordance with AS 06.01.010 . The department may maintain an action for the recovery of the costs in any court of competent jurisdiction, with recourse to the bonds referred to in AS 06.20.050 and 06.20.080.
Alaska Stat. § 06.15.260 — AK Code / Title 6 / Chapter 06.15 / Section 06.15.260
Investment in bankers' acceptances.
Status: in_force

Subject to the provisions of this chapter and regulations under this chapter a mutual bank may invest in bankers' acceptances that have been accepted by a bank, trust company, national bank, investment company, or banking corporation organized under the laws of the United States or of any state, which is a member of the Federal Reserve System.
Alaska Stat. § 06.05.210 — AK Code / Title 6 / Chapter 06.05 / Section 06.05.210
Loans to directors, officers, and employees.
Status: reserved

(a) Subject to the same terms and conditions applicable to other loans and to applicable federal law, a director or executive officer of a state bank may borrow up to $500,000 from the state bank at the discretion of the chief executive or managing officer of the state bank. A loan to a director or executive officer that makes the total amount owed to the state bank by the director or executive officer in excess of the limit in this subsection, or loans of any amount to the chief executive or managing officer of the state bank, shall have the prior approval of the board of directors and shall be reported to the department within 30 days.

(b) [Repealed, § 102 ch 26 SLA 1993.] (c) Notwithstanding (a) of this section, loans to directors, executive officers, and other officers and employees of a state bank are subject to the lending limits imposed by AS 06.05.205 and the regulations adopted under that section.
Alaska Stat. § 06.60.700 — AK Code / Title 6 / Chapter 06.60 / Section 06.60.700
Payment of small claims judgment.
Status: in_force

(a) If a fund claim dismissed under AS 06.60.610 results in a monetary award against a mortgage loan originator licensee, the department may pay, subject to AS 06.60.710 and 06.60.720, any outstanding portion of the small claims judgment from money appropriated to the department for the purpose.

(b) Before making payment under (a) of this section, the person who received the award shall file with the department a copy of the final judgment and an affidavit stating that more than 30 days have elapsed since the judgment became final and that the judgment has not yet been satisfied by the mortgage loan originator licensee against whom the award was made.

(c) After the department pays a small claims judgment under this section, the department is subrogated to the rights of the person to whom the money was awarded under the judgment.
Alaska Stat. § 06.65.200 — AK Code / Title 6 / Chapter 06.65 / Section 06.65.200
Rollover distribution.
Status: in_force

(a) Subject to the restrictions in the federal authorizing law for rollover distributions, a designated beneficiary or the designated beneficiary's representative may make a distribution of the money in a program account to another (1) program account if the designated beneficiary of the program account to which the distribution is being made is (A) the same eligible individual; or

(B) an eligible individual who is a member of the family of the designated beneficiary from whom the distribution is made; or

(2) account allowed by the federal authorizing law.

(b) To qualify as a distribution allowed under (a) of this section, the designated beneficiary or the designated beneficiary's representative shall make the distribution to the other program account before the 60th day after the designated beneficiary or the designated beneficiary's representative makes the distribution from the program account.
Alaska Stat. § 06.65.140 — AK Code / Title 6 / Chapter 06.65 / Section 06.65.140
Program account application.
Status: in_force

The application for a program account must be in the form established by the department and contain (1) the name, address, and social security number of the program account owner and, if applicable, the representative who opens the program account for the eligible individual; and

(2) additional information that the department and the secretary determine is necessary.
Alaska Stat. § 06.05.468 — AK Code / Title 6 / Chapter 06.05 / Section 06.05.468
Department takeover.
Status: in_force

(a) A state bank may be closed and the department may take possession of the bank if the bank voluntarily places its affairs and assets under the department's control, or if the department finds (1) the bank has violated an order of the department;

(2) the bank has violated a provision of this chapter or a regulation of the department adopted under this chapter;

(3) the bank's capital is impaired or the bank is otherwise in an unsafe or unsound condition;

(4) the bank's business is being conducted in an unlawful, unsafe, or unsound manner;

(5) the bank is insolvent;

(6) the bank is unable to continue normal operations;

(7) a department examination of the bank is obstructed or impeded;

(8) the bank holding company that controls the bank refuses to permit an examination as provided in AS 06.05.235 ; or

(9) the bank has lost, or received notice of the termination or suspension of, its membership in the Federal Deposit Insurance Corporation or has relinquished its membership in the Federal Deposit Insurance Corporation without the consent of the department.

(b) Except as provided in (d) of this section, before the department may take possession of a bank the department shall issue a notice to the board of directors of the bank under AS 06.01.030 (a) of the problems identified by the department and issue an order to the board under AS 06.01.030 (b) to correct the problems. The notice must also specify that failure to comply with the order may result in the department taking possession of the bank.

(c) If a bank fails to comply with an order issued under (b) of this section, the department may take possession of the bank by posting upon the bank premises a notice stating that the department is assuming possession under this chapter. Department possession begins when the notice is posted. The notice shall also be filed in the superior court of the judicial district in which the bank is located. The department shall notify the local federal reserve bank if the bank is a member of the Federal Reserve System.

(d) Notwithstanding the provisions of this section and AS 06.01.030 , if, in the opinion of the department, an emergency exists that will result in serious losses to the depositors, the department may take possession of a bank without prior hearing. Within two days after the department takes possession under this subsection, an interested party may file with the department an application for an order vacating the possession. The department shall grant the application if the department finds that the department's action was not authorized under this chapter.
Alaska Stat. § 06.20.080 — AK Code / Title 6 / Chapter 06.20 / Section 06.20.080
Additional bond.
Status: in_force

If at any time the department finds that the bond is unsatisfactory for any reason, it may require the licensee to file, within 10 days after the receipt of a written demand therefor, an additional bond complying with the provisions of AS 06.20.050 .
Alaska Stat. § 06.65.160 — AK Code / Title 6 / Chapter 06.65 / Section 06.65.160
Program account contributions.
Status: in_force

(a) As provided by the federal authorizing law, a person may make a contribution to a program account for the designated beneficiary. A person may also make a contribution to a program account under AS 14.40.802 (f)(3).

(b) A person may not make a contribution to open or add to a program account unless the person makes the contribution by using a method of payment acceptable to the department.

(c) Any person may make a contribution to a program account, but the amount that the person may contribute is subject to the limits set by the federal authorizing law, the department, or AS 14.40.802 (f)(3).

(d) The department or the financial contractor shall reject or withdraw from a program account (1) that part of a contribution that exceeds the limit established under (c) of this section; or

(2) the total amount of a contribution, if the department or the financial contractor determines that the (A) value of the program account without the contribution is equal to or greater than the maximum limit established by the federal authorizing statute for the program account; or

(B) designated beneficiary is not an eligible individual during the calendar year in which the contribution is made.

(e) If a person makes a distribution from a program account during a calendar year, the financial contractor shall report the distribution to the federal Internal Revenue Service and to the account owner or the representative of the account owner.

(f) The report under (e) of this section must include the distribution information required by state and federal law.
Alaska Stat. § 06.60.095 — AK Code / Title 6 / Chapter 06.60 / Section 06.60.095
Reactivation of inactive license.
Status: in_force

(a) A person who has an inactive license certificate under AS 06.60.090 may apply to the department for an active license and pay the required fees. To be eligible for license reactivation, the applicant shall comply with all requirements for licensure in effect at the time of reactivation.

(b) If the department reactivates a license under this section, the license expires on December 31 of the year in which it is issued.
Alaska Stat. § 06.05.441 — AK Code / Title 6 / Chapter 06.05 / Section 06.05.441
Conditions precedent to dividend declaration and payment.
Status: in_force

(a) Before a bank dividend is declared or the net profits for the period covered by the dividend disposed of, and after the restoration of any undivided profits or surplus under AS 06.05.442 , not less than one-fifth of these net profits shall be carried to the bank surplus account until the surplus account equals 100 percent of the paid-in capital of the bank.

(b) The department may require a bank to suspend the payment of any dividends until all orders or requirements of this section and AS 06.05.442 have been complied with.
Alaska Stat. § 06.60.330 — AK Code / Title 6 / Chapter 06.60 / Section 06.60.330
Compliance with federal requirements.
Status: in_force

A person subject to this chapter shall conduct the person's mortgage loan activities in compliance with (1) 12 U.S.C. 2601  2617 (Real Estate Settlement Procedures Act of 1974);

(2) 12 U.S.C. 2801  2810 (Home Mortgage Disclosure Act of 1975);

(3) 12 U.S.C. 2901  2908 (Community Reinvestment Act of 1977);

(4) 12 U.S.C. 5101  5116 (Secure and Fair Enforcement for Mortgage Licensing Act of 2008);

(5) 15 U.S.C. 1601  1666j and 1671  1693r (Consumer Credit Protection Act);

(6) 42 U.S.C. 3601  3631 (Fair Housing Act of 1968);

(7) any other federal statute the purpose of which is to regulate residential mortgage lending; and

(8) regulations adopted under the statutes identified in (1)  (7) of this section.
Alaska Stat. § 06.15.290 — AK Code / Title 6 / Chapter 06.15 / Section 06.15.290
Changes of location; branch banks.
Status: in_force

A mutual bank may apply for and establish a branch bank, request a change of the location of the bank's principal office, or request a change of the location of a branch bank as allowed under regulations adopted by the department under this chapter.
Alaska Stat. § 06.20.100 — AK Code / Title 6 / Chapter 06.20 / Section 06.20.100
New bond.
Status: in_force

On or before December 20 of each year, each licensee shall file a new bond that complies with AS 06.20.050 .
Alaska Stat. § 06.45.260 — AK Code / Title 6 / Chapter 06.45 / Section 06.45.260
Liquidity facility participation.
Status: in_force

A credit union organized under this chapter may, under regulations adopted by the commissioner, participate in the programs offered by the National Credit Union Central Liquidity Facility.
Alaska Stat. § 06.65.110 — AK Code / Title 6 / Chapter 06.65 / Section 06.65.110
Representative of eligible individual.
Status: in_force

(a) A person may act as the representative of an eligible individual under this chapter if the eligible individual is a minor or lacks decision-making capacity and if the person is (1) a parent, guardian, or conservator of the eligible individual; in this paragraph, (A) conservator has the meaning given in AS 13.06.050 ;

(B) guardian has the meaning given in AS 13.06.050 ;

(C) parent includes a stepparent; or

(2) a trustee of the property of the eligible individual.

(b) The representative of an eligible individual may establish a program account for the eligible individual, and the eligible individual is the designated beneficiary of the program account. The representative shall manage the program account for the benefit of the designated beneficiary.

(c) In this section, decision-making capacity means the ability to understand and appreciate the nature and consequences of a decision and the ability to reach and communicate an informed decision.
Alaska Stat. § 06.05.450 — AK Code / Title 6 / Chapter 06.05 / Section 06.05.450
Shareholders list.
Status: in_force

Each bank shall keep a record of the name and residence of each shareholder of the bank, the class and number of shares held by each, the time when each person became a shareholder, and all transfers of stock, stating the time when made, the number of shares, and by whom transferred. A list of current shareholders shall be available for inspection in the bank office by any shareholder on demand.
Alaska Stat. § 06.05.442 — AK Code / Title 6 / Chapter 06.05 / Section 06.05.442
Excess losses; restoration of surplus; payment of dividends.
Status: in_force

A loss sustained by a bank in excess of its undivided profits and any capital contingency reserves shall be charged to its surplus account or, with the approval of the department, carried as negative undivided profits. The bank's undivided profits and surplus account shall thereafter be reimbursed from earnings, and no dividends may be declared or paid by the bank until any negative undivided profits are eliminated and the surplus account is restored to at least the amount from which the surplus was originally reduced.
Alaska Stat. § 06.60.015 — AK Code / Title 6 / Chapter 06.60 / Section 06.60.015
Exemptions.
Status: in_force

(a) The following persons are exempt from the mortgage lender or mortgage broker licensing requirements of this chapter: (1) a depository institution;

(2) a subsidiary that is (A) owned and controlled by a depository institution; and

(B) regulated by a federal banking agency;

(3) an institution regulated by the Farm Credit Administration;

(4) a federal, state, or local government agency, including an agency that arranges or provides financing for mortgage loans; or

(5) a bona fide nonprofit organization.

(b) The following are exempt from the mortgage loan originator licensing requirements of this chapter: (1) an individual who is a registered mortgage loan originator, when acting for an entity described in (a)(1), (2), or (3) of this section;

(2) an individual who offers or negotiates terms of a residential mortgage loan with or on behalf of an immediate family member of the individual; in this paragraph, immediate family member means a spouse, child, stepchild, sibling, stepsibling, parent, stepparent, grandparent, or grandchild;

(3) an individual seller who offers or negotiates terms of a residential mortgage loan secured by a dwelling that serves as the individual's residence;

(4) a seller, including a natural person, estate, trust, corporation, or another entity, that offers or negotiates the terms of a residential mortgage loan for the sale of residential property owned by the seller, if (A) the loan is secured by a dwelling on the property;

(B) the seller self-finances the loan;

(C) during any 12-month period, the seller finances five or fewer sales under this paragraph;

(D) in the ordinary course of a business of the seller, the seller has not (i) constructed the dwelling that secures the loan on the property; or

(ii) acted as a contractor for the construction of the dwelling that secures the loan on the property;

(E) the loan has an interest rate that is fixed for the full term of the loan;

(F) the loan does not (i) have a payment schedule that results in negative amortization; or

(ii) allow or impose a prepayment penalty; and

(G) the seller determines that the purchaser or potential purchaser has a reasonable ability to repay the loan; the seller shall keep confidential and may not disclose to another person at any time credit scores, salary information, tax records, and other financial information of the purchaser or potential purchaser obtained by the seller under this subparagraph for the purpose of determining whether the purchaser or potential purchaser has a reasonable ability to repay the loan; however, the seller may disclose the financial information when, and only to the extent that, (i) the purchaser or potential purchaser authorizes the disclosure in writing;

(ii) the seller makes the disclosure to obtain professional advice relating to a dispute with the purchaser or potential purchaser;

(iii) federal or state law requires the disclosure; or

(iv) a court orders the disclosure;

(5) an individual who is a licensed attorney who negotiates the terms of a residential mortgage loan on behalf of a client as an ancillary matter to the attorney's representation of the client, unless the attorney is compensated by a lender, a mortgage broker, or another mortgage loan originator or by an agent of a lender, a mortgage broker, or another mortgage loan originator;

(6) an employee of a federal, state, or local government agency that is exempt under (a)(4) of this section from the mortgage lender or mortgage broker licensing requirements of this chapter;

(7) an employee of a bona fide nonprofit organization if the employee acts as a mortgage loan originator only with respect to (A) the employee's duties to the bona fide nonprofit organization; and

(B) residential mortgage loans that have terms that are favorable to the borrower by being consistent with mortgage loan origination for a public or charitable purpose rather than in a commercial context.

(c) For a nonprofit organization to qualify as a bona fide nonprofit organization under (a)(5) of this section, the department shall determine that the nonprofit organization (1) has and maintains the status of a tax-exempt organization under 26 U.S.C. 501(c)(3) (Internal Revenue Code);

(2) promotes affordable housing or provides home ownership education or similar services;

(3) conducts its activities in a manner that serves a public or charitable purpose, rather than a commercial purpose, by offering mortgages that are not readily available from other lenders;

(4) receives funding, receives revenue, and charges fees in a manner that does not provide an incentive for the organization or its employees to act other than in the best interests of its clients;

(5) compensates its employees in a manner that does not provide an incentive to its employees to act other than in the best interests of its clients;

(6) provides or identifies for a borrower residential mortgage loans with terms favorable to the borrower and comparable to mortgage loans and housing assistance provided under government housing assistance programs; for residential mortgage loans to have terms that are favorable to the borrower, the terms must be consistent with mortgage loan origination for a public or charitable purpose, rather than in a commercial context, and provide for interest rates that are less than the current market rate; and

(7) meets other standards that the department determines are appropriate.

(d) The department may establish by regulation the information that an organization must provide to qualify as a bona fide nonprofit organization under (c) of this section.

(e) The department shall establish by regulation (1) the procedure for determining that an organization meets the criteria identified under (c) of this section;

(2) the period for which the determination made under (c) of this section remains in effect and the fee to be paid by the organization;

(3) how often and under what circumstances the department will examine the books and activities of the organization to determine that the organization continues to meet the criteria identified under (c) of this section; and

(4) the procedure for denying an organization the status of a bona fide nonprofit organization, for suspending or revoking an organization's status as a bona fide nonprofit organization if the organization does not continue to meet the criteria identified under (c) of this section, and for taking disciplinary action against an organization arising out of a violation of (c)  (e) of this section; the provisions of AS 44.62 (Administrative Procedure Act) apply to an action of the department under this paragraph.
Alaska Stat. § 06.20.900 — AK Code / Title 6 / Chapter 06.20 / Section 06.20.900
Definitions.
Status: in_force

In this chapter, unless the context otherwise requires, (1) commissioner means the commissioner of commerce, community, and economic development or a designee of the commissioner;

(2) department means the Department of Commerce, Community, and Economic Development;

(3) open-end loan means a loan made by a licensee under this chapter under an agreement between the licensee and a borrower which provides that (A) the borrower may obtain advances of money from the licensee from time to time or the licensee may advance money on behalf of the borrower from time to time as directed by the borrower;

(B) the amount of each advance and interest and charges will be added to the borrower's open-end loan account and payments and other credits are deducted from that account;

(C) interest will be computed on the unpaid principal balance or the average unpaid principal balance of the open-end loan account;

(D) the borrower may pay all or any part of the unpaid principal balance of the borrower's open-end loan account or, if the account is not in default, in monthly installments of fixed amounts as provided in the loan agreement; and

(E) the agreement covers open-end loans under this chapter.
Alaska Stat. § 06.26.600 — AK Code / Title 6 / Chapter 06.26 / Section 06.26.600
Trust account record keeping.
Status: in_force

A trust company shall keep its trust assets records separate and distinct from other records of the trust company in the manner required by state and federal law. The trust assets records must contain all material information relating to each trust assets account, as appropriate under the circumstances.
Alaska Stat. § 06.26.930 — AK Code / Title 6 / Chapter 06.26 / Section 06.26.930
Trust company reports to the department; publication of reports.
Status: in_force

(a) A trust company shall make at least four reports of its condition each year to the department as required by and on forms prescribed by the department. Each report shall be signed by a duly authorized officer of the trust company verified by at least one independent director, and each verifying director shall certify under oath that the director has personal knowledge of the facts stated in the report and that the facts are true. Each report must exhibit in detail and under appropriate headings the resources and liabilities of the trust company and must be received by the department within 30 calendar days after the end of the period covered by the report.

(b) The department may require that a trust company submit special reports whenever the department considers a report necessary in order to obtain full knowledge of the trust company's condition.

(c) In addition to the other reports required by this section, a trust company shall make at least one report of income and dividends to the department each year. The trust company shall submit the report to the department within 30 calendar days after the end of the calendar or fiscal year covered by the report.

(d) All of the reports of condition required by this section shall be made available to all customers on request and at no charge to the customer.
Alaska Stat. § 06.05.310 — AK Code / Title 6 / Chapter 06.05 / Section 06.05.310
Correction of impairment of capital.
Status: in_force

If the department determines that the order is necessary for the protection of depositors, the department may issue an order under AS 06.01.030 to require a state bank to increase its capital accounts or to reduce its deposits. In making a decision whether to issue an order under this section, the department shall consider the (1) quality of management;

(2) quality and liquidity of assets;

(3) history of earnings and retention of earnings;

(4) quality and character of ownership;

(5) potential volatility of deposit structure;

(6) quality and cost of bank operations; and

(7) capacity to meet present and future needs of the area served, considering the bank's competition.
Alaska Stat. § 06.45.140 — AK Code / Title 6 / Chapter 06.45 / Section 06.45.140
Powers and duties of credit committee.
Status: in_force

(a) The credit committee shall hold meetings to consider applications for loans and lines of credit as the business of the credit union may require but not less frequently than once a month. Reasonable notice of the meetings shall be given to members of the credit committee.

(b) Except for the loans or lines of credit required to be approved by the board of directors under AS 06.45.060 (a)(5), a majority of the entire credit committee may approve an application.

(c) The credit committee may delegate to a loan officer the power to approve loans and lines of credit. A loan officer shall furnish to the credit committee a record of each approved or unapproved application within seven days of the filing of the application.

(d) An application not approved by a loan officer shall be acted on by the credit committee.

(e) An individual may not disburse funds of a credit union for a loan, line of credit, or application that the individual approved in the capacity of loan officer.

(f) Applications for loans and lines of credit shall be made on forms prepared by the credit committee.
Alaska Stat. § 06.05.090 — AK Code / Title 6 / Chapter 06.05 / Section 06.05.090
Certification of checks.
Status: reserved

(a) The check of a depositor may not be certified unless the amount of the check actually stands to the credit of the drawer.

(b) Any check certified is a valid obligation against the bank when held by an innocent holder.

(c) [Repealed, § 102 ch 26 SLA 1993.]
Alaska Stat. § 06.45.200 — AK Code / Title 6 / Chapter 06.45 / Section 06.45.200
Expulsion and withdrawal of members.
Status: in_force

A member may be expelled by a two-thirds vote of the members of a credit union present at a special meeting called for the purpose, but only after the member has been given an opportunity to be heard. Withdrawal or expulsion of a member does not discharge the liability of the member to the credit union. The amount to be paid a withdrawing or expelled member by a credit union shall be determined and paid in the manner specified in the bylaws.
Alaska Stat. § 06.20.250 — AK Code / Title 6 / Chapter 06.20 / Section 06.20.250
Payments and interest.
Status: in_force

(a) Interest may not be paid, deducted, or received in advance. Except for open-end loans made under AS 06.20.285 , interest shall be computed and paid only on unpaid principal balances and may not be compounded; however, if part or all of the consideration for a loan contract is the unpaid principal balance of a prior loan, the principal amount payable under the loan contract may include any unpaid charges on the prior loan that have accrued within 60 days before the making of the loan contract. The maximum interest permitted on loans made under this chapter shall be computed on the basis of the number of days actually elapsed. For the purpose of these computations a month is any period of 30 consecutive days.

(b) A licensee may compute interest for a loan as provided in this chapter on an interest-bearing or actuarial basis either at the rates stated in AS 06.20.230 or at the single annual percentage rate that would earn the same finance charge as the rates stated in AS 06.20.230 when the debt is paid according to the agreed terms and the calculations made according to the actuarial method.

(c) Except for open-end loans under AS 06.20.285 , a licensee may not enter into a contract for a loan that provides for a scheduled repayment of principal over more than the maximum terms set out below opposite the respective size of loans.

Principal amount of loanMaximum term up to $1,000 24 and 1/2 months Over $1,000 to $2,500 48 and 1/2 months Over $2,500 to $5,000 60 and 1/2 months Over $5,000 to $25,000 as agreed to by the parties

(d) Loan contracts must provide for substantially equal payments, and the payments must be due at least once a month, with the first payment beginning not later than 45 days from the date the loan is made.

(e) If the irregular payment is confirmed in writing by the borrower, and the method of repayment is consistent with the maximum term and annual interest rate provided in this chapter, and if a borrower demonstrates sufficient seasonal or extraordinary income to support repayment of a loan, the loan contract may provide for irregular payments and first payment extensions greater than 45 days from the date the loan is made.
Alaska Stat. § 06.15.100 — AK Code / Title 6 / Chapter 06.15 / Section 06.15.100
Prohibited conduct of trustees.
Status: in_force

A trustee may not (1) receive remuneration as trustee except reasonable fees for attendance at meetings of trustees or for services as a member of a committee of trustees;

(2) use the position as trustee, or knowingly allow it to be used, to obtain preferential terms in dealings with the mutual bank for which the person is trustee;

(3) use the position as trustee, or knowingly allow it to be used, to induce an actual or prospective borrower from the mutual bank for which the person is trustee to purchase goods or services at a direct or indirect profit to the trustee.
Alaska Stat. § 06.05.277 — AK Code / Title 6 / Chapter 06.05 / Section 06.05.277
Providing services as agent.
Status: in_force

(a) If a state bank complies with this section and if the department approves the provision of the services under this section, the state bank may agree to provide banking services as an agent for a depository institution.

(b) A state bank that proposes to enter into an agency agreement under this section shall file with the department at least 60 days before the effective date of the agreement a request that the department approve the provision of the banking service. The request must include a (1) notice of intention to enter into an agency agreement with a depository institution;

(2) description of the services proposed to be provided under the agency agreement; and

(3) copy of the agency agreement

(c) Except as provided by (d) of this section, the commissioner shall decide whether to approve a request submitted under (b) of this section and shall issue a decision within 60 days after receipt of the request. The department may ask for additional information after reviewing a request received under (b) of this section. If the department asks for additional information, the 60 days is calculated from the date the department receives the additional information.

(d) When making its decision under (c) of this section, the department may consider the safety and soundness of the particular state bank and depository institution and whether providing the service is consistent with applicable federal and state law and with safe and sound banking practices.

(e) Before approval under (c) or (f) of this section, the department shall give appropriate notice to the public of each request submitted to the department under (b) of this section.

(f) If the department does not take action on a request submitted under (b) of this section within the time limit established in (c) of this section, the request is considered to have been approved by the department.

(g) Notwithstanding the other provisions of this section, a state bank may not, under an agency agreement, provide by itself through an agent an activity that the state bank may not conduct under applicable state and federal law.

(h) The department may order a state bank or another depository institution subject to this title to cease acting as an agent or principal under an agency agreement subject to this section if the department determines that the activity is inconsistent with safe and sound banking practices.
Alaska Stat. § 06.05.557 — AK Code / Title 6 / Chapter 06.05 / Section 06.05.557
Notice filing for interstate national banks.
Status: in_force

An interstate national bank acquiring a branch in this state under AS 06.05.550 shall file a notice of the acquisition with the department along with a copy of the application filed with the agency that primarily regulates the interstate national bank. The notice and copy of the application shall be filed with the department at the same time the application is filed with the agency that primarily regulates the interstate national bank.
Alaska Stat. § 06.60.380 — AK Code / Title 6 / Chapter 06.60 / Section 06.60.380
Definition of covered person.
Status: in_force

In AS 06.60.320  06.60.380, covered person means a mortgage licensee or a person who is licensed under AS 06.20 .
Alaska Stat. § 06.05.275 — AK Code / Title 6 / Chapter 06.05 / Section 06.05.275
Trade and bank acceptances.
Status: reserved

(a) [Repealed, § 102 ch 26 SLA 1993.] (b) A bank may discount, invest in, negotiate, and issue trade acceptances and bank acceptances if (1) the terms of the draft require presentation for payment within 180 days of issuance, exclusive of days of grace, and it is drawn to finance the purchase of goods with maturity and payment in accordance with the terms of the purchase agreement;

(2) the terms of the draft require presentation for payment within 180 days of issuance, exclusive of days of grace, and it is secured by shipping documents transferring or securing title to goods, or by receipt of a licensed or bonded warehouse securing title to readily marketable goods; or

(3) the draft is drawn by a bank outside the continental limits of the United States for the purpose of furnishing dollar exchange for trade and its terms require presentation for payment within 90 days of issuance.

(c) [Repealed, § 102 ch 26 SLA 1993.]
Alaska Stat. § 06.50.040 — AK Code / Title 6 / Chapter 06.50 / Section 06.50.040
Bond.
Status: in_force

(a) An applicant for a license shall file with the application a bond (1) in a form to be approved by the department;

(2) in which the applicant is the obligor; and

(3) in the sum of $25,000 for a business with one location and $50,000 for a business with more than one location.

(b) Only one bond is required for an application for a business with more than one location.

(c) The bond required by (a) of this section is for the use of the state and a person who may have a cause of action against the obligor under this chapter.

(d) The bond must state that the obligor will (1) faithfully conform to and abide by the provisions of this chapter and regulations adopted by the department under this chapter; and

(2) pay to the state and to a person all money that may become due or owing to the state or to the person from the applicant under this chapter.

(e) The bond must remain in effect for three years following the denial of a renewal of a license or the expiration of a license.

(f) If, at any time, the department finds that a bond filed under (a) of this section is unsatisfactory for any reason, the department may require the licensee to file, within 10 days after the receipt of a written demand, an additional bond to comply with this section.

(g) The licensee shall file a new bond that complies with this section each time a license is renewed.
Alaska Stat. § 06.15.030 — AK Code / Title 6 / Chapter 06.15 / Section 06.15.030
Issuance of charter.
Status: in_force

A charter shall be issued if the department finds that a mutual bank will serve a useful purpose in the community in which it is proposed to be established, that there is reasonable expectation of its financial success, and that its operation will not unduly injure existing banking institutions.
Alaska Stat. § 06.60.115 — AK Code / Title 6 / Chapter 06.60 / Section 06.60.115
Change of place of business.
Status: in_force

If a mortgage licensee wishes to change the mortgage licensee's place of business to another location, the mortgage licensee shall submit a written notice to the department at least 10 days before relocating the business. If the mortgage licensee is otherwise in compliance with this chapter, the department shall issue a revised mortgage license to the mortgage licensee that reflects the new location.
Alaska Stat. § 06.20.050 — AK Code / Title 6 / Chapter 06.20 / Section 06.20.050
Bond.
Status: in_force

The applicant shall file with the application a bond to be approved by the department in which the applicant shall be the obligor, in the sum of $25,000 with one or more sureties. Only one bond is required for an application for a multiple office license. The bond shall be for the use of the state and any person who may have a cause of action against the obligor under this chapter. The bond must state that the obligor will faithfully conform to and abide by the provisions of this chapter and of all regulations lawfully adopted by the department, and will pay to the state and to any person all money that may become due or owing to the state or to the person from the applicant under this chapter.
Alaska Stat. § 06.40.090 — AK Code / Title 6 / Chapter 06.40 / Section 06.40.090
Misleading statements prohibited; disclosure of interest rate.
Status: in_force

(a) A person may not advertise, print, display, publish, distribute, or broadcast, or cause or permit to be advertised, printed, displayed, published, distributed, or broadcast, in any manner, any statement or representation with regard to the rates, terms, or conditions for the lending of money, credit, goods, or things in action which is false, misleading, or deceptive.

(b) The licensee or lender shall state the interest rate charged in a premium finance agreement fully and clearly as an annual percentage rate.
Alaska Stat. § 06.60.026 — AK Code / Title 6 / Chapter 06.60 / Section 06.60.026
Transfer of mortgage loan originator license.
Status: in_force

A person who holds a mortgage loan originator license may not transfer or assign the mortgage loan originator license.
Alaska Stat. § 06.01.010 — AK Code / Title 6 / Chapter 06.01 / Section 06.01.010
Examination and investigation fees and assessments.
Status: reserved

(a) The expenses of the department reasonably incurred in the examination or investigation of all financial institutions or applications to establish financial institutions regulated by the department under this title shall be charged to and paid by each financial institution as provided in (b) and (d) of this section.

(b) Except for deposit institutions, the commissioner shall assess every financial institution and every applicant to establish a financial institution a fee for the actual expenses necessarily incurred by the department in connection with any examination or investigation, whether regular or special. The commissioner shall assess every deposit institution and every applicant to establish a deposit institution a fee for the actual expenses necessarily incurred by the department in connection with any special examination or investigation. A fee assessed under this subsection must include the proportionate part of the salaries and cost of employee benefits of the examiners while conducting examinations or investigations and while preparing reports of them, and transportation costs and per diem of each examiner while away from the examiner's duty station. The cost to the financial institution in connection with an examination may not exceed the actual cost to the department of the examination. The assessment shall be made by the commissioner as soon as feasible after the examination or investigation has been completed. The assessment must be received by the department within 30 days after receipt of notice of the assessment by the institution.

(c) [Repealed, § 102 ch 26 SLA 1993.] (d) The commissioner shall adopt regulations providing for semiannual assessments of deposit institutions. An assessment must be based on the amount of assets of a deposit institution and must cover, but may not exceed, the aggregate cost of periodic examinations of the deposit institution.

(e) An examination fee or other charge assessed to a state financial institution under this section may not exceed a fee or other charge assessed for the same type of examination or service to a similarly situated federally chartered financial institution.

(f) In this section deposit institution means a state financial institution that has obtained authority from the department to receive deposits of the type eligible to be insured by an agency of the federal government.
Alaska Stat. § 06.45.280 — AK Code / Title 6 / Chapter 06.45 / Section 06.45.280
Merger.
Status: in_force

(a) A credit union may merge with another credit union under a plan agreed upon by a majority of the board of directors of each credit union and approved by a majority of the members of each credit union present at meetings called to approve the plan.

(b) The commissioner may by regulation establish further procedures governing mergers.
Alaska Stat. § 06.20.287 — AK Code / Title 6 / Chapter 06.20 / Section 06.20.287
Insurance on open-end loans.
Status: in_force

(a) A licensee may obtain consumer credit, credit loss of income, and property insurance on open-end loans under this chapter. The consumer credit insurance obtained by a licensee shall satisfy the requirements of AS 21.57 . The property insurance obtained by a licensee shall satisfy the requirements of AS 21.39 and AS 21.42 . The licensee shall comply with AS 21.36.160 and 21.36.319 during all transactions with borrowers involving consumer credit, credit loss of income, and property insurance.

(b) The licensee shall calculate the charge for credit life, credit loss of income, or disability insurance in each billing cycle by adding to the unpaid balance in the borrower's account the current monthly premium rate for the coverage required at the rate set under AS 21.57 , using the method specified in the loan agreement for determining the unpaid balance.

(c) A licensee may not cancel credit life, credit loss of income, or disability insurance obtained for an open-end loan if the borrower is delinquent in paying the monthly installments unless an installment is delinquent for 90 days or longer. The licensee shall advance to the insurer amounts necessary to keep the policy in force until the 90-day delinquency period has elapsed, and the borrower's account may be charged for the amounts advanced to the insurer.
Alaska Stat. § 06.26.720 — AK Code / Title 6 / Chapter 06.26 / Section 06.26.720
Sale of assets.
Status: in_force

(a) The board of a trust company, with the department's approval, may cause a trust company to sell all or substantially all of its assets, including the right to control accounts established with the trust company for trust assets, without shareholder approval if the department finds (1) the interests of the trust company's creditors and depositors and other customers are not jeopardized because of an unsafe or unsound condition of the trust company;

(2) the sale is in the best interest of the trust company's creditors and depositors and other customers; and

(3) the Federal Deposit Insurance Corporation or its successor approves the transaction unless the deposits of the trust company are not insured by the Federal Deposit Insurance Corporation or its successor.

(b) A sale under this section must include an assumption and promise by the purchaser to pay or otherwise discharge (1) all of the trust company's liabilities to customers;

(2) all of the trust company's liabilities for the salaries of the trust company's employees incurred before the date of the sale;

(3) the obligations incurred by the department arising out of the supervision or sale of the trust company; and

(4) the fees and any other payment due to the department under this chapter and assessments due to the department under AS 06.01.010 .

(c) This section does not limit the incidental power of a trust company to buy and sell assets in the ordinary course of its operations.

(d) The sale by a trust company of all or substantially all of its assets with shareholder approval is considered a voluntary dissolution and liquidation and is governed by AS 06.26.730  06.26.800.

Article 10. Dissolution and Liquidation.
Alaska Stat. § 06.26.180 — AK Code / Title 6 / Chapter 06.26 / Section 06.26.180
Offices outside the state.
Status: in_force

(a) With the prior written approval of the department, a trust company may establish a branch office or a representative office outside this state. To establish a branch office or representative office outside this state, a trust company shall (1) submit an application to the department specifying the location of the proposed office, the business to be conducted at the proposed office, and the laws of the jurisdiction where the office will be located that permit the office to be established;

(2) file with the department a copy of a resolution adopted by the trust company's board authorizing the establishment or acquisition of the office; and

(3) pay the filing fee established by the department by regulation.

(b) The department may approve an application under (a) of this section for a branch office or representative office if the department finds that (1) the laws of the jurisdiction in which the office is to be located permit the establishment of the office; and

(2) the department does not have a significant supervisory or regulatory concern regarding the proposed office.

(c) If a trust company submits with the application a certified statement of the governmental regulator for the jurisdiction in which the office is to be located expressly permitting the establishment of the office, the trust company may establish the office by following the procedures under AS 06.26.090 , except that the trust company may not establish the office before the 91st day after the date the department receives the notice filed under AS 06.26.160 (a) unless the department notifies the trust company that the trust company may establish the office on an earlier date.

(d) The department may deny a trust company permission to establish a branch office or representative office outside this state if the department has safety or soundness concerns regarding (1) the market to be served;

(2) whether the proposed organizational structure, capital structure, and amount of capitalization are adequate;

(3) whether the anticipated volume and nature of the proposed office indicate a reasonable probability of success and profitability based on the market sought to be served;

(4) whether, as a group, the officers, directors, and employees have sufficient fiduciary experience, ability, standing, competence, trustworthiness, and integrity to justify a belief that the proposed office will operate in compliance with law.
Alaska Stat. § 06.20.310 — AK Code / Title 6 / Chapter 06.20 / Section 06.20.310
Effect of illegal interest rate.
Status: in_force

A loan of the amount or value of $25,000 or less for which a greater rate of interest, consideration, or charge than is permitted by this chapter has been charged, contracted for, or received, wherever made, may not be enforced in the state, and every person participating in such a loan in the state is subject to this chapter. This section does not apply to loans legally made in a state or territory of the United States that has in effect a regulatory small loan law similar in principle to this chapter.
Alaska Stat. § 06.60.715 — AK Code / Title 6 / Chapter 06.60 / Section 06.60.715
Other rights of claimant.
Status: in_force

The rights granted to a claimant under AS 06.60.500  06.60.750 do not limit any other cause of action the claimant may have against a mortgage loan originator.
Alaska Stat. § 06.60.905 — AK Code / Title 6 / Chapter 06.60 / Section 06.60.905
Untrue, misleading, or false statements.
Status: in_force

A person may not, in a document filed with the department or in an examination, an investigation, a hearing, or another proceeding under this chapter, make or cause to be made an untrue statement of a material fact, or omit to state a material fact necessary in order to make the statement made, in the light of the circumstances under which it is made, not misleading or false.
Alaska Stat. § 06.26.950 — AK Code / Title 6 / Chapter 06.26 / Section 06.26.950
Limitation on powers.
Status: in_force

This chapter does not allow a trust company to engage in banking.
Alaska Stat. § 06.26.085 — AK Code / Title 6 / Chapter 06.26 / Section 06.26.085
Certificate of authority required.
Status: in_force

A person may not act as a trust company until a certificate of authority is received from the department.
Alaska Stat. § 06.60.020 — AK Code / Title 6 / Chapter 06.60 / Section 06.60.020
Application for license.
Status: in_force

(a) An application for a license under this chapter must (1) be on the form prescribed by the department and the registry;

(2) contain complete information regarding the applicant;

(3) include fingerprints of the applicant, as needed to conduct a background check; and

(4) contain other information or supporting material that the department may require concerning the applicant, including the organization and operations of an applicant for a mortgage license and the financial responsibility, background, experience, and activities of the applicant.

(b) In this section, applicant includes a control person of an applicant for a mortgage license.
Alaska Stat. § 06.20.290 — AK Code / Title 6 / Chapter 06.20 / Section 06.20.290
Purchase of wages or other compensation for $25,000 or less.
Status: in_force

For purposes of this chapter, the payment of $25,000 or less in money, credit, goods, or things in action, as consideration for the sale or assignment of, or order for, the payment of wages, salary, commissions, or other compensation for services, whether earned or to be earned, is considered a loan, and the difference between the payment and the amount of the compensation sold or assigned is considered interest or a charge upon the loan from the date of payment to the date the compensation is payable. Such a transaction is governed by this chapter.
Alaska Stat. § 06.26.550 — AK Code / Title 6 / Chapter 06.26 / Section 06.26.550
Trust committee.
Status: in_force

(a) The board may appoint a trust committee to act for the company in matters dealing with the initial and annual reviews of accounts, account acceptance, and investment strategies. A trust committee shall consist solely of directors, officers, or employees of the trust company, or any combination of these positions. The trust committee shall keep a record of its actions and shall report in writing to the board on all actions taken by the trust committee since the previous board meeting. The board shall ratify or rescind each action.

(b) The trust committee shall meet at least once a month to review existing accounts and to ratify or rescind newly accepted accounts. The trust committee may not ratify a new account unless it is approved by a majority of the members of the trust committee present at the meeting at which the new account is considered.

(c) A trust committee may elect one or more officers to accept new accounts, subject to the requirements of (b) of this section.
Alaska Stat. § 06.26.460 — AK Code / Title 6 / Chapter 06.26 / Section 06.26.460
Application for acquisition of control.
Status: in_force

(a) A proposed transferee seeking approval under AS 06.26.450 to acquire control of a trust company shall file with the department (1) an application in the form prescribed by the department;

(2) the filing fee established by the department by regulation; and

(3) all information required by regulation or that the department requires for a particular application in order to make an informed decision to approve or reject the proposed acquisition.

(b) If the proposed transferee under (a) of this section includes a group of persons acting together, the department may require each member of the group to provide information to the department.

(c) If the proposed transferee is not a resident of the state, a corporation organized under AS 10.06 , or a foreign corporation qualified under AS 10.06 to transact business in this state, the proposed transferee shall file with the department a written consent to service of process on a resident of this state for any court action arising out of or connected with the proposed acquisition of control.

(d) Promptly after the department accepts the application as complete, the proposed transferee shall publish notice of the application, the date of filing the application, and the identity of each participant in the acquisition of control in the form specified by the department in a newspaper of general circulation published in the community proposed as the trust company's principal place of business. If a newspaper of general circulation is not published in the community, the notice shall be published in a newspaper of general circulation near the community. Publication of notice of an application may be deferred for up to 31 days after the date the application is filed if (1) the proposed transferee requests confidential treatment and represents that a public announcement of the tender offer and the filing of appropriate forms with the United States Securities and Exchange Commission or the appropriate federal banking agency, as applicable, will occur within the period of deferral; and

(2) the department determines that public interest will not be harmed by the requested confidential treatment.

(e) The department may waive the requirement that a notice be published or permit delayed publication of the notice if the department makes a written determination that waiver or delay is in the public interest.
Alaska Stat. § 06.45.090 — AK Code / Title 6 / Chapter 06.45 / Section 06.45.090
Management of credit union.
Status: in_force

(a) The business affairs of a credit union are managed by (1) a board of not less than five directors; (2) a credit committee of not less than three members; and (3) a supervisory committee of not less than three members or more than five members. The members of the board of directors shall be elected at the annual members meeting by and from the members. The supervisory committee shall be appointed by the board of directors, and a vacancy in the supervisory committee shall be filled by the board of directors. One of the members of the supervisory committee may be a member of the board of directors, other than the treasurer. The credit committee consists of an uneven number of three or more members appointed by the board of directors for the terms established by the bylaws. Members of the board of directors and of the credit and supervisory committees hold office for terms as the bylaws may provide.

(b) A record of the names and addresses of the members of the board, the committees, and the officers of the credit union shall be filed with the commissioner within 10 days after election or appointment.
Alaska Stat. § 06.60.045 — AK Code / Title 6 / Chapter 06.60 / Section 06.60.045
Bonding.
Status: in_force

(a) An applicant for a mortgage license shall file with the application submitted to the department under AS 06.60.020 , and an applicant for registration under AS 06.60.014 shall file with the application filed under AS 06.60.014 , a bond with one or more sureties. The department shall establish by regulation the amount of the required bond and the standards and procedures for recovery on the bond. The bond must be satisfactory to the department.

(b) The bond required by (a) of this section shall be for the use of the department, the Department of Law, or another person to recover for a claim for relief against the obligor under this chapter. The bond must state that the obligor will faithfully conform to and abide by the provisions of this chapter and all regulations adopted under this chapter and will pay the department, the Department of Law, or another person all money that may become due or owing to the department, the Department of Law, or the other person from the obligor under this chapter.

(c) An applicant for a mortgage license that covers more than one location or an applicant for registration that covers more than one location is not required to file more than one bond.

(d) The bond required under (a) of this section must be continuous until three years after the department revokes or otherwise terminates the license or registration.

(e) If the department determines that the bond required under (a) of this section is unsatisfactory for any reason, the department may require the mortgage licensee or the registered depository institution to file with the department, within 10 days after the receipt of a written demand from the department, an additional bond that complies with the provisions of this section.
Alaska Stat. § 06.15.270 — AK Code / Title 6 / Chapter 06.15 / Section 06.15.270
Investment in corporate securities.
Status: in_force

(a) Subject to the provisions of this chapter and regulations under this chapter a mutual bank may invest in corporate securities, subject to the exercise of the same degree of care and prudence that persons prompted by self-interest generally exercise in their own affairs, and subject to the following limitations: (1) a mutual bank may not invest in any corporate obligation, other than under AS 06.15.280 , that will mature by its terms within one year from the date of its issuance, or if issued or made in series or repayable in installments, has an average maturity of less than one year;

(2) a mutual bank may not invest in (A) stocks an amount greater than 10 percent of its assets or 100 percent of its surplus and undivided profits, whichever is less;

(B) common stock an amount greater than six percent of its assets or 60 percent of its surplus and undivided profits, whichever is less;

(C) the common and preferred stocks of one issuer an amount greater than one percent of its assets; or

(D) more than two percent of the total issued and outstanding shares of stock of any one issuer.

(b) The limitations of this section do not apply to a mutual bank's investments in a wholly owned subsidiary corporation that owns or leases real or personal property for the purpose of providing a building and facilities to be used primarily for the conduct of the authorized banking activities of the mutual bank.
Alaska Stat. § 06.20.040 — AK Code / Title 6 / Chapter 06.20 / Section 06.20.040
Liquid assets required.
Status: in_force

An applicant shall prove, in form satisfactory to the department, that the applicant has available for the operation of the business at the location specified in the application, liquid assets of at least $25,000, or, in the case of a multiple office license, that the equivalent amount is available to each office from a central account maintained by the applicant.
Alaska Stat. § 06.20.350 — AK Code / Title 6 / Chapter 06.20 / Section 06.20.350
Amendment or repeal of chapter.
Status: repealed

This chapter may be modified, amended, or repealed so as to effect a cancellation or alteration of a license or right of a licensee hereunder, but the cancellation or alteration may not impair or affect the obligation of a pre-existing lawful contract between a licensee and a borrower.
Alaska Stat. § 06.05.438 — AK Code / Title 6 / Chapter 06.05 / Section 06.05.438
Directors, meetings, and duties.
Status: in_force

(a) The board of directors of each bank shall hold a meeting at least once each calendar quarter of each calendar year.

(b) The board of directors shall elect a secretary who shall keep a correct record of the minutes of each board meeting. The minutes shall state the date of each meeting, the names of the directors present, and the votes taken. The record of the meeting of the board of directors shall be subscribed to by the presiding officer and the secretary. The minutes shall be read and approved at the next succeeding meeting, and the minutes of that meeting shall show that fact. It is the duty of the bank examiner to examine the minutes of the board at the time of the bank's examination and to include in the report of examination any failure of the bank to comply with this section.

(c) The board of directors shall designate at least one officer of the bank to prepare and submit to the board at each board meeting a report of the loans, overdrafts, and investments made by the bank in the preceding month or since the last report. The board of directors shall examine and pass upon the report and make it a part of the record of the meeting by recording the report in full in the minutes.

(d) The board of directors shall appoint annually an examining committee of no less than three directors of which no more than one may be an active officer of the bank. The committee shall examine or cause to be examined the condition of the bank. A copy of the report shall be submitted to the department within 60 days after completion of the examination.

(e) Unless prohibited by the articles or bylaws of the state bank, the board of directors or a committee of the board may validly conduct a meeting by communicating simultaneously with each other by means of conference telephones or similar communications equipment.

(f) The department may require a meeting of the board of directors of a state bank to be held in the manner and at the time and place the department directs when, in the judgment of the department, a violation of this title has occurred or is about to occur. A report of an examination required or allowed by this title, the conclusions drawn from the examination by the department, recommendations made by the department, and other matters concerning the operation and condition of the bank may be presented to the board of directors by the department. If the department presents a report of examination or other information is presented to the board, each member of the board of directors shall furnish to the department a statement, on forms to be supplied by the department, that the member has read and is familiar with the recommendations of the department.
Alaska Stat. § 06.26.650 — AK Code / Title 6 / Chapter 06.26 / Section 06.26.650
General provisions for conversions, mergers, and consolidations.
Status: in_force

(a) A national bank whose main office is located in the state or a state bank whose main office is located in the state may convert to a trust company or merge or consolidate with a trust company, and a trust company may merge or consolidate with another trust company, if the conversion, merger, or consolidation is consistent with federal and state law and approved by the department. The requirements of AS 06.26.650  06.26.670 are in addition to the merger and consolidation requirements of AS 10.06 .

(b) Before merger or consolidation under (a) of this section, a trust company shall file with the department a merger or consolidation application and other information and reports that the department requires under AS 06.26.660 .

(c) The department, in the exercise of its power to approve or disapprove applications for merger or consolidation under (a) of this section, shall act in the interests of promoting and maintaining a sound trust company system, promoting the security of deposits and customers, preserving of the liquid position of trust companies, and preventing injurious credit expansions and contractions.

(d) A trust company converting to or merging or consolidating with a national bank shall submit to the department a copy of any application to the United States Comptroller of the Currency for a national bank charter or any other application to the United States Comptroller of the Currency to convert, merge, or consolidate when the applications are forwarded to the United States Comptroller of the Currency.
Alaska Stat. § 06.45.080 — AK Code / Title 6 / Chapter 06.45 / Section 06.45.080
Meetings of members.
Status: in_force

The fiscal year of a credit union ends December 31. The annual meeting of a credit union shall be held within three months after the end of the fiscal year at a place its bylaws prescribe. Special meetings may be held under the bylaws. A member may not vote by proxy, but a member other than a natural person may vote through an agent designated for the purpose. A member may not have more than one vote.
Alaska Stat. § 06.26.895 — AK Code / Title 6 / Chapter 06.26 / Section 06.26.895
Definitions.
Status: in_force

In AS 06.26.810  06.26.895, (1) international trust company means an international trust company whose home office is not located in this state;

(2) interstate national trust company means an interstate national trust company whose home office is not located in this state;

(3) interstate state trust company means an interstate state trust company whose home office is not located in this state.

Article 12. Miscellaneous Provisions.
Alaska Stat. § 06.60.660 — AK Code / Title 6 / Chapter 06.60 / Section 06.60.660
Postponement.
Status: in_force

The department may postpone its consideration of a fund claim until after a hearing under AS 06.60.200 or 06.60.590 or until the completion of a pending court proceeding.
Alaska Stat. § 06.05.270 — AK Code / Title 6 / Chapter 06.05 / Section 06.05.270
Investments and customer securities.
Status: reserved

(a) In addition to loans and acquisitions expressly authorized by this chapter, a state bank may deal in, underwrite, and invest in for its own account the obligations that the department by regulation authorizes the bank to deal in, underwrite, or invest in for its own account.

(b) [Repealed, § 102 ch 26 SLA 1993.] (c) A state bank may purchase or sell, without recourse, any security upon the order of a customer and for the customer's account.
Alaska Stat. § 06.40.030 — AK Code / Title 6 / Chapter 06.40 / Section 06.40.030
Bond.
Status: in_force

(a) The applicant shall file with the application a bond to be approved by the department in which the applicant is the obligor, in the sum of $5,000 with one or more sureties. The bond shall be for the use of the state and any person who may have a cause of action against the obligor under this chapter. The bond must state that the obligor will faithfully conform to and abide by the provisions of this chapter and of all regulations lawfully adopted by the department, and will pay to the state and to any person all money that may become due or owing to the state or to the person from the applicant under this chapter. The aggregate liability of the surety for all breaches of the bond condition may not exceed the penal sum of the bond, and the bond may be cancelled by the surety on 30 days notice to the commissioner.

(b) If at any time the commissioner finds that the bond is unsatisfactory for any reason, the commissioner may require the licensee to file, within 10 days after the receipt of a written demand for it, an additional bond complying with the provisions of (a) of this section.
Alaska Stat. § 06.20.270 — AK Code / Title 6 / Chapter 06.20 / Section 06.20.270
Requirements for making and payment of loans.
Status: in_force

Except as provided in AS 06.20.285 for open-end loans, every licensee shall (1) deliver to the borrower at the time a loan is made a statement containing a printed copy of AS 06.20.230  06.20.260 in the English language and showing in clear and distinct terms the amount and date of the loan and its maturity, the nature of the security, if any, for the loan, the name and address of the borrower and the licensee, and the agreed rate of charge;

(2) give to the borrower a plain and complete receipt for all payments made on account of the loan at the time payments are made, specifying the amount applied to interest and the amount, if any, applied to principal, and stating the unpaid principal balance, if any, of the loan;

(3) permit payment to be made in advance in any amount on a contract of loan at any time, but the licensee may apply the advance payment first to all interest in full at the agreed rate up to the date of payment;

(4) upon repayment of the loan in full, mark indelibly every obligation and security signed by the borrower with the word Paid or Cancelled, and release any mortgage, restore any pledge, cancel and return any note, and cancel and return any assignment given to the licensee by the borrower;

(5) display prominently in each licensed place of business a full and accurate schedule, approved by the department, of the charges to be made and the method of computing them.
Alaska Stat. § 06.60.590 — AK Code / Title 6 / Chapter 06.60 / Section 06.60.590
Claim hearing.
Status: in_force

Except as otherwise provided by AS 06.60.610 , a hearing on a fund claim shall be handled by the office of administrative hearings ( AS 44.64.010 ).
Alaska Stat. § 06.20.260 — AK Code / Title 6 / Chapter 06.20 / Section 06.20.260
Charges prohibited.
Status: in_force

(a) A further or other charge or amount for an examination, service, brokerage commission, expense, fee, bonus, or other thing may not be directly or indirectly charged, contracted for, or received except (1) lawful fees actually paid out by the licensee to a public officer for filing, recording, or releasing any instrument securing the loan, or premiums payable for insurance in lieu of perfecting a security interest if the premiums do not exceed the fees that would otherwise normally be incurred for perfecting, filing, recording, and releasing the security interest, or for transferring certificate of title to a motor vehicle securing the lien or noting a lien on that certificate;

(2) premiums actually paid out for insurance on any one or combination of the following: pledged property of the borrower, or consumer credit insurance; in this paragraph, consumer credit insurance has the meaning given in AS 21.57.160 ;

(3) taxable costs and expenses to which the licensee becomes entitled under general law in any court proceedings to collect a loan or to realize on the security after default;

(4) for loans of $10,000 or less that are secured by an interest in real estate, reasonable costs and fees paid by a licensee for appraisals, surveys, and title insurance or reports;

(5) for loans over $10,000, whether or not secured by an interest in real estate, reasonable costs and fees paid by a licensee for appraisals, surveys, title insurance or reports, and credit reports;

(6) a late payment fee of not more than 10 percent of the payment that is due or $25, whichever is less;

(7) a fee for dishonored checks not to exceed $25 for each dishonored check;

(8) reasonable attorney fees, actual expenses, and costs incurred in connection with the collection of a delinquent debt or a foreclosure if the collection or foreclosure is referred to an attorney who is not a salaried employee of the licensee and the balance then owing on the debt exceeds $5,000;

(9) actual expenses and costs incurred in connection with a repossession.

(b) A licensee may collect the charges permitted under (a) of this section at the time when the loan is made or at any time thereafter. If any interest, consideration, or charges in excess of those permitted by AS 06.20.230 are charged, contracted for, or received, except as the result of an accidental and bona fide error in computation, the contract of loan is modified as follows: all interest, consideration, or charges involved are voided and a like amount credited to the debtor on the principal of the loan. If the unpaid principal is less than the total of the interest, consideration, and charges, the difference shall be refunded by the lender to the borrower.
Alaska Stat. § 06.55.607 — AK Code / Title 6 / Chapter 06.55 / Section 06.55.607
Unlicensed persons.
Status: in_force

(a) If the department has reason to believe that a person has violated or is violating AS 06.55.101 or 06.55.201, the department may issue an order to show cause why an order to cease and desist should not issue requiring that the person cease and desist from the violation of AS 06.55.101 or 06.55.201.

(b) In an emergency, the department may petition the superior court for the issuance of a temporary restraining order.

(c) An order to cease and desist becomes effective upon service of it upon the person.

(d) An order to cease and desist remains effective and enforceable pending the completion of an administrative proceeding under AS 06.55.701 and 06.55.702.

(e) A person who is served with an order to cease and desist for violating AS 06.55.101 or 06.55.201 may petition the superior court for a judicial order setting aside, limiting, or suspending the enforcement, operation, or effectiveness of the order pending the completion of an administrative proceeding under AS 06.55.701 and 06.55.702.

(f) An order to cease and desist expires unless the department commences an administrative proceeding within 10 days after it is issued.

Article 7. Administrative Procedures.
Alaska Stat. § 06.26.860 — AK Code / Title 6 / Chapter 06.26 / Section 06.26.860
Additional trust offices.
Status: in_force

If an interstate state trust company or international trust company maintains a trust office in this state under AS 06.26.810  06.26.895, the trust company may establish or acquire additional trust offices or representative offices in this state to the same extent and in the same manner that a trust company may establish or acquire branch offices in this state under the procedures for establishing or acquiring branch offices under AS 06.26.160 .
Alaska Stat. § 06.50.230 — AK Code / Title 6 / Chapter 06.50 / Section 06.50.230
Conduct of other business.
Status: in_force

A licensee may conduct other business at a location where it engages in making advances unless it conducts the other business for the purpose of evading or violating the provisions of this chapter.
Alaska Stat. § 06.20.140 — AK Code / Title 6 / Chapter 06.20 / Section 06.20.140
Effect of revocation, suspension, or surrender.
Status: in_force

A revocation, suspension, or surrender of a license does not impair or affect the legally enforceable obligation of any pre-existing contract between the licensee and any borrower.
Alaska Stat. § 06.60.850 — AK Code / Title 6 / Chapter 06.60 / Section 06.60.850
Publication of disciplinary action.
Status: in_force

The department may release, through the Internet, the registry, or other publication, notice of disciplinary action taken by the department against a person required to be licensed under this chapter.
Alaska Stat. § 06.26.620 — AK Code / Title 6 / Chapter 06.26 / Section 06.26.620
Insurance; bonds.
Status: in_force

(a) The board of directors of a trust company shall maintain bonding and other insurance for the trust company against dishonesty, fraud, defalcation, forgery, theft, embezzlement, burglary, robbery, and other similar insurable losses and hazards as required by the department by regulation. The board shall obtain the bonding and other insurance from a person authorized under AS 21 to act as an insurer or a surety insurer in this state.

(b) The board of directors shall procure errors and omissions insurance in the amount of at least $500,000.

(c) At least once each year, the board of directors shall review the bonding and other insurance required by this section to determine whether the coverage is adequate in relation to the exposure of the trust company. The minimum amount of insurance required by this section does not automatically represent adequate bonding and insurance coverage in relation to the exposure. Immediately after procuring the bonding and other insurance, the board shall file copies of the documents representing the bonding and other insurance with the department.
Alaska Stat. § 06.26.920 — AK Code / Title 6 / Chapter 06.26 / Section 06.26.920
Civil enforcement.
Status: in_force

The department may bring any appropriate civil court action against a person who the department determines has committed or is about to commit a violation of this chapter.
Alaska Stat. § 06.05.995 — AK Code / Title 6 / Chapter 06.05 / Section 06.05.995
Short title.
Status: in_force

This chapter may be cited as the Alaska Banking Code.
Alaska Stat. § 06.60.280 — AK Code / Title 6 / Chapter 06.60 / Section 06.60.280
Department list.
Status: in_force

The department shall make available to the public a list of all licensees who have been censured or barred or had their licenses suspended or revoked under this chapter. The department shall update the list on a monthly basis.
Alaska Stat. § 06.05.474 — AK Code / Title 6 / Chapter 06.05 / Section 06.05.474
Federal Deposit Insurance Corporation as receiver or liquidator.
Status: in_force

The department may appoint the Federal Deposit Insurance Corporation as receiver for a state bank that the department has taken possession of, if the deposits of the bank are insured by that corporation. Upon filing with the court a certificate indicating the acceptance of the appointment by the Federal Deposit Insurance Corporation, the possession of and title to all the assets, business, and property of the bank are transferred to that corporation. The department is then relieved of all responsibility and liability with respect to the reorganization or liquidation of the bank. The Federal Deposit Insurance Corporation may liquidate, reorganize, merge, or consolidate the bank in the manner permitted by the laws of the United States or by this chapter, and possesses all the rights, powers, duties, and obligations of the department in the liquidation, reorganization, merger, or consolidation of the bank under this chapter.
Alaska Stat. § 06.26.260 — AK Code / Title 6 / Chapter 06.26 / Section 06.26.260
Pledge of assets.
Status: in_force

(a) A trust company may not pledge or create a lien on any of the assets belonging to the trust company except to secure (1) the repayment of money borrowed;

(2) trust deposits as specifically authorized or required by AS 06.26.370 or by regulations adopted under this chapter; or

(3) deposits made by the United States government, the state, or a municipality, or an agency of those governmental bodies.

(b) An act, a deed, a conveyance, a pledge, or a contract that violates this section is void.

Article 6. Trust Assets.
Alaska Stat. § 06.20.120 — AK Code / Title 6 / Chapter 06.20 / Section 06.20.120
Revocation or suspension where licensee has branches.
Status: in_force

Where a licensee holds more than one license, the department may revoke or suspend any license for which grounds for the action exist.
Alaska Stat. § 06.50.460 — AK Code / Title 6 / Chapter 06.50 / Section 06.50.460
Fees.
Status: in_force

(a) Notwithstanding any other provision of law, except for the fee allowed under AS 06.50.510 (b)(3) and where federal law provides otherwise, a licensee may only charge (1) a nonrefundable origination fee in an amount not to exceed $5; and

(2) a fee that does not exceed $15 for each $100 of an advance, or 15 percent of the total amount of the advance, whichever is less.

(b) A licensee may not charge a fee other than the fees allowed under (a) of this section.

(c) The fees allowed by (a) of this section are considered earned at the time of the transaction and may not be prorated.

(d) A licensee may not charge the advance recipient an additional fee to access the proceeds of an advance.
Alaska Stat. § 06.60.157 — AK Code / Title 6 / Chapter 06.60 / Section 06.60.157
Restrictions on mortgage licensee's performance of mortgage loan originator activities.
Status: in_force

A mortgage licensee may not perform mortgage loan originator activities except through a licensed mortgage loan originator who is an employee of or under exclusive contract with a mortgage licensee.
Alaska Stat. § 06.50.430 — AK Code / Title 6 / Chapter 06.50 / Section 06.50.430
Prohibition on collateral and services.
Status: in_force

The licensee may not accept collateral or services as security for or payment of an advance.
Alaska Stat. § 06.26.390 — AK Code / Title 6 / Chapter 06.26 / Section 06.26.390
Fee determination; investment and management costs.
Status: in_force

(a) A trust company shall deal at arm's length with a person when arranging the compensation to be paid by the person for the services of the trust company. Any compensation paid to the trust company must be a reasonable amount with respect to the services rendered.

(b) When investing and managing trust assets, a trust company may only incur costs that are appropriate and reasonable in relation to the assets, the purposes of the trust, and the skills of the trust company.
Alaska Stat. § 06.50.060 — AK Code / Title 6 / Chapter 06.50 / Section 06.50.060
Conditions precedent to license.
Status: in_force

The requirements of AS 06.50.030  06.50.050 are conditions precedent to the issuance of a license under this chapter. The license permits the applicant to make advances under this chapter at the location specified in the application.
Alaska Stat. § 06.15.250 — AK Code / Title 6 / Chapter 06.15 / Section 06.15.250
Investment in first mortgages.
Status: in_force

Subject to the provisions of this chapter and the regulations adopted under this chapter, a mutual bank may invest in first mortgages in the same manner and with the same limitations as a bank organized under AS 06.05 .
Alaska Stat. § 06.40.050 — AK Code / Title 6 / Chapter 06.40 / Section 06.40.050
Application for license; fee; disclosure for child support purposes; interrogatories; refusal to issue or continue license.
Status: in_force

(a) Application for a license under this chapter shall be in writing and in the form prescribed by the department. If the applicant is a natural person, the application form must require submission of the applicant's social security number.

(b) All reasonable investigation expenses incurred by the department in processing an application for approval of a proposed premium finance company shall be charged to and paid by the applicant in accordance with AS 06.01.010 . At the time of submitting the application to the department, the applicant shall pay to the department $500 in partial payment of the investigation expenses incurred by the department. If the investigation expenses incurred by the department do not exceed $500, the remainder shall be promptly refunded to the applicant.

(c) The person to whom the license may be or is issued shall file sworn answers to interrogatories required by the commissioner. The commissioner shall have authority, at any time, to require the licensee fully to disclose the identity of all directors, partners, officers, and managerial employees. The commissioner may refuse to issue or continue a license in the name of any firm or corporation if the commissioner determines that any officer, employee, stockholder, or partner of the firm or corporation who may materially influence the licensee's conduct does not meet the requirements of this chapter.

(d) All premium finance licenses shall continue in force until suspended or revoked, subject to the payment by the licensee of the annual license fee and to the licensee being in compliance with other provisions of this chapter.

(e) Upon request, the department shall provide a social security number submitted under (a) of this section to the child support services agency created in AS 25.27.010 , or the child support agency of another state, for child support purposes authorized under law.
Alaska Stat. § 06.01.040 — AK Code / Title 6 / Chapter 06.01 / Section 06.01.040
Examination policy.
Status: in_force

It shall be the policy of the department to conduct, whenever reasonably possible, joint examinations with the Federal Deposit Insurance Corporation or with the National Credit Union Administration of those institutions subject to this title whose accounts are insured through those agencies.
Alaska Stat. § 06.20.320 — AK Code / Title 6 / Chapter 06.20 / Section 06.20.320
Civil penalties.
Status: reserved

(a) A licensee or lender who, in the making or collection of a loan contract, does any act that violates AS 06.20.230  06.20.260 or 06.20.280  06.20.310 shall at the option of the commissioner reimburse the portion of the interest and charges in excess of that provided in those sections, or, in the case of repeated violations of those sections by the licensee, the commissioner may, upon a hearing, require the licensee to adjust the loan contract interest or other charges down to the contract interest limitation specified in AS 45.45.010 (a).

(b) [Repealed, § 102 ch 26 SLA 1993.] (c) If a penalty for failure to comply with financing disclosure requirements under regulations adopted by the Board of Governors of the Federal Reserve System is imposed by the federal authorities, the department may not impose a civil penalty under this section for the same act or omission.
Alaska Stat. § 06.05.245 — AK Code / Title 6 / Chapter 06.05 / Section 06.05.245
Disposition of property.
Status: in_force

All investments in real and personal property, regardless of how acquired, not permitted under AS 06.05.230 that come into the possession of a state bank shall be disposed of as soon as possible.
Alaska Stat. § 06.26.400 — AK Code / Title 6 / Chapter 06.26 / Section 06.26.400
Disclosure of conflicts of interest.
Status: in_force

Before accepting appointment as a trustee, a trust company shall disclose any conflict of interest that may reasonably be expected to arise in the relationship.
Alaska Stat. § 06.20.130 — AK Code / Title 6 / Chapter 06.20 / Section 06.20.130
Surrender.
Status: in_force

A licensee may surrender a license by delivering written notice of the surrender to the department. The surrender does not affect the licensee's civil or criminal liability for acts committed before the surrender.
Alaska Stat. § 06.60.040 — AK Code / Title 6 / Chapter 06.60 / Section 06.60.040
Testing of mortgage loan originators.
Status: in_force

(a) Before being licensed as a mortgage loan originator, an individual shall pass, under the standards established by this section, a qualified written test on appropriate subject areas, including federal and state law, under 12 U.S.C. 5104(d) (Secure and Fair Enforcement for Mortgage Licensing Act of 2008).

(b) The department shall treat a written test as a qualified written test for purposes of (a) of this section if the department finds that the test adequately measures the applicant's knowledge and comprehension in appropriate subject areas, including (1) ethics; and

(2) federal and state statutes and regulations relating to mortgage origination, fraud prevention, consumer protection, the nontraditional mortgage marketplace, and fair lending.

(c) This section does not prohibit a test provider approved by the registry from providing a test at the location of the employer of the applicant, the location of a subsidiary or affiliate of the employer of the applicant, or the location of an entity with which the applicant holds an exclusive arrangement to conduct the business of a mortgage loan originator.

(d) To pass a qualified written test, an applicant must answer at least 75 percent of the questions correctly.

(e) An individual may retake a test three consecutive times, but each consecutive taking of a test must occur at least 30 days after taking the preceding test.

(f) After failing three consecutive takings of the same test, an individual shall wait at least six months before retaking the test.

(g) A licensed mortgage loan originator who fails to maintain a valid license for a period of five years or longer shall retake the test. The period without a valid license under this subsection does not include the time the individual is a registered mortgage loan originator.

(h) The department may assess a fee for each administration of a qualified written test.
Alaska Stat. § 06.50.030 — AK Code / Title 6 / Chapter 06.50 / Section 06.50.030
Application.
Status: in_force

(a) An application for a license must be in writing and under oath, in a form prescribed by the department by regulation, and include at least (1) the legal name, residence, and business address of the applicant and, if the applicant is not a natural person, of each member, partner, director, senior officer, or owner of 10 percent or more of the equity of the applicant;

(2) the address and physical location of the principal place of business named in the application; and

(3) other information the department may require with respect to the applicant and, if the applicant is not a natural person, about the applicant's members, partners, directors, senior officers, or owners of 10 percent or more of the equity of the applicant.

(b) The applicant shall submit with the application the bond required by AS 06.50.040 and a nonrefundable application fee in an amount that is established by the department by regulation and that does not exceed $3,000. The application fee for the initial license may not be prorated.
Alaska Stat. § 06.26.470 — AK Code / Title 6 / Chapter 06.26 / Section 06.26.470
Decision on application for acquisition of control.
Status: in_force

(a) The department shall approve or deny an application for acquisition of control not later than the 60th day after the date that the notice regarding acquisition of control is published under AS 06.26.460 .

(b) If the department approves an application filed under AS 06.26.460 , the applicant may acquire control. Any written commitment from the proposed transferee offered to and accepted by the department as a condition for approval of the application is enforceable against the trust company and the transferee.
Alaska Stat. § 06.55.202 — AK Code / Title 6 / Chapter 06.55 / Section 06.55.202
Application for license.
Status: in_force

(a) A person applying for a currency exchange license under AS 06.55.201  06.55.204 shall apply in a form and in a medium prescribed by the department. The application must state or contain (1) the legal name and residential and business addresses of the applicant if the applicant is an individual or, if the applicant is not an individual, the name of each partner, executive officer, manager, and director;

(2) the location of the principal office of the applicant;

(3) the complete addresses of other locations in this state where the applicant proposes to engage in currency exchange, including all mobile locations;

(4) a description of the source of money and credit to be used by the applicant to engage in currency exchange; and

(5) other information the department reasonably requires with respect to the applicant, but not more than the department may require under AS 06.55.101  06.55.107.

(b) A nonrefundable application fee and a currency exchange license fee must accompany an application for a currency exchange license. The currency exchange license fee shall be refunded if the application is denied.
Alaska Stat. § 06.26.995 — AK Code / Title 6 / Chapter 06.26 / Section 06.26.995
Short title.
Status: in_force

This chapter may be cited as the Revised Alaska Trust Company Act.
Alaska Stat. § 06.60.995 — AK Code / Title 6 / Chapter 06.60 / Section 06.60.995
Short title.
Status: in_force

This chapter may be known as the Alaska Secure and Fair Enforcement for Mortgage Licensing Act of 2010.
Alaska Stat. § 06.50.420 — AK Code / Title 6 / Chapter 06.50 / Section 06.50.420
Prohibition on dividing advance amount or increasing number of advances.
Status: in_force

A licensee may not induce or permit an advance recipient to divide the amount of an advance, or to become obligated, directly, contingently, or both, for more than one advance at the same time, if the purpose or result is to obtain additional origination fees under AS 06.50.460 (a)(1).
Alaska Stat. § 06.65.180 — AK Code / Title 6 / Chapter 06.65 / Section 06.65.180
Change of designated beneficiary.
Status: in_force

A designated beneficiary or the designated beneficiary's representative may change the designated beneficiary of a program account to an eligible individual who is a member of the family of the previous designated beneficiary.
Alaska Stat. § 06.65.060 — AK Code / Title 6 / Chapter 06.65 / Section 06.65.060
Investment oversight.
Status: in_force

The department shall (1) oversee and approve the selection of investment managers and advisors for the program;

(2) oversee all aspects of the program's investments and investment performance and decisions regarding the investment of program assets; and

(3) oversee all investment disclosure documents and regulatory filings related to program investments.
Alaska Stat. § 06.15.070 — AK Code / Title 6 / Chapter 06.15 / Section 06.15.070
Terms of trustees.
Status: in_force

The corporators shall, by a majority vote of those present at their organizational meeting, elect a board of trustees in the following manner: one-third for a term of one year; one-third for a term of two years; and one-third for a term of three years. Thereafter trustees shall be elected to serve for a term of three years. The office of any trustee becomes vacant if the trustee ceases to hold office as a corporator.
Alaska Stat. § 06.65.260 — AK Code / Title 6 / Chapter 06.65 / Section 06.65.260
No state obligation.
Status: in_force

(a) This chapter may not be construed to create an obligation of the state, the department, or an agency or instrumentality of the state to guarantee for the benefit of a designated beneficiary (1) the return of the principal deposited in the program account;

(2) a rate of interest or other return on the principal in a program account; or

(3) the payment of interest or other return on the principal in a program account.

(b) Every contract, application, and other document that may be used in connection with opening a program account must clearly state that the state does not insure a program account or guarantee the items described in (a) of this section.
Alaska Stat. § 06.55.602 — AK Code / Title 6 / Chapter 06.55 / Section 06.55.602
Suspension and revocation of authorized delegates.
Status: in_force

(a) The department may issue an order suspending or revoking the designation of an authorized delegate if the department finds that (1) the authorized delegate violated this chapter or a regulation adopted or an order issued under this chapter;

(2) the authorized delegate did not cooperate with an examination or investigation by the department;

(3) the authorized delegate engaged in fraud, intentional misrepresentation, or gross negligence;

(4) the authorized delegate is convicted of a violation of a state or federal anti-money laundering statute;

(5) the competence, experience, character, or general fitness of the authorized delegate or a person in control of the authorized delegate indicates that it is not in the public interest to permit the authorized delegate to provide money services; or

(6) the authorized delegate is engaging in an unsafe or unsound practice.

(b) In determining whether an authorized delegate is engaging in an unsafe or unsound practice, the department may consider the size and condition of the authorized delegate's provision of money services, the magnitude of the loss, the gravity of the violation of this chapter or a regulation adopted or order issued under this chapter, and the previous conduct of the authorized delegate.