Alaska Stat. § 06.45.060 — AK Code / Title 6 / Chapter 06.45 / Section 06.45.060
Powers of a credit union; remedy for interest violations.
Status: in_force

(a) A credit union has succession in its corporate name during its existence and may (1) enter into a contract;

(2) sue and be sued;

(3) adopt, use, and alter a common seal;

(4) purchase, hold, and dispose of property;

(5) make loans, the maturities of which may not exceed 20 years except as provided in this chapter, and extend lines of credit to its members, to other credit unions, and to credit union organizations and participate with other credit unions, credit union organizations, or financial organizations in making loans to credit union members in accordance with the following: (A) loans to members shall be made in conformity with regulations adopted by the commissioner, except that (i) a residential real estate loan that is made to finance the acquisition of a one- to four-family dwelling for the principal residence of a credit union member that is secured by a first lien on the dwelling may have a maturity not exceeding 30 years;

(ii) a loan to finance the purchase of a manufactured home that is secured by a first lien on the manufactured home, to be used as the residence of a credit union member, or for the repair, alteration, or improvement of a residential dwelling that is the residence of a credit union member must have a maturity not to exceed 20 years unless the loan is insured or guaranteed under (iii) of this subparagraph;

(iii) a loan secured by the insurance or guarantee of the federal government, of a state government, or an agency of either may be made for the maturity and under the terms and conditions specified in the law under which the insurance or guarantee is provided;

(iv) a loan or aggregate of loans to a director or member of the supervisory or credit committee of the credit union making the loan that exceeds $20,000 plus pledged shares shall be approved by the board of directors;

(v) loans to other members for which directors or members of the supervisory or credit committee act as guarantor or endorser shall be approved by the board of directors when the loans standing alone or when added to an outstanding loan or loans of the guarantor or endorser exceed $20,000;

(vi) the rate of interest may not exceed the greater of 15 percent a year or the rate specified in AS 45.45.010 (b);

(vii) the taking, receiving, reserving, or charging of a rate of interest greater than is allowed by this paragraph, when knowingly done, is considered a forfeiture of the entire interest that the note, bill, or other evidence of debt carries with it, or that has been agreed to be paid on the note, bill, or other evidence of debt; if a greater rate of interest has been paid, the person by whom it has been paid or the person's legal representatives may recover back from the credit union taking or receiving it the entire amount of interest paid, but the action must be commenced within two years from the time the usurious collection was made;

(viii) a borrower may repay a loan before maturity in whole or in part on any business day without penalty;

(ix) loans shall be paid or amortized under regulations adopted by the commissioner that consider the needs or conditions of the borrowers, the amounts and duration of the loans, the interests of the members and the credit union, and other factors established in regulations adopted by the commissioner;

(x) the total dollar amount of real estate loans and manufactured home loans outstanding may not exceed 25 percent of the assets of the credit union without the written approval of the commissioner;

(xi) a credit union with assets of less than $3,000,000 may make real estate loans with maturities in excess of 15 years only with the approval of the commissioner;

(B) a self-replenishing line of credit to a borrower may be established to a stated maximum amount on terms and conditions that may be different from terms and conditions established for another borrower;

(C) loans to other credit unions require the approval of the board of directors of the loaning credit union;

(D) loans to credit union associations require the approval of the board of directors of the credit union and may not exceed one percent of the paid-in and unimpaired capital and surplus of the credit union;

(E) participation loans with other credit unions, credit union associations, or financial organizations shall be made in accordance with written policies of the board of directors of the credit union, except that a credit union that originates a loan for which participation arrangements are made in accordance with this section shall retain an interest not less than 10 percent of the face amount of the loan;

(6) receive from its members and from others payments on shares that may be issued at varying dividend rates, and payments on share certificates that may be issued at varying dividend rates and maturities, and establish share draft accounts, subject to terms, rates, and conditions as may be established by the board of directors of the credit union, within limitations prescribed by the commissioner;

(7) invest its funds (A) in loans exclusively to members;

(B) in obligations of the United States or securities fully guaranteed as to principal and interest by the United States;

(C) in loans to other credit unions in the total amount not exceeding 25 percent of its paid-in and unimpaired capital and surplus in accordance with regulations adopted by the commissioner;

(D) in shares or accounts of savings and loan associations or mutual savings banks that are insured by the Federal Deposit Insurance Corporation;

(E) in obligations issued by banks for cooperatives, federal land banks, federal intermediate credit banks, federal home loan banks, the Federal Home Loan Bank Board, or a corporation designated in 31 U.S.C. 9101 as a wholly owned federal government corporation; in obligations, participations, or other instruments of or issued by or fully guaranteed as to principal and interest by the Federal National Mortgage Association or the Government National Mortgage Association; in mortgages, obligations, or other securities that are or have been sold by the Federal Home Loan Mortgage Corporation under 12 U.S.C. 1454 or 12 U.S.C. 1455 (Federal Home Loan Mortgage Corporation Act); or in obligations or other instruments or securities of the Student Loan Marketing Association;

(F) in participation certificates evidencing beneficial interests in obligations, or in the right to receive interest and principal collections from obligations, that have been subjected by one or more federal agencies to a trust or trusts for which an executive department, agency, or instrumentality of the United States or its head has been named to act as trustee;

(G) in shares or deposits of a central credit union in which such investments are authorized by the board of directors of the credit union making the investment;

(H) in shares, share certificates, or share deposits of federally insured credit unions;

(I) in the shares, stocks, or obligations of another organization providing services that are associated with the routine operations of credit unions, up to one percent of the total paid-in and unimpaired capital and surplus of the credit union with the approval of the commissioner;

(J) in the capital stock of the National Credit Union Central Liquidity Facility;

(K) in the stocks, bonds, and other securities of (i) a corporation licensed under AS 10.13 ; or

(ii) a corporation attempting to become licensed under AS 10.13 if the corporation intends to use the proceeds to fulfill the tasks necessary to become licensed under AS 10.13 ;

(L) in bankers' acceptances issued by a financial institution whose accounts are insured by an agency of the federal government;

(M) in stock of a federal home loan bank; the investment must be limited to the minimum amount of stock required for membership in the federal home loan bank, plus any additional stock purchase required to obtain an advance of funds from a federal home loan bank; and

(N) in obligations of, or issued by, a state or political subdivision of the state, except that a credit union may not invest more than 10 percent of its unimpaired capital and surplus in the obligations of any one issuer, exclusive of general obligations of the issuer; in this subparagraph, political subdivision of the state includes an agency, corporation, or instrumentality of a state or political subdivision;

(8) make deposits in national banks and in state banks, trust companies, and mutual savings banks operating in accordance with the laws of the state;

(9) borrow in accordance with regulations adopted by the commissioner from any source, in an aggregate amount not exceeding 50 percent of its paid-in and unimpaired capital and surplus, except that a credit union may discount with or sell to a federal intermediate credit bank an eligible obligation up to the amount of its paid-in and unimpaired capital;

(10) levy late charges, in accordance with the bylaws, for failure of members to meet promptly their obligations to the credit union;

(11) levy and enforce a lien upon the shares and dividends of a member to the extent of a loan made to, and any dues or charges payable by, the member;

(12) in accordance with regulations adopted by the commissioner, sell to members negotiable checks, travelers checks, and money orders, and cash checks and money orders for members, for a fee which does not exceed the direct and indirect costs incident to providing the service;

(13) in accordance with regulations adopted by the commissioner, purchase, sell, pledge, discount, or otherwise receive or dispose of, in whole or in part, eligible obligations of its members and purchase from a liquidating credit union notes made by individual members of the liquidating credit union at prices agreed upon by the board of directors of the liquidating credit union and the board of directors of the purchasing credit union; a purchase may not be made under authority of this paragraph if, upon the making of the purchase, the aggregate of the unpaid balances of notes purchased under authority of this paragraph exceeds five percent of the unimpaired capital and surplus of the credit union;

(14) sell all or a part of its assets to another credit union, purchase all or part of the assets of another credit union, and assume the liabilities of the selling credit union and those of its members subject to regulations of the commissioner;

(15) issue solicited or unsolicited credit cards or other similar credit granting devices to a member for obtaining money, goods, services or anything else of value; notwithstanding (5)(A)(vi) of this subsection and AS 45.45.010 , when credit is extended under this section, the credit union may impose a service charge at a monthly rate as agreed upon by contract between the credit union and the member receiving the credit granting device, but the credit union may not hold the member liable for charges made on a credit card or other credit granting device before its acceptance by the member; before an unsolicited card is considered accepted by the member, the member shall execute and furnish to the credit union a written statement of acceptance; in addition, a credit union may charge fees for credit cards or other similar credit granting devices; and

(16) exercise incidental powers as are necessary or required to enable it to carry on effectively the business for which it is incorporated.

(b) In this section, manufactured home has the meaning given in AS 45.29.102 .
Alaska Stat. § 06.50.900 — AK Code / Title 6 / Chapter 06.50 / Section 06.50.900
Definitions.
Status: in_force

In this chapter, unless the context requires otherwise, (1) advance means a deferred deposit advance;

(2) advance recipient means a borrower to whom an advance is made;

(3) control, in the case of a person who is not a natural person, means direct or indirect ownership, the right to vote or otherwise control 10 percent or more of the governance interests of the entity, or the ability of a person to elect a majority of the directors;

(4) deferred deposit advance means a transaction in which a person (A) accepts a dated check from a person seeking an advance;

(B) agrees to hold the check for a specified period of time before depositing or otherwise negotiating the check; and

(C) pays to the advance recipient, credits to the account of the advance recipient, or pays to another person on behalf of the advance recipient the amount of the check less the charges allowed under this chapter;

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

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

(7) licensee means a person to whom a license has been issued under this chapter.
Alaska Stat. § 06.26.250 — AK Code / Title 6 / Chapter 06.26 / Section 06.26.250
Regulations on investments.
Status: in_force

The department may adopt regulations to establish limits, requirements, or exemptions for particular classes or categories of investment, or limit or expand investment authority for trust companies for particular classes or categories of securities or other property.
Alaska Stat. § 06.50.310 — AK Code / Title 6 / Chapter 06.50 / Section 06.50.310
Reports to department.
Status: in_force

(a) On or before March 15 of each year, a licensee shall file with the department a composite annual report for the preceding calendar year in the form prescribed by the department relating to all advances made by the licensee. The department may require that the report be submitted under oath or affirmation, or with notice that false statements made are punishable as unsworn falsification in the second degree under AS 11.56.210 .

(b) The report must include (1) the total number and dollar amount of advances made by the licensee;

(2) the total number of individual customers who received advances;

(3) the minimum, maximum, and average amount of advances;

(4) the average annual percentage rate of the fee charged for advances;

(5) the average number of days of the advances;

(6) the total number and dollar amount of returned checks;

(7) the total number and dollar amount of checks paid by advance recipients;

(8) the total number and dollar amount of checks charged off as a loss;

(9) the total dollar amount of outstanding advances as of the last day of the calendar year;

(10) the total number of outstanding advances as of the last day of the calendar year; and

(11) any other information the department determines is required to conduct its review.

(c) Within 15 days after the occurrence of any of the following events, a licensee shall file a written report with the department describing the event and its expected effect on the activities of the licensee in the state: (1) filing for bankruptcy or reorganization by the licensee;

(2) institution of suspension or revocation proceedings against the licensee by a state or other governmental authority;

(3) a felony indictment or felony conviction of the licensee and, if the licensee is not a natural person, of a member, partner, director, senior officer, or holder of 10 percent or more of the licensee's equity; and

(4) other events that the department determines and identifies by regulation that may impair the ability of the licensee to operate its business under this chapter.

(d) In the discretion of the department, the occurrence of an event in (c) of this section may constitute grounds for suspension or revocation of a license.
Alaska Stat. § 06.15.105 — AK Code / Title 6 / Chapter 06.15 / Section 06.15.105
Trustee borrowing.
Status: in_force

A person may borrow money from the mutual bank for which the person is trustee to the same extent that a director may borrow money under AS 06.05.210 .
Alaska Stat. § 06.60.920 — AK Code / Title 6 / Chapter 06.60 / Section 06.60.920
Relationship to federal and other state law.
Status: in_force

(a) If a provision of this chapter is preempted by or conflicts with federal law in a particular situation, the provision does not apply to the extent of the preemption or conflict.

(b) If a provision of this chapter conflicts with another state law in a particular situation, the provision in this chapter governs to the extent of the conflict.

Article 11. General Provisions.
Alaska Stat. § 06.05.120 — AK Code / Title 6 / Chapter 06.05 / Section 06.05.120
Notice of charges.
Status: in_force

A bank or other financial institution that levies a charge for the establishment or maintenance of personal nonbusiness demand deposit accounts shall clearly post a schedule of the charges in each of its places of business where these accounts are opened.
Alaska Stat. § 06.15.360 — AK Code / Title 6 / Chapter 06.15 / Section 06.15.360
Additional powers.
Status: in_force

The enumeration of powers in AS 06.15.350 does not exclude other powers appropriate for the achievement of the objects and purposes of a mutual bank under this chapter. With the approval of the department, a mutual bank may provide for the exercise of other powers in its bylaws, rules, or regulations.
Alaska Stat. § 06.60.012 — AK Code / Title 6 / Chapter 06.60 / Section 06.60.012
Mortgage loan originator license required.
Status: in_force

(a) Unless exempt under AS 06.60.015 , an individual may not operate in the state as a mortgage loan originator with respect to a dwelling located in the state unless the individual is licensed as a mortgage loan originator under this chapter.

(b) An individual required to be licensed as a mortgage loan originator shall (1) register with the registry and maintain a valid unique identifier issued by the registry;

(2) work under (A) an exclusive contract for, or as an employee of, a mortgage licensee; or

(B) an exclusive contract for a registered depository institution; and

(3) be sponsored in the registry by a mortgage licensee under a sponsorship approved in the registry by the department or be sponsored by a registered depository institution under AS 06.60.014 ; in this paragraph, sponsored means authorized to conduct business as a mortgage loan originator under the supervision of a mortgage licensee or a registered depository institution.
Alaska Stat. § 06.45.290 — AK Code / Title 6 / Chapter 06.45 / Section 06.45.290
Branch offices.
Status: in_force

A credit union may establish a branch office under regulations of the commissioner.
Alaska Stat. § 06.05.197 — AK Code / Title 6 / Chapter 06.05 / Section 06.05.197
Nominees.
Status: in_force

(a) A state or national bank or a trust company, when acting in the state as a fiduciary or as a co-fiduciary with others, may with the consent of its co-fiduciary or co-fiduciaries, if any, who are hereby authorized to give such consent, cause any investment it holds as a fiduciary or co-fiduciary to be registered and held in the name of a nominee or nominees of the bank or trust company. The bank or trust company is liable for the acts of its nominee with respect to an investment registered in the nominee's name.

(b) The records of the bank or trust company must at all times show the ownership of the investment registered and held in the name of its nominee. The bank or trust company shall retain possession and control of the investment and keep the investment separate and apart from its assets.

Article 3. Reserves, Loans, Investments, Bank Service Corporations, Practices, and Services.
Alaska Stat. § 06.60.013 — AK Code / Title 6 / Chapter 06.60 / Section 06.60.013
Loan processors or underwriters.
Status: in_force

(a) A loan processor or underwriter who is an independent contractor may not operate as a loan processor or underwriter unless the independent contractor loan processor or underwriter is licensed as a mortgage loan originator under this chapter. An independent contractor loan processor or underwriter licensed as a mortgage loan originator shall register with the registry and maintain a valid unique identifier issued by the registry.

(b) An individual engaged solely in loan processor or underwriter activities who is not an independent contractor is not required to be licensed as a mortgage loan originator under this chapter if the individual does not represent to the public, through advertising or other means of communicating or providing information, including the use of the Internet, business cards, stationery, brochures, signs, rate lists, or other promotional items, that the individual can or will perform any of the activities of a mortgage loan originator.
Alaska Stat. § 06.05.050 — AK Code / Title 6 / Chapter 06.05 / Section 06.05.050
Publication of reports.
Status: in_force

(a) Condensed forms of all reports of condition required by AS 06.05.045 (a) shall be immediately posted on the primary Internet website of the state bank and may also be (1) published by the state bank in a newspaper of general circulation published in the place where the state bank is located; if a newspaper of general circulation is not published in that place, the report may be published in the newspaper of general circulation published nearest to that place; or

(2) posted in the lobby of the principal office and all branches of the state bank.

(b) Notice of the publication or posting of the reports of condition under (a) of this section shall be posted on the primary Internet website of the state bank and may also be posted in the lobby of the principal office and all branches of the state bank. Upon request, a copy of a report of condition shall be supplied to any person at no cost.
Alaska Stat. § 06.60.035 — AK Code / Title 6 / Chapter 06.60 / Section 06.60.035
Fees and expenses.
Status: in_force

(a) When an applicant submits an application for a license under this chapter to the department, the applicant shall pay to the department (1) an application fee in partial payment of those investigation expenses incurred by the department; and

(2) an annual license fee for the period that terminates on December 31 after the date the license is issued; after this payment, the annual license fee is due every year, subject to renewal by the department.

(b) An applicant shall pay all reasonable costs and reasonable investigative fees incurred by the department before the department issues a license.

(c) The fees imposed by this section are in addition to the fees charged by the registry and the business license fees assessed under AS 43.70 (Alaska Business License Act).

(d) The department may establish by regulation the amount and manner of payment of application fees, examination fees, license fees, permit fees, investigation fees, and all administrative or other fees or penalties under this chapter. The fees established under this chapter are nonrefundable.
Alaska Stat. § 06.60.370 — AK Code / Title 6 / Chapter 06.60 / Section 06.60.370
Criminal penalties.
Status: in_force

(a) The department may report a violation of (b)  (e) of this section to the attorney general, who may institute the proper proceedings to enforce the criminal penalties provided in (b)  (e) of this section.

(b) A person who knowingly provides false or misleading information to the department that is material under this chapter is guilty of a class A misdemeanor.

(c) A person who knowingly fails to account for or deliver to a person money, deposits, or checks or other forms of negotiable instruments in violation of the provisions of this chapter is guilty of a class A misdemeanor.

(d) A licensee who knowingly fails to disburse money belonging to the borrower without just cause is guilty of a class A misdemeanor.

(e) Unless the person is exempt from licensing under this chapter, a person who knowingly operates in this state as a mortgage lender, mortgage broker, or mortgage loan originator without a license issued under this chapter is guilty of a class A misdemeanor.
Alaska Stat. § 06.26.080 — AK Code / Title 6 / Chapter 06.26 / Section 06.26.080
Amendment of articles or bylaws.
Status: in_force

(a) A trust company may amend its articles of incorporation or bylaws in a manner consistent with its articles, its bylaws, AS 10.06 , and this chapter by a vote of its shareholders representing at least a majority of the capital at a regular meeting or at a special meeting called for that purpose. The trust company shall file a written notice of an amendment with the department.

(b) The department has 60 days from the date that the department receives a notice under (a) of this section to review the amendment, and the amendment becomes effective on the 61st day after the department receives the notice unless the department specifies a different date. The department may extend the 60-day period of review if the department determines that the notice raises significant issues that require additional information or if the department needs additional time for analysis. If the 60-day period of review is extended, the amendment becomes effective only when the department approves the amendment in writing.
Alaska Stat. § 06.60.140 — AK Code / Title 6 / Chapter 06.60 / Section 06.60.140
Availability of out-of-state records.
Status: in_force

A mortgage licensee who or registered depository institution that operates an office or other place of business outside this state shall, at the request of the department, (1) make the records of the office or place of business available to the department at a location within this state; or

(2) reimburse the department its reasonable costs, as provided in AS 06.60.250 (k), that are incurred by the department in conjunction with an investigation or examination conducted at the office or place of business.
Alaska Stat. § 06.26.040 — AK Code / Title 6 / Chapter 06.26 / Section 06.26.040
Name of trust company.
Status: in_force

(a) A person may not use the words trust or trust company or any other words in a manner that could reasonably be expected to convey the impression that the person is acting as a fiduciary unless the person is authorized to act as a fiduciary under AS 06.26.010 .

(b) This section does not prohibit the use of the words trust or trust company in the name of a corporation that is in existence as of January 1, 2003 and that is not subject to this chapter if the corporation was originally organized under the laws of this state and has not, since the date of its original organization, amended or restated its articles of incorporation to delete from its name the words trust or trust company.
Alaska Stat. § 06.45.100 — AK Code / Title 6 / Chapter 06.45 / Section 06.45.100
Compensation.
Status: in_force

A member of the board of directors or of the credit or supervisory committees may not be compensated for service on the board of directors or credit or supervisory committees. Reasonable health, accident, and similar insurance protection is not compensation under this section and may be provided under regulations adopted by the commissioner.
Alaska Stat. § 06.05.550 — AK Code / Title 6 / Chapter 06.05 / Section 06.05.550
Authority of international bank, interstate state bank, or interstate national bank to branch.
Status: in_force

(a) An international bank, an interstate state bank, or an interstate national bank whose deposits are insured by the Federal Deposit Insurance Corporation may acquire a branch bank as the result of a merger or consolidation of the international bank, interstate state bank, or interstate national bank with, or the purchase of all or substantially all of the assets of, a state bank, a national bank with its principal office in this state, or a branch of the state bank or national bank, unless the state bank or national bank is a recently formed bank.

(b) An international bank may establish a new branch bank in this state or acquire a recently formed bank if the department approves the establishment or acquisition before the establishment or acquisition occurs. An interstate state bank or interstate national bank may not establish a branch bank in this state unless the establishment occurs through an acquisition under (a) of this section of a bank located in the state. An interstate state bank or interstate national bank may not establish a new branch bank in this state.

(c) An interstate state bank, interstate national bank, or international bank that opens, occupies, or maintains a branch bank in the state has the same powers under the laws of the state as a state or national bank of the same type.
Alaska Stat. § 06.26.910 — AK Code / Title 6 / Chapter 06.26 / Section 06.26.910
Appeals.
Status: in_force

(a) A person may appeal to the department (1) a denial of an application under AS 06.26.090 (e);

(2) an order under AS 06.26.120 to increase or adjust capital;

(3) a denial under AS 06.26.150 of a change of the location of a home office under AS 06.26.150 ;

(4) a denial under AS 06.26.160 of permission for a trust company to establish a branch office;

(5) a denial under AS 06.26.170 of permission to establish or acquire a representative office;

(6) a denial under AS 06.26.180 (d) of permission to establish an office outside this state;

(7) a denial of a private trust company exemption under AS 06.26.200 and 06.26.210;

(8) the conditions or limitations established for an exemption under AS 06.26.200 (e);

(9) the revocation of an exemption under AS 06.26.230 ;

(10) a denial of permission for a private trust company to convert to a trust company under AS 06.26.240 ;

(11) a denial under AS 06.26.470 of an application to acquire control of a trust company;

(12) the disapproval under AS 06.26.650 of a conversion, merger, or consolidation;

(13) a denial under AS 06.26.840 (d) of permission to establish or acquire a trust office in this state;

(14) a denial under AS 06.26.850 (g) of permission to establish or acquire a representative office in this state; and

(15) a denial under AS 06.26.860 of permission for additional trust offices or representative offices.

(b) The department shall adopt regulations, consistent with the provisions of this chapter, establishing the procedures for appeals allowed under (a) of this section.

(c) The provisions of AS 44.62 (Administrative Procedure Act), including judicial review under AS 44.62.560 , apply to an appeal under this chapter to the extent the provisions of AS 44.62 do not conflict with the procedures established under (b) of this section or other provisions of this chapter.
Alaska Stat. § 06.55.403 — AK Code / Title 6 / Chapter 06.55 / Section 06.55.403
Reports.
Status: in_force

(a) A money services licensee shall file with the department within 15 business days any material changes in information provided in a money services licensee's application as prescribed by the department.

(b) A money services licensee shall file with the department within 45 days after the end of each fiscal quarter a current list of all authorized delegates and locations in this state where the money services licensee or an authorized delegate of the money services licensee provides money services, including mobile locations. The money services licensee shall state the name and street address of each location and authorized delegate.

(c) A money services licensee shall file a report with the department within one business day after the money services licensee has reason to know of the occurrence of any of the following events: (1) the filing of a petition by or against the money services licensee under 11 U.S.C. 101  110 (Bankruptcy Code) for bankruptcy or reorganization;

(2) the filing of a petition by or against the money services licensee for receivership, the commencement of any other judicial or administrative proceeding for its dissolution or reorganization, or the making of a general assignment for the benefit of its creditors;

(3) the commencement of a proceeding to revoke or suspend its money services license in a state or country in which the money services licensee engages in business or is licensed;

(4) the cancellation or other impairment of the money services licensee's bond or other security;

(5) a charge against or conviction of the money services licensee or of an executive officer, manager, director, or person in control of the money services licensee for a felony; or

(6) a charge against or conviction of an authorized delegate for a felony.
Alaska Stat. § 06.55.301 — AK Code / Title 6 / Chapter 06.55 / Section 06.55.301
Relationship between licensee and authorized delegate.
Status: in_force

(a) A contract between a money services licensee and an authorized delegate must require the authorized delegate to operate in full compliance with this chapter. The money services licensee shall furnish in a record to each authorized delegate policies and procedures sufficient for compliance with this chapter.

(b) An authorized delegate shall remit all money owing to the money services licensee under the terms of the contract between the money services licensee and the authorized delegate. In this subsection, remit means to make direct payments of money to a money services licensee or its representative authorized to receive money or to deposit money in a bank in an account specified by the money services licensee.

(c) If a money services license is suspended or revoked or a money services licensee does not renew its money services license, the department shall notify all authorized delegates of the money services licensee whose names are in a record filed with the department of the suspension, revocation, or nonrenewal. After notice is sent or publication is made, an authorized delegate shall immediately cease to provide money services as an authorized delegate of the money services licensee.

(d) An authorized delegate may not provide money services outside the scope of activity permissible under the contract between the authorized delegate and the money services licensee, except activity in which the authorized delegate is authorized to engage under AS 06.55.101  06.55.204. An authorized delegate of a money services licensee holds in trust for the benefit of the money services licensee all money net of fees received from money transmission.

(e) An authorized delegate may not use a subdelegate to conduct money services on behalf of a money services licensee.
Alaska Stat. § 06.26.070 — AK Code / Title 6 / Chapter 06.26 / Section 06.26.070
Incorporation.
Status: in_force

(a) A trust company shall be incorporated under AS 10.06 .

(b) In addition to the items required under AS 10.06.208 to be included in articles of incorporation, the articles of incorporation of a trust company must specify (1) the judicial district where the trust company will be located and the community where the trust company will locate its principal place of business;

(2) the amount of the trust company's stock, which must be divided into shares having a par value of not less than $1 each;

(3) that there will be at least five but not more than 25 directors;

(4) the period for which the trust company is organized, whether limited or perpetual;

(5) the name by which the trust company will be known, which must contain the words trust company as a part of the name; and

(6) a declaration that each incorporator will, if elected, accept the responsibilities and faithfully discharge the duties of a director.
Alaska Stat. § 06.05.340 — AK Code / Title 6 / Chapter 06.05 / Section 06.05.340
Certain remuneration prohibited.
Status: in_force

A bank may not pay directly or indirectly a fee, commission, or bonus of any kind for its promotion and organization or for securing a subscription to the original capital or to any increase in capital. However, this section does not prohibit the payment of reasonable compensation for legal, accounting, and econometric services, or payments to a securities broker-dealer registered under AS 45.56 for services that have been performed in connection with the sale of bank securities.
Alaska Stat. § 06.26.560 — AK Code / Title 6 / Chapter 06.26 / Section 06.26.560
Prohibited acts.
Status: in_force

(a) A director, an officer, an employee, or a shareholder of a trust company may not (1) conceal information or a fact, or remove, destroy, or conceal a book or record of the trust company, for the purpose of concealing information or a fact from the department or an agent of the department; or

(2) for the purpose of concealing, remove or destroy a book or record of the trust company that is material to a pending or anticipated court or administrative proceeding.

(b) A director, an officer, or an employee of a trust company may not make a false entry in the records, a report, or a statement of the trust company.
Alaska Stat. § 06.15.080 — AK Code / Title 6 / Chapter 06.15 / Section 06.15.080
Management and control of mutual bank; bylaws.
Status: in_force

The management and control of the affairs of a mutual bank are vested in the board of trustees. The board of trustees may adopt, amend, and repeal bylaws governing the affairs of the mutual bank.
Alaska Stat. § 06.05.344 — AK Code / Title 6 / Chapter 06.05 / Section 06.05.344
Application for approval of state bank.
Status: in_force

(a) Before the department issues a certificate of incorporation under AS 10.06.910 for a state bank, the incorporators of a proposed state bank shall obtain the approval of the department. In applying for the approval, the incorporators shall file with the department (1) an application in the form and containing the information the department requires, including (A) for each incorporator and proposed director, and for each preincorporation subscriber of more than five percent of the capital stock, any past and present connection with a bank other than as a customer on terms generally available to the public;

(B) the name, residence, and occupation of each preincorporation subscriber and the number of shares subscribed for by the subscriber;

(C) the address of the proposed place of business of the bank or, if an address is not available, a legal description of the proposed place of business; and

(2) the proposed articles of incorporation; and

(3) all applicable fees, payable to the department, for the filing.

(b) Investigation expenses incurred by the department in processing an application for approval of a proposed bank shall be charged to and paid by the applicant under AS 06.01.010 . When submitting the application to the department, the applicant shall pay to the department $2,000 in partial payment of the investigation expenses incurred by the department. If the investigation expenses incurred by the department are less than $2,000, the department shall promptly refund the excess to the applicant.

(c) The department shall notify the incorporators of its decision whether to accept an application for a proposed state bank. If the application and accompanying documents required by (a) of this section do not conform to the requirements of this chapter and the regulations adopted under this chapter, the department shall return the documents with an explanation of the defects. If the department does not act within 30 days of receipt of the application, the application is considered to be accepted. Acceptance of the application does not constitute approval.

(d) The incorporators shall publish notice of the department's acceptance of the application for a proposed state bank and acceptance of the articles of incorporation once each week for two successive weeks in a newspaper of general circulation published in the community proposed as the bank's principal place of business. If there is no newspaper of general circulation in the community, the notice shall be published in a newspaper of general circulation near the community. The first publication of the notice must appear within 15 days after the application and articles of incorporation have been accepted by the department. The notice must state (1) the name of the proposed state bank;

(2) that the proposed bank is to be incorporated under this chapter and AS 10.06 ;

(3) the purpose of the proposed bank; and

(4) the names and addresses of the incorporators and the initial board of directors as the names and addresses appear in the articles of incorporation.

(e) To prove that the publication required by (d) of this section was made, the incorporators shall file with the department an affidavit of the publisher of the newspaper in which the notice was published.

(f) Upon acceptance of an application for approval of a proposed state bank, the department shall conduct an investigation to determine whether (1) the convenience and needs of the public will be served by the bank;

(2) the population density and economic characteristics of the area primarily to be served by the bank afford reasonable promise of adequate support for the bank;

(3) the character and fitness of the incorporators and the members of the initial board of directors command the confidence of the community and warrant the belief that the business of the bank will be honestly and efficiently conducted;

(4) the proposed capital structure of the bank meets the requirements set by the department under AS 06.05.305 ;

(5) the bank will have personnel with adequate knowledge and experience to conduct its business and officers of good character and financial responsibility;

(6) the addition of the bank is not detrimental to a sound and competitive banking system; and

(7) other relevant facts and circumstances exist that bear on the bank and its relation to the community.

(g) The department shall approve or deny an application within six months after the application for approval has been accepted. The time may be extended by up to six additional months when the department determines that an extension is warranted by exceptional circumstances. Within 60 days after the second publication of the notice required by (d) of this section, a person opposing approval of the application may file written objections with the department. When it approves or denies the application, the department shall notify the incorporators and a person who requested in writing to be notified, and, if the application is denied, the department shall state the reasons for its decision and return all copies of the articles of incorporation.

(h) If the department approves the application, the department shall endorse the approval on the articles of incorporation, file the articles of incorporation, and issue a certificate of incorporation under AS 10.06.910 .
Alaska Stat. § 06.60.420 — AK Code / Title 6 / Chapter 06.60 / Section 06.60.420
Civil penalty for violations.
Status: in_force

(a) Notwithstanding AS 06.01.035 , a person who violates a provision of this chapter, or a regulation adopted or an order issued under this chapter, is liable for a civil penalty not to exceed $10,000 for each violation.

(b) The remedies provided by this section and by other sections of this chapter are not exclusive and may be sought in combination with other remedies to enforce the provisions of this chapter.
Alaska Stat. § 06.60.260 — AK Code / Title 6 / Chapter 06.60 / Section 06.60.260
Revocation, removal, or suspension of mortgage loan originator licensee.
Status: in_force

If the department finds that a mortgage loan originator licensee is dishonest, reckless, or incompetent when operating as a mortgage loan originator or fails to comply with applicable law, with regulations or orders of the department, or with written requirements or instructions of the department relating to the mortgage loan originator license, the department may revoke or suspend the mortgage loan originator license, remove the mortgage loan originator licensee from operating as a mortgage loan originator in the state, or order a person licensed under this title to remove the mortgage loan originator licensee from operating as a mortgage loan originator for the person.
Alaska Stat. § 06.15.310 — AK Code / Title 6 / Chapter 06.15 / Section 06.15.310
Conversion of mutual bank to thrift institution.
Status: in_force

A mutual bank may, with the approval of the regulatory authority having jurisdiction over the creation of the thrift institution and upon the affirmative vote of a majority of its corporators, convert itself into a thrift institution organized under federal law or the laws of this state.
Alaska Stat. § 06.50.490 — AK Code / Title 6 / Chapter 06.50 / Section 06.50.490
Prohibited arbitration requirement.
Status: in_force

A licensee may not require a recipient to agree to mandatory arbitration.
Alaska Stat. § 06.60.130 — AK Code / Title 6 / Chapter 06.60 / Section 06.60.130
Change in business control or business operations.
Status: in_force

(a) The prior approval of the department that is made in a record is required for the continued operation of a mortgage licensee's business when a change in control of the mortgage licensee is proposed. The department may require the information it considers necessary to determine whether a new application is required. The mortgage 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. The department may establish by regulation the fees and other requirements for requesting approval of a change in control that are consistent with the requirements of the registry.

(b) If there is a material change in the business operations of a mortgage licensee not covered by AS 06.60.120 , the mortgage licensee shall provide written notice to the department at least 30 days before the effective date of the change in business operations.
Alaska Stat. § 06.26.710 — AK Code / Title 6 / Chapter 06.26 / Section 06.26.710
Payment to creditors.
Status: in_force

A purchasing trust company may pay a creditor of the selling trust company the amount to be paid the creditor under the terms of the contract of agency entered into under AS 06.26.690 by opening an agency account in the name of the creditor, crediting the account with the amount to be paid the creditor under the terms of the agency contract, and mailing or personally delivering a duplicate of the written evidence of the credit to the creditor at the creditor's address shown in the records of the selling trust company. With regard to the creditor, the purchasing trust company is an agent of the selling trust company only to the extent of the credit reflected by the written evidence of the credit.
Alaska Stat. § 06.55.502 — AK Code / Title 6 / Chapter 06.55 / Section 06.55.502
Types of permissible investments.
Status: in_force

(a) Except to the extent otherwise limited by the department under AS 06.55.501 , the following investments are permissible under AS 06.55.501 : (1) cash, a certificate of deposit, or a senior debt obligation of an insured depository institution; in this paragraph, insured depository institution has the meaning given in 12 U.S.C. 1813 (Federal Deposit Insurance Act);

(2) banker's acceptance or bill of exchange that is eligible for purchase on endorsement by a member bank of the Federal Reserve System and is eligible for purchase by a Federal Reserve Bank;

(3) an investment bearing a rating of one of the three highest grades as defined by a nationally recognized organization that rates securities;

(4) an investment security that is an obligation of the United States or a department, agency, or instrumentality of the United States, an investment in an obligation that is guaranteed fully as to principal and interest by the United States, or an investment in an obligation of a state or a governmental subdivision, agency, or instrumentality of a state;

(5) receivables that are payable to a money services licensee from its authorized delegates, in the ordinary course of business, under contracts that are not past due or doubtful of collection if the aggregate amount of receivables under this paragraph does not exceed 20 percent of the total permissible investments of a money services licensee and the money services licensee does not hold at one time receivables under this paragraph in any one person aggregating more than 10 percent of the money services licensee's total permissible investments; and

(6) a share or a certificate issued by an open-end management investment company that is registered with the United States Securities and Exchange Commission under 15 U.S.C. 80a-1  80a-64 (Investment Company Act of 1940), and whose portfolio is restricted by the management company's investment policy to investments specified in (1)  (4) of this subsection.

(b) The following investments are permissible under AS 06.55.501 , but only to the extent specified: (1) an interest-bearing bill, note, bond, or debenture of a person whose equity shares are traded on a national securities exchange or on a national over-the-counter market, if the aggregate of investments under this paragraph does not exceed 20 percent of the total permissible investments of a money services licensee and the money services licensee does not at one time hold investments under this paragraph in any one person aggregating more than 10 percent of the money services licensee's total permissible investments;

(2) a share of a person traded on a national securities exchange or a national over-the-counter market or a share or a certificate issued by an open-end management investment company that is registered with the United States Securities and Exchange Commission under 15 U.S.C. 80a-1  80a-64 (Investment Company Act of 1940), and whose portfolio is restricted by the management company's investment policy to shares of a person traded on a national securities exchange or a national over-the-counter market, if the aggregate of investments under this paragraph does not exceed 20 percent of the total permissible investments of a money services licensee and the money services licensee does not at one time hold investments in any one person aggregating more than 10 percent of the money services licensee's total permissible investments;

(3) a demand-borrowing agreement made to a corporation or a subsidiary of a corporation whose securities are traded on a national securities exchange, if the aggregate of the amount of principal and interest outstanding under demand-borrowing agreements under this paragraph does not exceed 20 percent of the total permissible investments of a money services licensee and the money services licensee does not at one time hold principal and interest outstanding under demand-borrowing agreements under this paragraph with any one person aggregating more than 10 percent of the money services licensee's total permissible investments; and

(4) any other investment the department designates, to the extent specified by the department.

(c) The aggregate of investments under (b) of this section may not exceed 50 percent of the total permissible investments of a money services licensee calculated under AS 06.55.501 .

Article 6. Enforcement.
Alaska Stat. § 06.15.330 — AK Code / Title 6 / Chapter 06.15 / Section 06.15.330
Condition of department approval.
Status: in_force

Before approving a merger or consolidation the department shall give consideration to the purposes of this chapter and the prospects of the surviving or consolidated mutual bank for financial success and its ability to discharge the duties and conform to the restrictions imposed upon a mutual bank.
Alaska Stat. § 06.50.050 — AK Code / Title 6 / Chapter 06.50 / Section 06.50.050
Investigation by department.
Status: in_force

Within 60 days after an applicant files a completed application, the bond, and an application fee, the department shall investigate whether the applicant satisfies the qualifications of AS 06.50.020 (a). If the department finds that the applicant satisfies the qualifications, it shall approve the application and issue the applicant a license to engage in the business of making deferred deposit advances.
Alaska Stat. § 06.15.280 — AK Code / Title 6 / Chapter 06.15 / Section 06.15.280
Investment in promissory notes.
Status: in_force

Subject to the provisions of this chapter and regulations under this chapter, a mutual bank may invest in a promissory note, subject to the following limitations: (1) a promissory note payable to the order of the mutual bank that is (A) secured by the assignment of one or more mortgages in which a mutual bank may invest if the amount so invested in the note does not exceed 90 percent of the principal sum secured by the mortgages; the assignment of a mortgage taken as security for the note shall be recorded or registered in the office of the proper recording officer of the recording precinct in which the real property described in the mortgage is located;

(B) secured by any of the bonds or other securities in which a mutual bank may invest if the amount invested in the note does not exceed 90 percent of the market value of the bonds or other securities at the time of the investment;

(C) secured by an insurance policy to the extent of the policy's cash surrender value;

(D) made by a savings and loans association that has been incorporated three years or more and has an accumulated capital of at least $50,000;

(2) a promissory note payable to the order of the mutual bank within one year from its date that is secured by the assignment of a deposit in a federally insured thrift institution if the amount of the investment in the note is not in excess of the amount of the deposit.

Article 3. Branches, Conversion, Merger, and Consolidation.
Alaska Stat. § 06.65.340 — AK Code / Title 6 / Chapter 06.65 / Section 06.65.340
Regulations.
Status: in_force

The department may adopt regulations under AS 44.62 (Administrative Procedure Act) to implement this chapter.
Alaska Stat. § 06.40.110 — AK Code / Title 6 / Chapter 06.40 / Section 06.40.110
Contents of premium finance agreement; deficiency balances.
Status: in_force

(a) A premium finance agreement must (1) be dated, signed by the borrower, and the printed portion of it shall be in at least eight-point type;

(2) contain the name and place of business of the insurance agent negotiating the related insurance policy, the name and residence or the place of business of the borrower as specified by the borrower, the name and place of business of the licensee to which payments are to be made, an identification of the insurance policy involved, and the amount of the premium charged for it; and

(3) set out the following items where applicable: (A) the total amount of the premiums;

(B) the amount of the down payment;

(C) the principal balance (the difference between (A) and (B) of this paragraph);

(D) the annual percentage rate of interest; and

(E) the number of payments required, the amount of each payment expressed in dollars, and the due date or period of it.

(b) The items set out in (a)(3) of this section do not need to be stated in the sequence or order in which they appear in (a) of this section, and additional items may be included to explain the computations made in determining the amount to be paid by the insured.

(c) The repayment schedule relating to dwelling fire, homeowner, private passenger automobile, boats not used for commercial purposes, owner-occupied mobile homes, and fire insurance policies covering owner-occupied multiple unit dwellings for four families or less shall be such that the total amount due the licensee at any time does not exceed the unearned premium on the policy being financed at that time. A deficiency balance may not be established or collected from the borrower. This section does not preclude the licensee from establishing or collecting a deficiency balance to the extent the insurer offsets unearned premiums on the policy financed by premiums earned by reason of endorsements to that same policy not paid for by the insured or financed by the licensee.

(d) The licensee or the insurance agent shall deliver to the borrower, or mail to the borrower at the address shown in the agreement, a complete copy of the agreement.
Alaska Stat. § 06.50.610 — AK Code / Title 6 / Chapter 06.50 / Section 06.50.610
Relationship to federal and other state law.
Status: in_force

(a) If a provision of this chapter is preempted by or conflicts with federal law in a particular situation, the provision does not apply to the extent of the preemption or conflict.

(b) If a provision of this chapter conflicts with another state law in a particular situation, the provision in this chapter governs to the extent of the conflict.

Article 6. General Provisions.
Alaska Stat. § 06.20.920 — AK Code / Title 6 / Chapter 06.20 / Section 06.20.920
Short title.
Status: in_force

This chapter may be cited as the Alaska Small Loans Act.
Alaska Stat. § 06.55.801 — AK Code / Title 6 / Chapter 06.55 / Section 06.55.801
Uniformity of application and construction.
Status: in_force

In applying and construing this chapter, consideration shall be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it.
Alaska Stat. § 06.55.106 — AK Code / Title 6 / Chapter 06.55 / Section 06.55.106
Renewal of license.
Status: in_force

(a) A money transmission licensee shall pay an annual renewal fee not later than 30 days before the anniversary of the issuance of the money transmission license or, if the last day is not a business day, on the next business day.

(b) A money transmission licensee shall submit a renewal report with the renewal fee, in a form and in a medium prescribed by the department. The renewal report must state or contain (1) a copy of the money transmission licensee's most recent audited annual financial statement or, if the money transmission licensee is a wholly owned subsidiary of another corporation, the most recent audited consolidated annual financial statement of the parent corporation or the money transmission licensee's most recent audited consolidated annual financial statement;

(2) the number and monetary amount of payment instruments and stored value sold by the money transmission licensee in this state that have not been included in a renewal report, and the monetary amount of payment instruments and stored value currently outstanding;

(3) a description of each material change in information submitted by the money transmission licensee in its original license application that has not been reported to the department on any required report;

(4) a list of the money transmission licensee's permissible investments and a certification that the money transmission licensee continues to maintain permissible investments according to the requirements set out in AS 06.55.501 and 06.55.502;

(5) proof that the money transmission licensee continues to maintain adequate security as required by AS 06.55.104 ; and

(6) a list of the locations in this state where the money transmission licensee or an authorized delegate of the money transmission licensee engages in money transmission or provides other money services.

(c) If a money transmission licensee does not file a renewal report or pay its renewal fee by the renewal date or any extension of time granted by the department, the department shall send the money transmission licensee a notice of suspension. Unless the money transmission licensee files the report and pays the renewal fee before expiration of 10 days after the notice is sent, the money transmission licensee's license is suspended 10 days after the department sends the notice of suspension. The suspension shall be lifted if, within 20 days after its money transmission license is suspended, the money transmission licensee (1) files the report and pays the renewal fee; and

(2) pays a late fee for each day after suspension that the department did not receive the renewal report and the renewal fee.

(d) The department for good cause may grant an extension of the renewal date.
Alaska Stat. § 06.40.190 — AK Code / Title 6 / Chapter 06.40 / Section 06.40.190
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) premium finance agreement means an agreement by which a borrower or prospective borrower promises to pay to a licensee or to its assignee the amount advanced or to be advanced under the agreement to an insurer or to an insurance agent or broker in payment of premiums on an insurance policy sold in this state or covering risks located in this state together with a service charge, and as a security for it the premium finance company receives an assignment of the unearned premium; however, a mortgage, conditional sale contract, or other security agreement covering property which authorizes the lienholder to pay or advance premiums for insurance under the mortgage, contract, or other security agreement is not considered to be a premium finance agreement;

(4) premium finance company means a person engaged in the business of entering into premium finance agreements with borrowers or of acquiring premium finance agreements from insurance agents, brokers or other premium finance companies.
Alaska Stat. § 06.05.301 — AK Code / Title 6 / Chapter 06.05 / Section 06.05.301
Applicability of corporations code.
Status: in_force

(a) Except for national banks with a principal place of business in the state, and interstate state banks and international banks with a certificate of authority under AS 06.05.555 , a corporation may not engage in the banking business unless the corporation is organized under AS 10.06 (Alaska Corporations Code) and this title.

(b) The provisions of AS 10.06 (Alaska Corporations Code) apply to state banks, except those provisions inconsistent with this chapter. The provisions inconsistent with this chapter include AS 10.06.010 (4)  (8), 10.06.105(a) and (d), 10.06.325, 10.06.356, 10.06.358  10.06.360, 10.06.370, 10.06.385  10.06.388, 10.06.420(i), 10.06.430, 10.06.453, 10.06.460(b), 10.06.485, 10.06.522  10.06.868, 10.06.915, 10.06.960, and 10.06.990(30) and (38).
Alaska Stat. § 06.26.110 — AK Code / Title 6 / Chapter 06.26 / Section 06.26.110
Issuance of certificate of authority; required operation.
Status: in_force

(a) The department may not deliver a certificate of authority to a person to act as a trust company until the person has (1) received cash or marketable securities in at least the full amount of the capital required under AS 06.26.120 from subscriptions for the issuance of shares;

(2) elected or qualified the initial officers and directors named in the application for the certificate of authority or other officers and directors approved by the department; and

(3) complied with all other requirements of this chapter related to the organization of a trust company.

(b) A person who receives a certificate of authority, including a certificate of authority with conditions, shall open a home office and begin providing fiduciary services within six months after the date that the person receives the certificate of authority or by the end of any extension of the six-month period allowed by the department. If the person does not open the home office or begin providing fiduciary services within the six months or by the end of any extension, the department shall revoke the certificate of authority.
Alaska Stat. § 06.55.850 — AK Code / Title 6 / Chapter 06.55 / Section 06.55.850
Establishment of fees and other charges.
Status: in_force

(a) The department shall adopt regulations that establish the amount and manner of payment of fees required under this chapter.

(b) The department shall establish fee levels under (a) of this section so that the total amount of fees collected for both money transmission licenses and currency exchange licenses under this chapter approximately equals the department's actual total regulatory costs for both money transmission licenses and currency exchange licenses. The department shall set the fee levels so that the fee levels for both money transmission licenses and currency exchange licenses are the same.

(c) The department shall annually review each fee level to determine whether the regulatory costs are approximately equal to fee collections. If the review indicates that fee collections and regulatory costs are not approximately equal, the department shall calculate fee adjustments and adopt regulations under (a) of this section to implement the adjustments.

(d) In January of each year, the department shall report to the office of management and budget all fee levels and revisions made for the previous year under this section.

(e) In this section, (1) fee means an application fee, a money services license fee, a first-year operation fee under AS 06.55.103 (a)(2)(C), a renewal fee, the daily late fee for not submitting a renewal report and paying the renewal fee under AS 06.55.106 , investigation costs under AS 06.55.105 and 06.55.203, an examination cost under AS 06.55.401 , and a fee for approving a change of control under AS 06.55.404 ;

(2) regulatory costs means the costs of the department that are attributable to regulation of money services licensing under this chapter.
Alaska Stat. § 06.05.385 — AK Code / Title 6 / Chapter 06.05 / Section 06.05.385
Organizational meeting; bylaws.
Status: in_force

(a) A state bank may not call an organizational meeting under AS 10.06.223 until all capital and surplus have been fully paid.

(b) Bylaws shall be adopted and may be amended by a vote of the holders of a majority of the outstanding voting shares voted at a meeting of the shareholders. If not provided in the articles of incorporation, the bylaws must indicate the organizational structure of the bank and specifically designate the offices that will be held by the executive or managing officers of the bank. The bank shall file with the department copies of the original bylaws of the bank and any amendments adopted for the bylaws.
Alaska Stat. § 06.60.230 — AK Code / Title 6 / Chapter 06.60 / Section 06.60.230
Divestment.
Status: in_force

If the department revokes a mortgage license, the mortgage licensee shall divest itself of all outstanding loans that were issued under this chapter by selling or assigning them to another mortgage licensee. Divestment under this section must be approved by the department.
Alaska Stat. § 06.05.240 — AK Code / Title 6 / Chapter 06.05 / Section 06.05.240
Acquisition of property to satisfy or protect previous loan.
Status: in_force

A state bank may take property of any kind to satisfy or protect a loan previously made in good faith and in the ordinary course of business. A bank may not take the capital stock of the bank or of the bank's parent holding companies unless it complies with AS 06.05.205 (d). The property shall be entered on the books at cost, or fair market value, whichever is less. Property acquired to satisfy or protect previous loans shall be disposed of over periods of time as the department may prescribe by regulation.
Alaska Stat. § 06.01.025 — AK Code / Title 6 / Chapter 06.01 / Section 06.01.025
Records of department.
Status: in_force

(a) Information in the records of the department obtained through the administration of this title is confidential, is not subject to subpoena, and may be revealed only with the consent of the department.

(b) The department shall retain reports of examinations for five years.
Alaska Stat. § 06.05.235 — AK Code / Title 6 / Chapter 06.05 / Section 06.05.235
Bank holding companies.
Status: reserved

(a) Except as provided in this section or in AS 06.05.570 , it is unlawful for a person to own, control, or hold with power to vote 25 percent or more of a class of voting securities or other capital stock of one or more state banks or domestic bank holding companies subject to regulation under this chapter. However, when it becomes a bona fide necessity to avoid loss for a creditor to accept shares of stock in one or more state banks or domestic bank holding companies constituting more than 25 percent of the ownership or control of a state bank or domestic bank holding company in payment of indebtedness owing to the creditor, shares of stock may be accepted, but the shares of the one or more state banks or domestic bank holding companies exceeding that 25 percent shall be promptly disposed of under the supervision of the department.

(b) A domestic bank holding company that maintains its principal office and place of business in the state and conducts its principal operations in the state, may acquire and own all or a portion of the voting securities or other capital stock of, or all or substantially all of the assets of, one or more banks or bank holding companies. The department may require a domestic bank holding company to post a bond with the department in an amount not more than the paid-in capital and paid-in surplus represented by the proportion of state bank stock directly or indirectly owned, held, or controlled by it, under conditions the department may prescribe, to assure full protection of the public. Before a domestic bank holding company may acquire a bank or bank holding company doing business in the state, the domestic bank holding company shall apply for and obtain a permit from the department. In considering whether to issue a permit, the department shall consider the benefits to the public, the preservation of a competitive banking industry, and the maintenance of a safe and sound bank industry. The domestic bank holding company is subject to an examination by the department or a competent person designated by the department when the department considers it necessary, but not less than once each year. The domestic bank holding company shall pay an examination fee under AS 06.01.010 .

(c) [Repealed, § 102 ch 26 SLA 1993.] (d) [Repealed, § 102 ch 26 SLA 1993.] (e) [Repealed, § 102 ch 26 SLA 1993.] (f) [Repealed, § 102 ch 26 SLA 1993.] (g) For the purpose of this section and AS 06.05.570 , a trust company organized under AS 06.26 that is engaged in the business of banking shall be considered a state bank.

(h) [Repealed, § 102 ch 26 SLA 1993.] (i) The provisions of this section do not apply to a person that (1) acquires or holds voting securities or other capital stock of a bank or bank holding company only for a reasonable period of time in connection with the underwriting of securities;

(2) is a state agency;

(3) is a trustee or agent of an independent federal financial regulatory agency; or

(4) under a plan of financial restructuring that is intended to prevent the failure of a state bank and that is approved by the department, (A) acquires or receives 25 percent or more of a class of voting securities or other capital stock of the bank or bank holding company subject to the plan, and owns, controls, or holds, with the power to vote, the securities acquired or received in excess of 24.99 percent of that class for a period of time that permits the distribution or resale of the securities or other capital stock on a reasonable basis; or

(B) purchases or receives securities under the plan and, after the purchase or receipt, owns, controls, or holds, with a power to vote, less than 25 percent of a class of voting securities or other capital stock of the bank or bank holding company subject to the plan but subsequently, solely through the action or inaction of others, including the bank or bank holding company, owns, controls, or holds, with a power to vote, 25 percent or more of a class of voting securities or other capital stock of the bank or bank holding company; the exemption in this subparagraph does not apply if the department determines, after notice and opportunity for hearing under AS 06.01.030 , that the ownership, control, or holding of the securities or stock exceeding 24.99 percent of a class, other than under a plan to promptly dispose of the securities or stock under the supervision of the department, permits the organization in any manner to control the election of a majority of the board of directors or trustees, or to directly or indirectly exercise a controlling influence over the management or policies of the bank or bank holding company.
Alaska Stat. § 06.05.160 — AK Code / Title 6 / Chapter 06.05 / Section 06.05.160
Transmitting money and foreign exchange.
Status: in_force

A bank may accept for transmission and transmit money, and may buy and sell foreign exchange to the extent necessary to meet the reasonably anticipated needs of customers.
Alaska Stat. § 06.15.050 — AK Code / Title 6 / Chapter 06.15 / Section 06.15.050
Corporators.
Status: in_force

At their organizational meeting, the corporators shall adopt rules governing their activities as corporators, and may amend the rules from time to time. The rules shall establish the number of corporators and shall prescribe that any number of corporators not less than one-quarter of those at the time in office shall constitute a quorum for the purpose of doing business. At the organizational meeting, or an adjournment thereof, the corporators shall, by majority vote of those present, elect one-third of the total number of corporators to serve for a term of four years, one-third to serve for a term of seven years, and one-third to serve for a term of 10 years. Thereafter each corporator shall be elected for a term of 10 years so that the term of not more than one-third of the corporators will expire in any three-year period. The office of any corporator who becomes of unsound mind and capacity becomes vacant. Successor and additional corporators shall be elected by a majority vote of the corporators present at a duly constituted meeting. A corporator may be removed from office for cause upon the affirmative vote of two-thirds of the total number of corporators.
Alaska Stat. § 06.26.500 — AK Code / Title 6 / Chapter 06.26 / Section 06.26.500
Voting securities held as trust assets.
Status: in_force

(a) Voting securities of a trust company held by the trust company as trust assets under a will or trust, whether registered in the trust company's own name or in the name of its nominee, may not be voted in the election of directors or on a matter affecting the compensation of directors, officers, or employees of the trust company unless (1) under the terms of the will or trust, the manner in which the voting securities are to be voted may be determined by a donor or beneficiary of the will or trust and the donor or beneficiary actually makes the determination in the matter at issue;

(2) the terms of the will or trust expressly direct the manner in which the securities must be voted to the extent that no discretion is vested in the trust company as fiduciary; or

(3) the securities are voted solely by a person who is a joint fiduciary, but who is not a person who is affiliated with the trust company, as if the joint fiduciary were the sole fiduciary.

(b) Voting securities of a trust company that may not be voted under this section are considered to be authorized but unissued for the purpose of determining the procedures for and results of the vote under this section.
Alaska Stat. § 06.01.048 — AK Code / Title 6 / Chapter 06.01 / Section 06.01.048
Regulations.
Status: in_force

Regulations required or authorized under this title shall be adopted under AS 44.62 (Administrative Procedure Act).
Alaska Stat. § 06.55.302 — AK Code / Title 6 / Chapter 06.55 / Section 06.55.302
Unauthorized activities.
Status: in_force

A person may not act as an authorized delegate for, or otherwise provide money services on behalf of, a person who does not hold a money services license under this chapter.
Alaska Stat. § 06.15.350 — AK Code / Title 6 / Chapter 06.15 / Section 06.15.350
General powers.
Status: in_force

A mutual bank (1) shall have indefinite succession;

(2) may adopt and use a seal;

(3) may sue and be sued;

(4) may adopt, amend, and repeal rules and regulations governing the manner in which its business may be conducted and the manner in which the powers vested in it may be exercised;

(5) may make and carry out contracts and agreements, provide benefits to its personnel, and take other action, as it considers necessary or desirable in the conduct of its business;

(6) may appoint and fix the compensation of officers, attorneys, and employees desirable for the conduct of its business, define their authority and duties, delegate to them the powers the trustees determine, require bonds of them as the trustees designate and fix their penalties and pay the premiums on the bonds;

(7) may acquire by purchase or lease real property or interest therein as the trustees consider necessary or desirable for the conduct of its business, and sell, lease, or otherwise dispose of real property or interest therein;

(8) may exercise the powers of a bank granted under AS 06.05 (Alaska Banking Code); and

(9) may convert from a mutual bank to a capital stock bank under a plan approved by the department.
Alaska Stat. § 06.50.400 — AK Code / Title 6 / Chapter 06.50 / Section 06.50.400
Advance agreement.
Status: in_force

(a) An advance shall be documented in a written agreement that is signed by the advance recipient and on a form approved by the department.

(b) The agreement must clearly and conspicuously disclose (1) the name of the licensee;

(2) the date of the advance;

(3) the principal amount of the advance;

(4) a statement of the total amount of fees that may be charged under AS 06.50.460 (a) as a condition of making the advance, expressed both as a dollar amount and as an annual percentage rate;

(5) the repayment terms;

(6) the due date;

(7) an itemization of all disbursements, including disbursements to third parties;

(8) the name and title of the employee who signs the agreement on behalf of the licensee; and

(9) any other item required to be disclosed under state or federal law.

(c) The written agreement required by (a) of this section may not require an advance recipient to waive any rights under 15 U.S.C. 1692  1692p (Fair Debt Collection Practices Act) or other state or federal laws that regulate debt collection practices.
Alaska Stat. § 06.65.230 — AK Code / Title 6 / Chapter 06.65 / Section 06.65.230
Separate accounting.
Status: in_force

A financial contractor shall provide separate accounting for each program account established with the financial contractor.
Alaska Stat. § 06.55.830 — AK Code / Title 6 / Chapter 06.55 / Section 06.55.830
Receipt.
Status: in_force

(a) A money transmission licensee who receives money or equivalent value for a money transmission shall provide a receipt to the customer that clearly states the amount of the money or the equivalent value presented by the customer for the money transmission and the total fees charged by the money transmission licensee.

(b) If a money transmission licensee fixes, when the money transmission is initiated, the rate of exchange for a money transmission to be paid in the currency of another government, the receipt provided by (a) of this section must disclose the rate of exchange for the transaction and any limit on the length of time that the payment will be made at that fixed rate of exchange.

(c) If a money transmission licensee does not fix the rate of exchange for a money transmission to be paid in the currency of another government, the receipt provided under (a) of this section must disclose that the rate of exchange for the money transmission will be set when the person designated by the customer to receive the money takes possession of the money.
Alaska Stat. § 06.26.230 — AK Code / Title 6 / Chapter 06.26 / Section 06.26.230
Revocation of exemption.
Status: in_force

(a) The department may revoke an exemption under AS 06.26.200 if the exempt private trust company (1) makes a false statement under oath on any document required to be filed by this chapter;

(2) fails to submit to an examination as required by AS 06.26.200 ;

(3) withholds requested information from the department; or

(4) violates a provision of this chapter applicable to exempt private trust companies.

(b) If the department determines from examination or other credible evidence that an exempt private trust company has violated a requirement of this chapter, the department may by personal delivery or registered or certified mail, return receipt requested, notify the exempt private trust company in writing that the department will revoke the private trust company's exemption as of a stated date, which may not be before the fifth calendar day after the date that the notification is delivered or mailed. The notification must state the grounds for the revocation with reasonable certainty. After a revocation takes effect, the revocation is final, and the private trust company is subject to all of the requirements and provisions of this chapter that are applicable to private trust companies not exempt under AS 06.26.200 .

(c) A private trust company shall comply with the provisions of this chapter from which it was formerly exempt within five calendar days after the effective date of a revocation of its exemption under this section. However, if the department determines at the time of revocation that the private trust company has been engaging in or attempting to engage in acts intended or designed to deceive or defraud, the department may, in the department's sole discretion, shorten or eliminate the five-calendar-day compliance period.

(d) If, within the time allowed under (c) of this section, the private trust company does not comply with all of the provisions of this chapter, including the capitalization requirements that have been determined by the department as necessary to assure the safety and soundness of the private trust company, the department may (1) file a court action or pursue another remedy provided by this chapter; or

(2) refer the private trust company to the attorney general for institution of appropriate legal proceedings against the private trust company.
Alaska Stat. § 06.60.900 — AK Code / Title 6 / Chapter 06.60 / Section 06.60.900
Applicability of administrative procedures.
Status: in_force

Notwithstanding AS 06.01.030 (f), the provisions of AS 44.62 (Administrative Procedure Act) apply to an action of the department to deny, revoke, or suspend a license or registration under this chapter, to censure, suspend, or bar a person under AS 06.60.410 , to take other disciplinary action under this chapter, to hold disciplinary hearings, and to issue disciplinary orders. In this section, registration means the registration of a depository institution under AS 06.60.014 .
Alaska Stat. § 06.45.180 — AK Code / Title 6 / Chapter 06.45 / Section 06.45.180
Reserves.
Status: in_force

(a) At the end of each accounting period the gross income of the credit union shall be determined. From this amount, there shall be set aside as a regular reserve against losses on loans and against other losses specified in regulations adopted by the commissioner under this chapter sums in accordance with the following schedule: (1) a credit union in operation for more than four years and having assets of $500,000 or more shall set aside (A) 10 percent of gross income until the regular reserve equals four percent of the total of outstanding loans and risk assets; then

(B) five percent of gross income until the regular reserve equals six percent of the total of outstanding loans and risk assets;

(2) a credit union in operation less than four years or having assets of less than $500,000 shall set aside (A) 10 percent of gross income until the regular reserve equals seven and one-half percent of the total of outstanding loans and risk assets; then

(B) five percent of gross income until the regular reserve equals 10 percent of the total of outstanding loans and risk assets;

(3) when the regular reserve falls below the stated percent of the total of outstanding loans and risk assets, it shall be replenished by regular contributions in amounts as may be needed to maintain the stated reserve goals.

(b) The commissioner may decrease the reserve requirement in (a) of this section when the decrease is necessary or desirable. The commissioner may also require special reserves to protect the interests of members either by general regulation or for an individual credit union.
Alaska Stat. § 06.05.209 — AK Code / Title 6 / Chapter 06.05 / Section 06.05.209
Credit cards.
Status: in_force

(a) A bank is not prohibited from issuing unsolicited credit cards or other similar credit granting devices but the bank may not hold the customer liable for charges made on a credit card or other device before its acceptance by the customer. Before an unsolicited card is considered accepted by the customer, the customer shall execute and furnish to the bank a written statement of acceptance.

(b) A state bank may issue a credit card or other similar credit granting device to a customer for obtaining money, goods, services, or anything else of value, and, notwithstanding AS 45.45.010 , the state bank, when credit is extended under this section, may impose a service charge at a monthly rate as agreed upon by contract between the state bank and the customer receiving the credit granting device.

(c) In addition to charges authorized under (b) of this section, a bank may charge an annual fee for the issuance of a credit card or other similar credit granting device.
Alaska Stat. § 06.05.910 — AK Code / Title 6 / Chapter 06.05 / Section 06.05.910
Construction with subsequent legislation.
Status: repealed

No part of this chapter shall be considered to be impliedly repealed by subsequent legislation not specifically repealing it if that construction can be avoided.
Alaska Stat. § 06.60.910 — AK Code / Title 6 / Chapter 06.60 / Section 06.60.910
Regulations.
Status: in_force

The department may adopt regulations under AS 44.62 (Administrative Procedure Act) to implement this chapter.
Alaska Stat. § 06.65.300 — AK Code / Title 6 / Chapter 06.65 / Section 06.65.300
Deposit from permanent fund dividend.
Status: in_force

A person who is eligible under AS 43.23 to receive a permanent fund dividend may make a deposit into the program account of a designated beneficiary from and up to the amount of the person's permanent fund dividend.
Alaska Stat. § 06.60.580 — AK Code / Title 6 / Chapter 06.60 / Section 06.60.580
Form and contents of fund claim.
Status: in_force

The form for a fund claim shall be executed under penalty of unsworn falsification in the second degree and must include (1) the name and address of each mortgage loan originator licensee involved;

(2) the amount of the alleged loss;

(3) the date or period of time during which the alleged loss occurred;

(4) the date when the alleged loss was discovered;

(5) the name and address of the claimant; and

(6) a general statement of the facts related to the fund claim.
Alaska Stat. § 06.55.203 — AK Code / Title 6 / Chapter 06.55 / Section 06.55.203
Issuance of license.
Status: in_force

(a) When an application for a currency exchange license is filed under AS 06.55.201  06.55.204, the department shall investigate the applicant's financial condition and responsibility, financial and business experience, character, and general fitness. The department may conduct an on-site investigation of the applicant, the reasonable cost of which the applicant shall pay. The department shall issue a currency exchange license to an applicant under AS 06.55.201  06.55.204 if the department finds that all of the following conditions have been fulfilled: (1) the applicant has complied with AS 06.55.202 ; and

(2) the financial condition and responsibility, financial and business experience, character, and general fitness of the applicant, and the competence, experience, character, and general fitness of the executive officers, managers, directors, and persons in control of the applicant indicate that it is in the interest of the public to permit the applicant to engage in currency exchange.

(b) When an application for an original currency exchange license under AS 06.55.201  06.55.204 is complete, the department shall promptly notify the applicant in a record of the date on which the application was determined to be complete, and (1) the department shall approve or deny the application within 120 days after that date; or

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

(B) the department shall issue the currency exchange license under AS 06.55.201  06.55.204 to take effect as of the first business day after expiration of the period.

(c) The department may for good cause extend the application period.

(d) An applicant whose application is denied by the department under AS 06.55.201  06.55.204 may appeal, within 30 days after receipt of the notice of the denial, from the denial and request a hearing.
Alaska Stat. § 06.05.211 — AK Code / Title 6 / Chapter 06.05 / Section 06.05.211
Loans secured by forest tracts.
Status: in_force

(a) A bank may, subject to the requirements of this chapter, make or acquire a loan secured by a first lien on a forest tract if (1) the making of the loan is consistent with written lending policies of the bank and regulations adopted by the department;

(2) before the loan is made or acquired, the bank secures and maintains in its files evidence of a determination of the value of the property; and

(3) the loan is secured by an amortized mortgage, deed of trust, or assignment of a federal or state timber sale contract.

(b) The aggregate of all loans made or acquired by a bank under this section may not exceed 50 percent of its combined capital, surplus, and undivided profits.

(c) In this section, forest tract means a reasonably accessible tract of land primarily covered with marketable or potentially marketable growing timber having a recognized commercial value, which is safeguarded by fire protection, insect, pest, and disease control.
Alaska Stat. § 06.60.745 — AK Code / Title 6 / Chapter 06.60 / Section 06.60.745
Reimbursement for expenses.
Status: in_force

If the department pays all or a portion of a fund claim against a mortgage loan originator licensee under AS 06.60.680 or 06.60.700, the department may recover from the mortgage loan originator licensee, in addition to the payment of the fund claim, the expenses incurred by the department to process and otherwise handle the fund claim.
Alaska Stat. § 06.05.200 — AK Code / Title 6 / Chapter 06.05 / Section 06.05.200
Reserves against deposits.
Status: reserved

(a) A bank shall maintain a reserve fund sufficient to maintain liquidity and meet all reasonable demands of depositors, as provided in regulations adopted by the department.

(b) [Repealed, § 102 ch 26 SLA 1993.] (c) [Repealed, § 102 ch 26 SLA 1993.] (d) If the reserve fund of a bank falls below the amount required by the department to be maintained under this section, the department may prohibit the bank from making any new loans or other investments or paying any dividends until the bank's reserve fund has been restored to the amount required under this section.
Alaska Stat. § 06.60.410 — AK Code / Title 6 / Chapter 06.60 / Section 06.60.410
Censure, suspension, or bar.
Status: in_force

(a) In addition to any other remedy provided under this chapter, the department may, by order after appropriate notice and opportunity for a hearing, censure a person, suspend the license of a person for a period not to exceed 12 months, or bar a person from a position of employment, management, or control of a licensee or registered depository institution if the department finds that (1) the censure, suspension, or bar is in the public interest;

(2) the person has knowingly committed or caused a violation of this chapter or a regulation adopted under this chapter; and

(3) the violation has caused material damage to the licensee, to the registered depository institution, or to the public.

(b) When a person who is the subject of a proposed order under this section receives a notice of the department's intention to issue an order under this section, the person is immediately prohibited from engaging in any activities for which a license is required under this chapter or for which registration is required under AS 06.60.014 .

(c) A person who is suspended or barred under this section is prohibited from participating in a business activity of a licensee or registered depository institution and from engaging in a business activity on the premises where a licensee or registered depository institution is conducting the business of a licensee or registered depository institution. This subsection may not be construed to prohibit a suspended or barred person from having the person's personal transactions processed by a licensee or registered depository institution.
Alaska Stat. § 06.20.240 — AK Code / Title 6 / Chapter 06.20 / Section 06.20.240
Loans for purpose of obtaining higher interest.
Status: in_force

A licensee may not induce or permit a person, or a husband and wife jointly or severally, to split up or divide a loan or to become obligated, directly or contingently or both, under more than one loan contract at the same time, for the purpose or with the result of obtaining a higher rate of interest than would otherwise be permitted by AS 06.20.230 . However, a licensee may enter into new or different loan transactions with the borrower or the borrower's spouse at a different time so long as the purpose of the additional transaction does not violate this section.
Alaska Stat. § 06.26.245 — AK Code / Title 6 / Chapter 06.26 / Section 06.26.245
Trust company authority.
Status: in_force

The provisions of AS 06.26.200  06.26.240 may not be interpreted to prevent a trust company from providing fiduciary services as a private trust company.
Alaska Stat. § 06.20.190 — AK Code / Title 6 / Chapter 06.20 / Section 06.20.190
Annual reports of licensees.
Status: in_force

Each licensee shall, on or before March 15 of each year, file a report with the department containing information as the department may reasonably require concerning the business and operations during the preceding calendar year of each licensed place of business conducted by the licensee inside the state. The report shall be made under oath and shall be in the form prescribed by the department, and shall be kept available as a public record.
Alaska Stat. § 06.60.500 — AK Code / Title 6 / Chapter 06.60 / Section 06.60.500
Mortgage loan originator surety fund.
Status: in_force

The mortgage loan originator surety fund is established as a separate account in the general fund. The purpose of the fund is to pay fund claims against mortgage loan originator licensees.
Alaska Stat. § 06.65.080 — AK Code / Title 6 / Chapter 06.65 / Section 06.65.080
Additional audits.
Status: in_force

In addition to the annual audit required by AS 06.65.020 (a)(5), the department may require a financial contractor to have an audit conducted of the financial contractor's operations and financial position when the department is concerned about the financial position, the record-keeping practices, or the status of the program accounts of the financial contractor.
Alaska Stat. § 06.60.010 — AK Code / Title 6 / Chapter 06.60 / Section 06.60.010
Mortgage lender or mortgage broker license required.
Status: in_force

(a) Unless exempt under AS 06.60.015 , a person may not operate in the state as a mortgage lender or mortgage broker with respect to a dwelling located in the state unless the person is licensed as a mortgage lender or mortgage broker under this chapter.

(b) A mortgage lender or mortgage broker required to be licensed under this chapter shall register with the registry and maintain a valid unique identifier issued by the registry.

(c) A mortgage license may cover more than one location of a mortgage licensee.

(d) A person who operates as both a mortgage lender and a mortgage broker is only required to obtain one mortgage license.
Alaska Stat. § 06.60.097 — AK Code / Title 6 / Chapter 06.60 / Section 06.60.097
Surrender of license.
Status: reserved

(a) A licensee may surrender a license issued to the licensee by delivering written notice to the department that the licensee intends to surrender the license, except that a mortgage licensee may not surrender a license until all loans of that mortgage licensee have either been paid in full or sold.

(b) [Repealed, § 87 ch 61 SLA 2010.] (c) Surrender of a license under this section does not affect the licensee's civil or criminal liability for acts committed before surrender of the license.

Article 3. Licensee Obligations.
Alaska Stat. § 06.05.262 — AK Code / Title 6 / Chapter 06.05 / Section 06.05.262
Assumption of liability.
Status: in_force

Except as expressly permitted in this chapter, a state bank may not assume liability as an insurer or as a guarantor or endorser of a security instrument or obligation unless the bank has a property interest in or with respect to the instrument or obligation. This section does not apply to warranty deeds issued by a bank.
Alaska Stat. § 06.65.320 — AK Code / Title 6 / Chapter 06.65 / Section 06.65.320
Medicaid claims.
Status: in_force

This state or another state may file a claim against the amount remaining in the program account of a deceased designated beneficiary to recover medical assistance payments if the payments were made for the designated beneficiary, were made under that state's Medicaid program authorized by 42 U.S.C. 1396  1396p (Title XIX, Social Security Act), and were made after the program account of the designated beneficiary was established. The application of this section is subject to the requirements of 26 U.S.C. 529A(f) (Internal Revenue Code).
Alaska Stat. § 06.05.100 — AK Code / Title 6 / Chapter 06.05 / Section 06.05.100
Deposit of minor or person under disability.
Status: in_force

Where a deposit is made in a bank by or on behalf of a minor or a person under disability in the name of the minor or person under disability, the bank may pay the money on check or order of that person as in other cases.
Alaska Stat. § 06.60.038 — AK Code / Title 6 / Chapter 06.60 / Section 06.60.038
Prelicensing and relicensing education of mortgage loan originators.
Status: in_force

(a) Before being licensed as a mortgage loan originator, an individual shall complete at least 20 hours of education approved under (b) of this section. At a minimum, the education must include (1) three hours of instruction in federal statutes and regulations relating to mortgage origination, fraud prevention, consumer protection, the nontraditional mortgage marketplace, and fair lending;

(2) three hours of instruction in ethics, including instruction on issues related to fraud prevention, consumer protection, and fair lending; and

(3) two hours of training related to lending standards for the nontraditional mortgage product marketplace.

(b) For the purposes of (a) of this section, a prelicensing education course must be approved under 12 U.S.C. 5104(c)(2) (Secure and Fair Enforcement for Mortgage Licensing Act of 2008). Review and approval of a prelicensing education course includes review and approval of the course provider.

(c) Nothing in this section precludes a prelicensing education course that is approved under (b) of this section and that is provided by the employer of the applicant, an entity affiliated with the applicant, or a subsidiary or affiliate of an employer or entity affiliated with the applicant.

(d) Prelicensing education may be offered in a classroom, on-line, or by other means approved under 12 U.S.C. 5104(c)(2) (Secure and Fair Enforcement for Mortgage Licensing Act of 2008).
Alaska Stat. § 06.55.601 — AK Code / Title 6 / Chapter 06.55 / Section 06.55.601
Suspension and revocation; receivership.
Status: in_force

(a) The department may suspend or revoke a money services license, place a money services licensee in receivership, or order a money services licensee to revoke the designation of an authorized delegate if (1) the money services licensee violates this chapter or a regulation adopted or an order issued under this chapter;

(2) the money services licensee does not cooperate with an examination or investigation by the department;

(3) the money services licensee engages in fraud, intentional misrepresentation, or gross negligence;

(4) an authorized delegate is convicted of a violation of a state or federal anti-money laundering statute, or violates a regulation adopted or an order issued under this chapter, as a result of the money services licensee's wilful misconduct or wilful blindness;

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

(6) the money services licensee engages in an unsafe or unsound practice;

(7) the money services licensee is insolvent, suspends payment of its obligations, or makes a general assignment for the benefit of its creditors; or

(8) the money services licensee does not remove an authorized delegate after the department issues and serves upon the money services licensee a final order including a finding that the authorized delegate has violated this chapter.

(b) In determining whether a money services licensee is engaging in an unsafe or unsound practice, the department may consider the size and condition of the money services licensee's money transmission, the magnitude of the loss, the gravity of the violation of this chapter, and the previous conduct of the person involved.
Alaska Stat. § 06.15.020 — AK Code / Title 6 / Chapter 06.15 / Section 06.15.020
Chartering of mutual banks.
Status: in_force

Upon written application by five signatories from among not less than 21 individuals acting in the capacity of qualified corporators named in the application, the department may issue a charter for a mutual bank.
Alaska Stat. § 06.15.040 — AK Code / Title 6 / Chapter 06.15 / Section 06.15.040
Qualification of corporators.
Status: in_force

(a) Each corporator shall be an individual, not of unsound mind or capacity, whom the department finds to be of financial responsibility and good character. Without in any way limiting, by enactment of this section, the general regulatory power granted the department by this or any other act, the department may regulate the activities of corporators and prescribe standards of conduct for corporators in their dealings with their mutual bank.

(b) At least a majority of the corporators shall be residents of this state.
Alaska Stat. § 06.26.940 — AK Code / Title 6 / Chapter 06.26 / Section 06.26.940
Remedy of person damaged by violation.
Status: in_force

In addition to any other remedies available under law to the person, a person who suffers damages as a result of a violation of this chapter by a person subject to this chapter may bring an action in court against the person violating this chapter to recover the damages. In this section, person subject to this chapter means a trust company, a private trust company, an exempt private trust company, a person who is required to obtain a certificate of authority under AS 06.26.090 , and an interstate state trust company or international trust company.
Alaska Stat. § 06.65.280 — AK Code / Title 6 / Chapter 06.65 / Section 06.65.280
Exchange of information.
Status: in_force

The department may exchange information with the Department of Health and other state agencies to determine whether an individual is an eligible individual.
Alaska Stat. § 06.05.207 — AK Code / Title 6 / Chapter 06.05 / Section 06.05.207
Real estate loans.
Status: in_force

(a) A bank may, subject to the requirements of this chapter, make or acquire a loan secured primarily by a first lien on an interest in improved or unimproved real property, including leases, if (1) the making of the loan is consistent with written lending policies of the bank and regulations adopted by the department;

(2) before the loan is made or acquired, the bank secures and maintains in its files, evidence of merchantable title and a determination of the value of the property by a person familiar with the real property values in the vicinity where the real property is located; and

(3) insurance against loss from fire on all buildings on the real property that are included in the value of the property is acquired by the borrower or the bank and is not allowed to lapse.

(b) A bank may, subject to the requirements of this chapter, make or acquire a loan secured by a junior lien on real property if (1) payments on the loan secured by all senior liens are current and the bank retains in its records a written report of the status and balance of the senior liens as of the date the junior lien loan is made or acquired; and

(2) all requirements of (a) of this section are met.

(c) In this section, real property includes a manufactured home that has become real property under AS 34.85.010 . In this subsection, manufactured home has the meaning given in AS 45.29.102 .
Alaska Stat. § 06.55.810 — AK Code / Title 6 / Chapter 06.55 / Section 06.55.810
Notices required.
Status: in_force

(a) A money services licensee shall display a sign at each location where the money services licensee (1) provides money services under this chapter; and

(2) has not designated an authorized delegate to provide money services on behalf of the money services licensee at the location.

(b) An authorized delegate shall display a sign at each location where the authorized delegate provides money services under this chapter.

(c) The sign required by (a) or (b) of this section shall be displayed at all times in full view of persons visiting the location and shall give the department's address and the department's telephone number for receiving calls regarding complaints and other concerns about money services licensees, authorized delegates, and the money services provided by money services licensees and authorized delegates.
Alaska Stat. § 06.60.340 — AK Code / Title 6 / Chapter 06.60 / Section 06.60.340
Prohibited activities.
Status: in_force

A person who is required to be licensed under this chapter and a person who is licensed under AS 06.20 may not, in connection with a mortgage loan transaction, (1) misrepresent or conceal a material fact or make a false promise likely to influence, persuade, or induce an applicant for a mortgage loan or a borrower to enter into a mortgage loan transaction;

(2) pursue a course of misrepresentation through an agent;

(3) directly or indirectly employ any scheme, device, or artifice to defraud or mislead a borrower or lender or to defraud a person;

(4) engage in any unfair or deceptive act or practice toward any person;

(5) obtain property by fraud or misrepresentation;

(6) solicit or enter into a contract with a borrower that provides, in substance, that the person subject to this chapter may earn a fee or commission through using the person's best efforts to obtain a loan, even though a loan is not actually obtained for the borrower;

(7) solicit, advertise, or enter into a contract for specific interest rates, points, or other financing terms unless the terms are actually available at the time of soliciting, advertising, or contracting;

(8) conduct a business covered by this chapter without holding a valid license as required under this chapter, or assist a person in the conduct of business under this chapter without a valid license as required under this chapter;

(9) fail to make disclosures as required by this chapter or by another applicable state or federal statute, including regulations adopted under the statute;

(10) fail to comply with this chapter or regulations adopted under this chapter or fail to comply with another state or federal statute, including regulations adopted under the statute, applicable to a business authorized or conducted under this chapter;

(11) make, in any manner, false or deceptive statements or representations, including statements or representations about rates, points, or other financing terms or conditions, or engage in bait and switch advertising;

(12) negligently make a false statement or knowingly omit a material fact in connection with information or reports filed with the department or the registry or in connection with an investigation conducted by the department;

(13) make a payment, threat, or promise, directly or indirectly, to a person for the purposes of influencing the independent judgment of the person in connection with a mortgage loan, or make a payment, threat, or promise, directly or indirectly, to an appraiser of a property, for the purpose of influencing the independent judgment of the appraiser with respect to the value of the property;

(14) collect, charge, attempt to collect, attempt to charge, or use or propose an agreement purporting to collect or charge a fee prohibited by this chapter;

(15) cause or require a borrower to obtain property insurance coverage in an amount that exceeds the replacement cost, as established by the property insurer, of the improvements;

(16) improperly refuse to issue a satisfaction of a mortgage loan;

(17) fail to account for or deliver to a person money, a document, or another thing of value obtained in connection with a mortgage loan, including money provided for a real estate appraisal or a credit report, if the person is not entitled to retain the money under the circumstances;

(18) pay, receive, or collect, in whole or in part, a commission, fee, or other compensation for brokering a mortgage loan in violation of this chapter, including a mortgage loan brokered by an unlicensed person;

(19) fail to disburse money in accordance with a written commitment or agreement to make a mortgage loan;

(20) engage in a transaction, practice, or course of business that is not engaged in by the person in good faith or fair dealing or that constitutes a fraud on a person in connection with the brokering, making, purchase, or sale of a mortgage loan;

(21) influence or attempt to influence, through coercion, extortion, or bribery, the development, reporting, result, or review of a real estate appraisal sought in connection with a mortgage loan; this paragraph does not prohibit a person from asking an appraiser to (A) consider additional appropriate property information;

(B) provide further detail, substantiation, or explanation for the appraiser's value determination; or

(C) correct errors in the appraisal report;

(22) make a false or misleading statement in a mortgage loan commitment or prequalification letter, or omit material information necessary to make the statements made not misleading, if the person knew or reasonably should have known the statement was false or misleading or the omission consisted of material information necessary to make the statements made not misleading;

(23) engage in a practice or course of business in which the ultimate rates, terms, or costs of mortgage loans are materially worse for the borrower than they are represented to be in the first good faith estimates the person provides to the borrower, unless (A) the person's generally published or advertised rates, terms, or costs, if any, change for a borrower's loan program; or

(B) new or changed information from the borrower makes it necessary to change the loan program offered to the borrower;

(24) represent that the person has a license, registration, title, certification, sponsorship, approval, status, affiliation, or connection that the person does not have;

(25) engage in unfair, deceptive, or fraudulent advertising; or

(26) authorize, direct, plan, or aid in the publishing, distribution, or circulation of a materially false statement or a material misrepresentation concerning the licensee's business or concerning mortgage loans originated in the course of the licensee's business in this or another state.
Alaska Stat. § 06.15.190 — AK Code / Title 6 / Chapter 06.15 / Section 06.15.190
Deposits.
Status: in_force

A mutual bank may accept deposits to be held solely and absolutely in its own right by or in trust or other fiduciary capacity for any person, including an adult or minor individual, male or female, single or married, a partnership, nonprofit organization, association, fiduciary, corporation, or political subdivision or public or governmental unit. The bank may issue a passbook or other evidence of its obligation to repay the deposits.
Alaska Stat. § 06.60.680 — AK Code / Title 6 / Chapter 06.60 / Section 06.60.680
Findings and payment.
Status: in_force

(a) At the conclusion of the department's consideration of a claim made under AS 06.60.570 , the department shall issue a written report that provides the department's findings of fact and conclusions of law.

(b) If the department determines that the claimant has suffered a loss in a mortgage loan transaction as a result of fraud, misrepresentation, deceit, or the wrongful conversion of money by a mortgage loan originator licensee, the department may award the person who filed the fund claim reimbursement from money appropriated to the fund.
Alaska Stat. § 06.20.300 — AK Code / Title 6 / Chapter 06.20 / Section 06.20.300
Maximum charges by nonlicensee on loans.
Status: in_force

(a) Except as authorized in this chapter, a person may not directly or indirectly charge, contract for, or receive any interest, discount, or consideration greater than that which the person would be permitted by law to charge if the person were not a licensee, upon the loan, use, or forbearance of money, goods, or things in action, or upon the loan, use, or sale of credit of the amount or value of $25,000 or less.

(b) The provisions of (a) of this section apply to any person who, by any device, subterfuge, or pretense whatsoever charges, contracts for, or receives greater interest, consideration, or charges than are authorized by this chapter.

Article 5. General Provisions.
Alaska Stat. § 06.05.470 — AK Code / Title 6 / Chapter 06.05 / Section 06.05.470
Department in possession.
Status: reserved

(a) [Repealed, § 102 ch 26 SLA 1993.] (b) When the department has taken possession of a state bank, it is vested with the full and exclusive power of management and control, including the power to continue or discontinue the business, to stop or limit the payment of the bank's obligations, to employ necessary assistants, to execute any instrument in the name of the bank, to commence, defend, and conduct in the bank's name any action or proceeding in which the bank may be a party, to terminate the possession by restoring the bank to its board of directors, and to reorganize or liquidate the bank under this chapter. As soon as practicable after taking possession, the department shall make an inventory of the assets and file a copy of the inventory with the superior court.

(c) When the department has taken possession, there shall be a postponement, until six months after the commencement of that possession, of the date upon which any period of limitation fixed by a statute or agreement would otherwise expire on a claim or right of action of the bank, or upon which an appeal must be taken or a pleading or other document must be filed by the bank in any pending action or proceeding.

(d) [Repealed, § 102 ch 26 SLA 1993.] (e) [Repealed, § 4 ch 8 SLA 1987.] (f) [Repealed, § 102 ch 26 SLA 1993.] (g) A judgment, lien, or attachment may not be enforced against any asset of the bank while it is in possession of the department. Upon the election of the department in connection with a liquidation or reorganization, (1) any lien or attachment, other than an attorney's or mechanic's lien, obtained upon any asset of the bank during the department's possession or within four months before commencement of that possession, may be vacated, except liens created by the department while in possession; and

(2) any transfer of an asset of the bank made after or in contemplation of its insolvency or in anticipation of the department's takeover, with intent to effect a preference of one creditor over another creditor or to prevent the distribution of the bank's assets according to law, is void.

(h) The department may borrow money in the name of the bank in its possession and may pledge assets of the bank as security for the loan.

(i) All necessary and reasonable expenses resulting from the department's possession of a bank and of its reorganization or liquidation shall be paid from the assets of the bank.

(j) [Repealed, § 102 ch 26 SLA 1993.] (k) [Repealed, § 102 ch 26 SLA 1993.] (l) [Repealed, § 102 ch 26 SLA 1993.] (m) [Repealed, § 102 ch 26 SLA 1993.] (n) [Repealed, § 102 ch 26 SLA 1993.] (o) [Repealed, § 102 ch 26 SLA 1993.] (p) [Repealed, § 102 ch 26 SLA 1993.] (q) [Repealed, § 102 ch 26 SLA 1993.] (r) [Repealed, § 102 ch 26 SLA 1993.] (s) [Repealed, § 102 ch 26 SLA 1993.] (t) [Repealed, § 102 ch 26 SLA 1993.] (u) [Repealed, § 102 ch 26 SLA 1993.] (v) [Repealed, § 102 ch 26 SLA 1993.] (w) [Repealed, § 102 ch 26 SLA 1993.] (x) [Repealed, § 102 ch 26 SLA 1993.] (y) [Repealed, § 102 ch 26 SLA 1993.] (z) [Repealed, § 102 ch 26 SLA 1993.]
Alaska Stat. § 06.26.830 — AK Code / Title 6 / Chapter 06.26 / Section 06.26.830
Requirement of notice.
Status: in_force

To establish a new trust office or acquire a trust office that is in existence at the time of acquisition in this state under AS 06.26.810  06.26.895, an interstate state trust company, interstate national trust company, or international trust company shall provide, or cause its home jurisdiction regulator to provide, written notice of the proposed transaction to the department on or after the date on which the trust company applies to its home jurisdiction regulator for approval to establish or acquire the trust office. The trust company shall file with the notice and maintain a copy of a resolution adopted by the board of the trust company authorizing the establishment or acquisition of the office and shall pay the filing fee established by the department by regulation.
Alaska Stat. § 06.26.380 — AK Code / Title 6 / Chapter 06.26 / Section 06.26.380
Common investment funds.
Status: in_force

Subject to regulations adopted by the department, a trust company may invest trust assets in common investment funds.
Alaska Stat. § 06.60.570 — AK Code / Title 6 / Chapter 06.60 / Section 06.60.570
Submission of fund claim.
Status: in_force

To seek reimbursement under AS 06.60.560 , a person shall submit a fund claim to the department for the reimbursement on a form furnished by the department. The person must file the fund claim within two years after the occurrence of the fraud, misrepresentation, deceit, or conversion that is claimed as the basis for the reimbursement.
Alaska Stat. § 06.20.090 — AK Code / Title 6 / Chapter 06.20 / Section 06.20.090
Places of business.
Status: in_force

(a) A licensee may maintain only one place of business under a single office license, or up to 10 places of business under each multiple office license. The department may issue more than one license to the same licensee upon compliance 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 within the same municipality, the licensee shall give written notice to the department in advance. Upon approval, the department shall issue an amended license for the new location. A licensee may not change the place of business to a location outside the municipality in which the licensee is authorized to do business.
Alaska Stat. § 06.20.330 — AK Code / Title 6 / Chapter 06.20 / Section 06.20.330
Exemptions.
Status: reserved

(a) [Repealed, § 55 ch 75 SLA 2002.] (b) This chapter does not apply to individual loans by (1) pawnbrokers where separate and individual loans do not exceed $750; in this paragraph, pawnbroker means a person who is regulated under AS 08.76.100  08.76.590; or

(2) loan shops where separate and individual loans do not exceed $500.
Alaska Stat. § 06.05.399 — AK Code / Title 6 / Chapter 06.05 / Section 06.05.399
Changes of location; branch banks.
Status: in_force

A state 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. § 06.26.090 — AK Code / Title 6 / Chapter 06.26 / Section 06.26.090
Application for certificate of authority.
Status: in_force

(a) An application for a certificate of authority shall be made in the form required by the department and must be supported by the information, data, records, and opinions of counsel required by the department. The application must be accompanied by all fees and deposits required by this chapter.

(b) The department may grant a certificate of authority only if the department receives evidence from the applicant that the department determines demonstrates that the establishment of the proposed trust company will serve public convenience and well-being. The evidence must address the following factors: (1) the market to be served;

(2) whether the proposed organizational structure, capital structure, and amount of initial capitalization are adequate for the proposed trust company and its location;

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

(4) whether, as a group, the proposed officers, directors, and employees have sufficient fiduciary experience, ability, standing, competence, trustworthiness, and integrity to justify a belief that the proposed trust company will operate in compliance with the law and that success of the proposed trust company is probable;

(5) whether each principal shareholder has sufficient experience, ability, standing, competence, trustworthiness, and integrity to justify a belief that the proposed trust company will be free from improper or unlawful influence or interference with respect to the trust company's operation in compliance with the law; and

(6) whether the persons organizing the trust company are acting in good faith.

(c) The applicant for a certificate of authority bears the burden of establishing that public convenience and well-being will be served by the establishment of the trust company. The failure of an applicant to furnish required information, data, opinions of counsel, other material, the required fee, or a required deposit is considered an abandonment of the application.

(d) An applicant shall pay under AS 06.01.010 the investigation expenses incurred by the department in processing an application for a certificate of authority. When submitting an application to the department, the applicant shall pay the department $2,000 as an advance payment of the investigation expenses incurred by the department. If the investigation expenses incurred by the department are less than $2,000, the department shall promptly refund the excess to the applicant. If the investigation expenses incurred by the department are greater than $2,000, the department may obtain reimbursement from the applicant.

(e) The department shall determine whether all of the applicable requirements of this section have been satisfied and shall enter an order granting or denying the certificate of authority. The department may deny the application if the department determines that the requirements of this chapter have not been met. The department may set conditions on the certificate of authority and shall include any conditions in the order granting the certificate of authority.

(f) If a protest of the application is not filed with the department on or before the 15th day after the last date that the notice is published under AS 06.26.100 , the department may immediately determine whether the application meets the requirements of this section based on the application and investigation.
Alaska Stat. § 06.60.270 — AK Code / Title 6 / Chapter 06.60 / Section 06.60.270
Removal by entity.
Status: in_force

A mortgage licensee shall remove a mortgage loan originator licensee from acting as a mortgage loan originator for the mortgage licensee if the department directs the mortgage licensee to remove the mortgage loan originator licensee under AS 06.60.260 .
Alaska Stat. § 06.55.990 — AK Code / Title 6 / Chapter 06.55 / Section 06.55.990
Definitions.
Status: in_force

In this chapter, unless the context indicates otherwise, (1) authorized delegate means a person whom a money services licensee designates to provide money services on behalf of the money services licensee;

(2) bank means an institution organized under federal or state law that (A) accepts demand deposits or deposits that the depositor may use for payment to third parties and engages in the business of making commercial loans; or

(B) engages in credit card operations and maintains only one office that accepts deposits, does not accept demand deposits or deposits that the depositor may use for payments to third parties, does not accept a savings or time deposit less than $100,000, and does not engage in the business of making commercial loans;

(3) control means (A) the ownership of, or the power to vote, directly or indirectly, at least 25 percent of a class of voting securities or voting interests of a money services licensee or person in control of a money services licensee;

(B) the power to elect a majority of executive officers, managers, directors, trustees, or other persons exercising managerial authority of a money services licensee or person in control of a money services licensee; or

(C) the power to exercise directly or indirectly, a controlling influence over the management or policies of a money services licensee or person in control of a money services licensee;

(4) currency exchange means receipt of revenues from the exchange of money of one government for money of another government;

(5) currency exchange license means a license under AS 06.55.201  06.55.204;

(6) currency exchange licensee means a person who holds a currency exchange license;

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

(8) executive officer means a president, a chair of the executive committee, a chief financial officer, a responsible individual, or another individual who performs similar functions; in this paragraph, responsible individual means an individual who is employed by a money services licensee and has principal managerial authority over the provision of money services by the money services licensee in this state;

(9) mobile location means a vehicle or a movable facility where currency exchange occurs;

(10) monetary value means a medium of exchange, whether or not redeemable in money;

(11) money means a medium of exchange that is authorized or adopted by the United States or a foreign government, including a monetary unit of account established by an intergovernmental organization or by agreement between two or more governments;

(12) money services means money transmission or currency exchange;

(13) money services license means a currency exchange license or a money transmission license;

(14) money services licensee means a person who holds a currency exchange license or a money transmission license;

(15) money transmission means selling or issuing payment instruments or stored value, or receiving money or monetary value for transmission, but does not include the provision solely of delivery, online services, telecommunications services, or network access;

(16) money transmission license means a license under AS 06.55.101  06.55.107 or an approval under AS 06.55.103 ;

(17) money transmission licensee means a person who holds a money transmission license;

(18) outstanding with respect to a payment instrument, means issued or sold by or for the money services licensee and reported as sold but not yet paid by or for the licensee;

(19) payment instrument means a check, a draft, a money order, a traveler's check, or another instrument for the transmission or payment of money or monetary value, whether or not negotiable, but does not include a credit card voucher, a letter of credit, or an instrument that is redeemable by the issuer in goods or services;

(20) person means an individual, a corporation, a business trust, an estate, a trust, a partnership, a limited liability company, an association, a joint venture, a government, a governmental subdivision, an agency, or an instrumentality, a public corporation, or any other legal or commercial entity;

(21) 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;

(22) state means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or a territory or insular possession subject to the jurisdiction of the United States;

(23) stored value means monetary value that is evidenced by an electronic record;

(24) unsafe or unsound practice means a practice or conduct by a money transmission licensee or an authorized delegate of the money transmission licensee if the practice creates the likelihood of material loss, insolvency, or dissipation of the money transmission licensee's assets, or otherwise materially prejudices the interests of the money transmission licensee's customers.
Alaska Stat. § 06.60.210 — AK Code / Title 6 / Chapter 06.60 / Section 06.60.210
Suspension, revocation, or renewal related to fund.
Status: in_force

(a) When an award is made from the fund, the department may suspend, revoke, or decline to renew the license of the mortgage loan originator licensee whose actions formed the basis of the award.

(b) The department shall lift a suspension made under (a) of this section if the mortgage loan originator licensee reaches an agreement with the department on terms and conditions for the repayment to the fund of the money awarded to the claimant and the costs of hearing the fund claim. The department may reimpose the suspension if the mortgage loan originator licensee violates the terms of a repayment agreement entered into under this subsection.
Alaska Stat. § 06.65.050 — AK Code / Title 6 / Chapter 06.65 / Section 06.65.050
Contracting authority; procurement exemption.
Status: in_force

(a) The department may contract with a person to advise and assist in the implementation and operation of the program.

(b) The department may contract with a person to provide services for the program.

(c) The department may enter into a contract with other states to obtain or provide the services for implementing the program. The contract may include cooperative procurement by the states of a person to provide services for the program, including investment and record-keeping services.

(d) Notwithstanding the other provisions of this chapter, the department may enter into a contract with another state to allow the residents of (1) this state to participate in a program established by another state under the federal authorizing law, instead of establishing the program in this state;

(2) that contracting state to participate in the program in this state.

(e) The procurement of contracts for the program, including procurement of services under a contract with other states, is exempt from AS 36.30 (State Procurement Code).
Alaska Stat. § 06.60.014 — AK Code / Title 6 / Chapter 06.60 / Section 06.60.014
Registered depository institutions.
Status: in_force

(a) A depository institution may sponsor a mortgage loan originator under AS 06.60.012 (b) if the depository institution is registered with the department under this section, has an exclusive written contract to sponsor a mortgage loan originator licensed under this chapter, is otherwise in compliance with this chapter, and satisfies the other requirements of this section. Registration under this section does not affect the exemption of the depository institution under AS 06.60.015 (a).

(b) To register under (a) of this section, a depository institution shall (1) complete a registration form established by the department; the form must identify the mortgage loan originator to be sponsored by the depository institution and each mortgage lending location of the registered depository institution; and

(2) pay a registration fee established by the department.

(c) Registration under (b) of this section expires after one year. To renew a registration, the depository institution shall file a renewal application with the department and pay a renewal fee established by the department.

(d) The department may deny an initial or renewal registration under this section or may suspend or revoke the registration of a depository institution that is registered under (b) of this section if the department determines that the depository institution (1) failed to satisfy a requirement of this section;

(2) failed to supervise its sponsored mortgage loan originator adequately; or

(3) made a material misstatement or withheld information on the application for registration, on an application for the renewal of the registration, or on another document required to be filed with the department.
Alaska Stat. § 06.55.840 — AK Code / Title 6 / Chapter 06.55 / Section 06.55.840
Refunds.
Status: in_force

Within 10 days after receiving a written request for a refund, a money transmission licensee shall refund to a customer money equal to the money or equivalent value received from the customer for a money transmission, unless (1) before receiving the written request (A) the money has been transmitted to the person designated by the customer to receive the money transmission and the person has taken possession of the money; in this section, transmitted means made available to the person designated by the customer to receive the money, whether or not the person designated by the customer has taken possession of the money; or

(B) instructions have been given making a monetary equivalent available to the person designated by the customer to receive the money transmission;

(2) the money transmission licensee has reason to believe that a crime has occurred, is occurring, or may occur as a result of transmitting or refunding the money as requested by the customer; or

(3) the money transmission licensee is otherwise prohibited by law from making a refund.
Alaska Stat. § 06.90.010 — AK Code / Title 6 / Chapter 06.90 / Section 06.90.010
Automated teller machine fee.
Status: in_force

Unless a fee is otherwise prohibited by or conflicts with federal law, a person that owns an automated teller machine may charge a fee for the use of the automated teller machine to conduct a transaction accessing an account from an international financial institution. In this section, (1) automated teller machine means an electronic device that dispenses cash in connection with a credit, deposit, or checking account at an international financial institution;

(2) international financial institution means a person that is organized and licensed under the laws of a foreign country to engage in a banking business; in this paragraph, banking business means a business that offers deposit accounts, makes loans, and conducts other financial transactions.
Alaska Stat. § 06.01.015 — AK Code / Title 6 / Chapter 06.01 / Section 06.01.015
Examinations.
Status: in_force

(a) Financial institutions regulated under this title, except licensees subject to AS 06.40 , are subject to at least one examination every 18 months. The department may conduct additional examinations and may examine licensees subject to AS 06.40 at its discretion.

(b) The department shall select one or more competent persons to make examinations of financial institutions. The examiner shall take and subscribe an oath that (1) the examiner will honestly and impartially examine into and report the condition of the institution as to assets and liabilities and other information required by the department;

(2) the examiner will not disclose the information the examiner obtains through the examination to a person other than the department;

(3) at the time of employment, the examiner is not obligated to, or the owner of an interest in, the institution and is not an officer or shareholder of the institution;

(4) the examiner does not own more than five percent of the voting shares in another financial institution in the state; and

(5) the examiner is not an officer or employee of another financial institution in the state.

(c) The department shall promptly call to the attention of the directors of an institution irregularities in the conduct of the financial institution's business and any violations. The department shall send a copy of the report of examination to the institution examined.
Alaska Stat. § 06.45.040 — AK Code / Title 6 / Chapter 06.45 / Section 06.45.040
Fees.
Status: in_force

(a) The commissioner shall assess a credit union a fee for expenses under AS 06.01.010 in processing an application (1) for approval of articles of incorporation and bylaws and the issuance of a certificate of authority for a credit union;

(2) for the approval of a branch of a credit union;

(3) for a merger or conversion of a credit union; or

(4) for an examination under AS 06.45.050 .

(b) Failure of a credit union to pay a fee required by (a)(2), (3), or (4) of this section within 30 days of receipt of billing from the commissioner is grounds for the revocation of the certificate of authority of the credit union.
Alaska Stat. § 06.55.605 — AK Code / Title 6 / Chapter 06.55 / Section 06.55.605
Civil penalties.
Status: in_force

The department may assess a civil penalty against a person who violates this chapter or a regulation adopted or an order issued under this chapter in an amount not to exceed $1,000 each day for each day the violation is outstanding.
Alaska Stat. § 06.55.402 — AK Code / Title 6 / Chapter 06.55 / Section 06.55.402
Cooperation.
Status: in_force

The department may consult and cooperate with other state money services regulators in enforcing and administering this chapter. The department and other state money service regulators may jointly pursue examinations and take other official action that they are otherwise empowered to take.
Alaska Stat. § 06.01.035 — AK Code / Title 6 / Chapter 06.01 / Section 06.01.035
Penalties.
Status: in_force

(a) A person who knowingly violates, or causes another person to violate, a provision of this title, or a regulation or order of the department under this title, for which a specific remedy is not provided, is guilty of a class A misdemeanor.

(b) A person who, without first receiving a license or certificate of authority from the department, participates in an activity that requires a license or certificate of authority under this title, is guilty of a class A misdemeanor.

(c) A person is guilty of a class C felony if the person, with intent to deceive the department, the commissioner, or a person authorized to examine the affairs of a financial institution, knowingly (1) makes or causes a false statement or report to be made;

(2) enters a false figure, statement, or entry in the books of a financial institution; or

(3) makes or circulates a false report or statement about the condition of a financial institution.

(d) A director, officer, or employee of a financial institution who receives a deposit, after having been notified by regulatory authorities that the institution is insolvent and without the department's prior approval, is guilty of a class C felony.

(e) In addition to other penalties applicable under this section, if a person other than a financial institution knowingly or intentionally violates, or causes another person to violate, a provision of this title, or a regulation or order of the department under this title, the department may issue an order against the person imposing a civil penalty of not more than $2,500 a day for a single violation, and not more than $25,000 for multiple violations that constitute a single proceeding or a series of related proceedings.

(f) In addition to other penalties applicable under this section, if a financial institution knowingly or intentionally violates a provision of this title, or a regulation or order of the department under this title, the department may issue an order against the institution imposing a civil penalty of not more than $5,000 a day for a single violation, and not more than $50,000 for multiple violations that constitute a single proceeding or a series of related proceedings.

(g) For violations not covered by (e) or (f) of this section, and in addition to other penalties applicable under this section, if a person, including a financial institution, violates, or causes another person to violate, a provision of this title, or a regulation or order of the department under this title, the department may issue an order against the person imposing a civil penalty of not more than $500 a day for a single violation, and not more than $5,000 for multiple violations that constitute a single proceeding or a series of related proceedings.

(h) A financial institution that fails to file a report or make payments required by the department within the time specified in this title is subject to a penalty of not more than $100 a day for each day the report or payment is late. A financial institution is considered to have transmitted a report or payment when the institution mails the report or payment, properly addressed to the department and with the appropriate postage.

(i) In addition to other penalties applicable under this section, the department shall dismiss an employee of the department who violates AS 06.05.065 (a). An employee dismissed under this subsection is forever disqualified from holding a position in the department relating to the regulation of financial institutions. An employee who is dismissed under this subsection may appeal the dismissal under AS 39.25 (State Personnel Act), unless the employee is in the exempt or partially exempt service under AS 39.25.110  39.25.120.

(j) Notwithstanding the other provisions of this section, the failure to have a business license issued under AS 43.70.020 as required by AS 06.50.020 (a) is not a violation for the purposes of (a) and (e)  (g) of this section.
Alaska Stat. § 06.26.880 — AK Code / Title 6 / Chapter 06.26 / Section 06.26.880
Enforcement.
Status: in_force

(a) Consistent with AS 06.01.030 and regulations adopted by the department under AS 06.01.030 or this chapter, the department may determine that (1) an office maintained by an interstate state trust company or international trust company is being operated in violation of a provision of the laws of this state or in an unsafe and unsound manner; or

(2) an interstate state trust company or international trust company is engaged in an activity that the trust company may not engage in under this chapter.

(b) If either of the conditions in (a) of this section exists, the department may take the enforcement actions it would be empowered to take if the office or the company were a trust company established under this chapter, including issuing an order temporarily or permanently prohibiting the trust company from acting as a fiduciary in this state.

(c) If a matter involves extraordinary circumstances that require immediate action, the department may take any action permitted by this section without providing notice or an opportunity for a hearing before taking the action. The department shall promptly give notice to the home jurisdiction regulator of each enforcement action taken against an interstate state trust company or international trust company and, to the extent practicable, shall consult and cooperate with the home jurisdiction regulator when pursuing and resolving an enforcement action.
Alaska Stat. § 06.26.670 — AK Code / Title 6 / Chapter 06.26 / Section 06.26.670
Rights of dissenters.
Status: in_force

In addition to the dissenter's rights under AS 10.06 for a merger or consolidation, if a shareholder of a trust company objects to a conversion of the trust company, the dissenting shareholder's rights shall be exercised under and governed by AS 10.06.574  10.06.582 as if the conversion were a merger.
Alaska Stat. § 06.26.810 — AK Code / Title 6 / Chapter 06.26 / Section 06.26.810
Fiduciary operations at a branch or trust office.
Status: in_force

(a) An interstate state trust company, interstate national trust company, or international trust company may not act as a fiduciary in this state unless the trust company maintains a trust office in this state as permitted under AS 06.26.810  06.26.895.

(b) If an interstate state trust company, interstate national trust company, or international trust company establishes or acquires a trust office in this state under AS 06.26.810  06.26.895, the trust company may conduct at the trust office any activity that a trust company may conduct at a trust office under this chapter.
Alaska Stat. § 06.50.560 — AK Code / Title 6 / Chapter 06.50 / Section 06.50.560
Threat of criminal action prohibited.
Status: in_force

A licensee may not threaten an advance recipient with criminal action as a result of the recipient's default.
Alaska Stat. § 06.26.510 — AK Code / Title 6 / Chapter 06.26 / Section 06.26.510
Board of directors.
Status: in_force

(a) The board of directors of a trust company shall consist of at least five but not more than 25 directors, and the majority of the directors must be residents of this state. The principal executive officer of the trust company is a member of the board and the board's presiding officer unless the board elects a different presiding officer. The presiding officer shall perform the duties designated by the board.

(b) Unless the department consents in writing, a person may not serve as a director of a trust company if (1) the trust company incurs an unreimbursed loss attributable to a charged-off obligation of the person or holds a judgment against the person or against another person who was controlled by the person when the loan that gave rise to the judgment or charged-off obligation was funded and went into default;

(2) the person has been convicted of a felony, or of another crime involving moral turpitude or breach of trust; or

(3) the person, acting as a personal representative, made a loan of trust money or other assets, or a purchase or sale of trust assets, that is voidable under AS 13.16.400 and the person has not corrected the situation.

(c) If a trust company does not elect directors before the 61st day after the date of its regular annual meeting, the department may appoint a person to operate the trust company and elect directors. If the appointed person is unable to locate or elect persons willing and able to serve as directors, the department may close the trust company for liquidation.

(d) A vacancy on a board that reduces the number of directors to fewer than five shall be filled not later than the 30th day after the date that the vacancy occurs. If the vacancy on the board is not filled within 30 days after the date that the vacancy occurs, the department may appoint a person to operate the trust company and elect a board of at least five persons. If the appointed person is unable to locate or elect five persons willing and able to serve as directors, the department may close the trust company for liquidation.

(e) Before beginning each term to which a person is elected to serve as a director of a trust company, the person shall submit an affidavit to be filed with the minutes of the trust company stating that the person, to the extent applicable, (1) accepts the position and is not disqualified from serving in the position;

(2) will not violate or knowingly permit a director, an officer, or an employee of the trust company to violate any law applicable to the conduct of business of the trust company; and

(3) will diligently perform the duties of the position.
Alaska Stat. § 06.26.690 — AK Code / Title 6 / Chapter 06.26 / Section 06.26.690
Authority to act as disbursing agent.
Status: in_force

A purchasing trust company may hold the purchase price and any additional money or other assets delivered to it by the selling trust company in trust for the selling trust company and may act as an agent of the selling trust company in disbursing the money or other assets by paying the creditors of the selling trust company. If the purchasing trust company acts under a written contract of agency approved by the department that specifically names each creditor and the amount to be paid each creditor, and if the agency is limited to the purely ministerial act of paying creditors the amounts due them as determined by the selling trust company and reflected in the contract of agency and does not involve discretionary duties or authority other than the identification of the creditors named, the purchasing trust company (1) may rely on the contract of agency and the instructions included in it; and

(2) is not responsible for (A) an error made by the selling trust company when determining its liabilities, the creditors to whom the liabilities are due, or the amounts due to the creditors; or

(B) a preference that results from the payments made under the contract of agency and the instructions included in the contract.
Alaska Stat. § 06.60.120 — AK Code / Title 6 / Chapter 06.60 / Section 06.60.120
Transfer of business.
Status: in_force

A mortgage licensee may only transfer or assign the licensee's business if (1) an application is made to the department to transfer or assign the business to another mortgage licensee with the same type of mortgage license as the transferring or assigning mortgage licensee;

(2) at least 30 days before the effective date of the proposed transfer or assignment, the department determines it has received a complete application from the proposed assignee or transferee; and

(3) the department determines that the proposed transferee or assignee complies with AS 06.60.060 .
Alaska Stat. § 06.45.250 — AK Code / Title 6 / Chapter 06.45 / Section 06.45.250
Insurance of member accounts.
Status: in_force

A credit union organized under this chapter shall, under regulations adopted by the commissioner, participate in insurance of member accounts under programs offered by the National Credit Union Administration Board or a program of comparable insurance approved by the commissioner.
Alaska Stat. § 06.05.560 — AK Code / Title 6 / Chapter 06.05 / Section 06.05.560
Asset requirements for international banks.
Status: in_force

(a) An international bank that operates one or more branch banks in the state shall maintain in the state assets in an amount acceptable to the department, except that the amount may not be less than the amount of deposits payable at or through the branch banks.

(b) The department shall determine the value of the assets maintained by the international bank for purposes of this section. In making its determination, the department may include as assets currency, bonds, notes, debentures, drafts, bills of exchange, and other evidences of indebtedness owed by persons in the United States and collectible in the United States in United States currency or, with the approval of the department, in currency freely convertible into United States currency, but the department may not include as assets prepaid expenses, customers' liability on prepaid expenses, or amounts due from other offices, branches, or wholly owned subsidiaries of the international bank.

(c) When the department takes possession of a branch bank of an international bank under AS 06.05.468 and 06.05.470, the assets of the international bank in the state shall be turned over to the department and disbursed as provided in AS 06.05.470  06.05.473.
Alaska Stat. § 06.60.200 — AK Code / Title 6 / Chapter 06.60 / Section 06.60.200
Disciplinary action.
Status: in_force

(a) In addition to other disciplinary action allowed under this chapter or under AS 06.01 , the department may deny, suspend, revoke, condition, or decline to renew a license or take other disciplinary action against a person subject to this chapter, including action under a regulation adopted under this chapter, if the department finds that the person (1) fails to comply with an applicable provision of this title, an applicable regulation adopted under this title, a lawful demand, ruling, order, or requirement of the department, or other state or federal statute or regulation applicable to the conduct of the licensee's business;

(2) fails to meet the minimum standards for issuance or renewal of a license; or

(3) knowingly withholds material information or negligently makes a material misstatement in an application for or renewal of a license.

(b) The department may (1) order a person subject to this chapter to cease and desist from conducting business, including an immediate temporary order to cease and desist;

(2) order a person subject to this chapter to cease and desist from violating this chapter, including an immediate temporary order to cease and desist;

(3) impose a fine on a person subject to this chapter under AS 06.60.420 ;

(4) issue an order of rescission, restitution, or disgorgement directed to a person subject to this chapter for a violation of this chapter;

(5) order other affirmative action that the department considers necessary, including an accounting, an asset freeze, or the appointment of a receiver.

(c) A disciplinary action under this section may be taken by itself or in conjunction with one or more other disciplinary actions under this chapter or under AS 06.01 .
Alaska Stat. § 06.65.030 — AK Code / Title 6 / Chapter 06.65 / Section 06.65.030
Modification of program.
Status: in_force

Consistent with this chapter and the federal authorizing law, the department may modify the terms and conditions of the program as the department considers necessary or desirable for the effective and efficient operation of the program.
Alaska Stat. § 06.15.370 — AK Code / Title 6 / Chapter 06.15 / Section 06.15.370
Definitions.
Status: in_force

In this chapter, (1) conventional loan means a loan secured by a first mortgage on unencumbered real property or leasehold estate other than a loan guaranteed or insured by a federal agency;

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

(3) financial institution means a thrift institution, a commercial bank, a trust company, or an insurance company;

(4) mutual bank means a mutual savings bank chartered under this chapter;

(5) thrift institution means a cooperative bank, a homestead association, a mutual savings and loan association, or a mutual bank.
Alaska Stat. § 06.60.610 — AK Code / Title 6 / Chapter 06.60 / Section 06.60.610
Election to use small claims court.
Status: in_force

(a) Within 30 days after receiving a copy of a fund claim under AS 06.60.600 , a mortgage loan originator licensee against whom a claim is made may elect to defend the fund claim as a small claims action in district court under District Court Rules of Civil Procedure if the claim does not exceed the small claims jurisdictional limit.

(b) A mortgage loan originator licensee who elects under (a) of this section to defend a fund claim in district court under the small claims rules may not revoke the election without the consent of the person who filed the fund claim.

(c) On receipt of a valid written election under (a) of this section, the department shall dismiss the fund claim filed with the department and notify the person who filed the fund claim that the person who filed the fund claim must bring a small claims action in the appropriate district court.
Alaska Stat. § 06.05.345 — AK Code / Title 6 / Chapter 06.05 / Section 06.05.345
Articles of incorporation.
Status: reserved

(a) In addition to those items required under AS 10.06.208 , the articles of incorporation of a state bank must specify (1) the judicial district in which the bank is to be located and the community where the bank is to conduct its principal place of business;

(2) the amount of its capital stock, which shall be divided into shares having a par value of not less than $1 each;

(3) that there will be at least five but no more than 25 directors; and

(4) the period for which the bank is organized, if limited.

(b) [Repealed, § 102 ch 26 SLA 1993.] (c) [Repealed, § 102 ch 26 SLA 1993.] (d) [Repealed, § 102 ch 26 SLA 1993.] (e) [Repealed, § 102 ch 26 SLA 1993.] (f) [Repealed, § 102 ch 26 SLA 1993.] (g) [Repealed, § 102 ch 26 SLA 1993.] (h) [Repealed, § 102 ch 26 SLA 1993.] (i) [Repealed, § 102 ch 26 SLA 1993.] (j) [Repealed, § 102 ch 26 SLA 1993.] (k) [Repealed, § 102 ch 26 SLA 1993.] (l) A bank may amend its articles of incorporation in a manner consistent with its articles and bylaws, AS 10.06 , and this chapter by a vote of its shareholders representing at least a majority of the capital at a regular meeting or at a special meeting called for the purpose.
Alaska Stat. § 06.45.295 — AK Code / Title 6 / Chapter 06.45 / Section 06.45.295
Automated teller machines.
Status: in_force

(a) A state credit union may establish, maintain, and operate an automated teller machine on the premises of the main office or a branch office of the state credit union.

(b) A state credit union may establish, maintain, and operate an automated teller machine at a location other than credit union premises by notifying the department 30 days before the date of establishment. An automated teller machine operated off credit union premises shall be made available on a nondiscriminatory basis for use by depositors of other depository institutions authorized to do business in the state, upon the agreement of the other depository institutions to pay a fair and equitable amount for the use of the machine.

(c) The notice required by (b) of this section must include (1) the location and general description of the surrounding area, including a description of the business establishment, if any, in which the machine will be located;

(2) the manner of operation and the kinds of transactions that the machine will perform;

(3) the names of the other depository institutions that will share the machine's services; and

(4) other information required by the department.

(d) A state credit union may invest in a corporation organized to operate machines that perform automated teller services for two or more depository institutions.

(e) A person may not establish or operate an automated teller machine that accepts deposits unless those deposits are insured by the National Credit Union Share Insurance Fund or another agency of the United States that insures deposits.
Alaska Stat. § 06.26.190 — AK Code / Title 6 / Chapter 06.26 / Section 06.26.190
Hours of operation.
Status: in_force

(a) A trust company and an interstate state trust company or an international trust company maintaining a trust office under AS 06.26.810  06.26.895 may close on the legal holidays described in AS 44.12.010  44.12.025. A notice of holiday closings shall be made available to the trust company's customers by mail, by the Internet, or by other means.

(b) A trust company and an interstate state trust company or international trust company maintaining a trust office under AS 06.26.810  06.26.895 may close on any business day if the trust company (1) notifies the department in advance of the closure; and

(2) makes a closure notice available to its customers by mail, by the Internet, or by other means.

(c) The hours of operation, and any changes in the hours of operation, of a trust company and an interstate state trust company or international trust company maintaining a trust office under AS 06.26.810  06.26.895 must be submitted to the department and must be made available to the trust company's customers by mail, by the Internet, or by other means.

(d) Notwithstanding this section, the hours of operation of a trust company with a certificate of authority issued under AS 06.05 are subject to AS 06.05.166 .

Article 4. Private Trust Companies.
Alaska Stat. § 06.15.120 — AK Code / Title 6 / Chapter 06.15 / Section 06.15.120
Exceptions.
Status: in_force

Upon application by a mutual bank, an exception may be granted to any prohibition contained in AS 06.15.100 following a determination by the department that the exception sought is equitable, is supported by evidence, and is in the best interests of the depositors of the mutual bank.
Alaska Stat. § 06.20.010 — AK Code / Title 6 / Chapter 06.20 / Section 06.20.010
License required.
Status: in_force

(a) A person may not engage in the business of making loans of money, credit, goods, or things in action in the amount or of the value of $25,000 or less and charge, contract for, or receive on the loan a greater rate of interest, discount, or consideration than the lender would be permitted by law to charge if the person were not a licensee under this chapter, except as authorized by this chapter and without first obtaining a license from the department.

(b) A person who is doing business under and as permitted by any law of the state or of the United States relating to banks, savings banks, trust companies, building and loan associations, or credit unions and who is exempt from the licensing requirement in (a) of this section shall comply with all other provisions of this chapter.
Alaska Stat. § 06.60.060 — AK Code / Title 6 / Chapter 06.60 / Section 06.60.060
Determinations before licensing.
Status: in_force

Before granting a license under this chapter, the department shall determine, at a minimum, that (1) the applicant has complied with the requirements of this chapter for obtaining the license;

(2) the applicant, including a control person of the applicant, has (A) never had a mortgage lender, mortgage broker, or mortgage loan originator license revoked by a governmental jurisdiction, except that, if a revocation has been formally vacated, the revocation is not considered a revocation under this paragraph; in this paragraph, (i) a control person of an applicant for a mortgage license includes an entity over which the control person exercised control at the time of the revocation; and

(ii) an applicant for a mortgage loan originator license includes an entity over which the applicant exercised control at the time of the revocation;

(B) not been convicted of, or pled guilty or no contest to, a felony in a domestic, foreign, or military court during the seven-year period preceding the date of the application, or at any time preceding the date of application if the felony involved an act of fraud, dishonesty, a breach of trust, or money laundering; however, if the applicant has been pardoned for the conviction, the conviction is not considered a conviction under this subparagraph;

(C) demonstrated financial responsibility, character, and general fitness sufficient to command the confidence of the community and to warrant a determination that the applicant will operate honestly, fairly, and efficiently within the purposes of this chapter; under this subparagraph, (i) an applicant does not show financial responsibility if the applicant has shown inattention to or neglect of the management of the person's own financial condition;

(ii) a determination that an applicant has not shown financial responsibility may include current outstanding judgments against the applicant, except judgments related solely to a claim related to medical expenses; current outstanding tax liens or other government liens and filings against the applicant; foreclosures of the applicant's property within the three years preceding the date of the application; and a pattern by the applicant of seriously delinquent accounts within the three years preceding the date of the application;

(3) the applicant for a mortgage loan originator license (A) has completed the prelicensing education requirement described in AS 06.60.038 ;

(B) has passed a test that meets the requirements described in AS 06.60.040 ; and

(C) has paid the fund fee as required by AS 06.60.550 ; and

(4) the applicant for a mortgage license has provided a bond as required by AS 06.60.045 .
Alaska Stat. § 06.26.120 — AK Code / Title 6 / Chapter 06.26 / Section 06.26.120
Required capital; change in outstanding capital and surplus.
Status: in_force

(a) A trust company may not act as a fiduciary unless the trust company has paid-in capital in an amount acceptable to the department, but not less than $400,000, and paid-in surplus equal to 20 percent of paid-in capital. The trust company shall hold its unimpaired capital as security for the faithful discharge of the fiduciary duties undertaken by the trust company and for the claims of creditors.

(b) The department may by order require or permit adjustment to capital for a proposed or existing trust company if the department finds the condition and operations of an existing trust company or the proposed scope or type of operations of a proposed trust company requires adjustment to capital to protect the safety and soundness of the trust company. The safety and soundness factors to be considered by the department in the exercise of its discretion to adjust capital include (1) the nature and type of business conducted;

(2) the nature and degree of liquidity of the assets held by the trust company other than trust assets;

(3) the amount of fiduciary assets being managed;

(4) the type of fiduciary assets held and the depository of those assets;

(5) the complexity of the fiduciary duties and degree of discretion undertaken;

(6) the competence and experience of management;

(7) the extent and adequacy of internal controls;

(8) the presence or absence of annual unqualified audits by an independent certified public accountant;

(9) the reasonableness of the trust company's plans for retaining or acquiring additional capital; and

(10) the existence and adequacy of insurance held by the trust company to protect its customers, beneficiaries, and grantors.

(c) If the department orders a trust company to increase or adjust its capital, the order must state the date by which the increase or adjustment must be made. An order under this subsection does not prohibit the trust company from later applying to the department to reduce capital requirements for the trust company under (b) of this section.

(d) Subject to (b) of this section, a trust company to which the department issues a certificate of authority shall at all times maintain capital in at least the amount required under (a) of this section, as increased or decreased under (b) of this section.

(e) A trust company may not reduce or increase its outstanding capital through dividend, redemption, issuance of shares, or otherwise without the prior written approval of the department, unless otherwise permitted by this chapter.

(f) Prior approval by the department is not required for a decrease in surplus caused by incurred losses that exceed undivided profits. A decrease to surplus as a result of losses shall be replaced before payment of further dividends.
Alaska Stat. § 06.55.604 — AK Code / Title 6 / Chapter 06.55 / Section 06.55.604
Consent orders.
Status: in_force

The department may enter into a consent order at any time with a person to resolve a matter arising under this chapter or a regulation adopted or order issued under this chapter. A consent order shall be signed by the person to whom it is issued or by the person's authorized representative and must indicate agreement with the terms contained in the order. A consent order may provide that it does not constitute an admission by a person that this chapter or a regulation adopted or an order issued under this chapter has been violated.
Alaska Stat. § 06.50.440 — AK Code / Title 6 / Chapter 06.50 / Section 06.50.440
Duration of advances.
Status: in_force

The minimum duration of an advance is 14 days.
Alaska Stat. § 06.60.710 — AK Code / Title 6 / Chapter 06.60 / Section 06.60.710
Maximum liability.
Status: in_force

(a) Payment of a fund claim may not exceed $15,000 for each claimant and $15,000 for each mortgage loan transaction regardless of the number of persons injured or the number of pieces of residential property involved in the mortgage loan transaction.

(b) The maximum liability for fund claims against one mortgage loan originator licensee may not exceed $50,000.

(c) If the $50,000 liability limit under (b) of this section is insufficient to pay in full the valid fund claims of all persons who have filed fund claims against one mortgage loan originator licensee, the $50,000 shall be distributed among the claimants in the ratio that their individual fund claims bear to the aggregate of valid fund claims against that mortgage loan originator licensee. The department shall distribute the money among the persons entitled to share in the recovery without regard to the order in which their fund claims were filed.
Alaska Stat. § 06.20.030 — AK Code / Title 6 / Chapter 06.20 / Section 06.20.030
Fees and charges.
Status: in_force

(a) Investigation expenses incurred by the department in processing an application for licensure shall be charged to and paid by the applicant under AS 06.01.010 . At the time of submitting the application to the commissioner, the applicant shall pay to the department $1,000 in partial payment of those investigation expenses incurred by the department.

(b) An applicant shall pay to the department at the time of submitting an application a sum, in addition to that specified in (a) of this section, of $500 for a single office license, or $2,000 for a multiple office license as an annual license fee for a period terminating on the last day of the current calendar year.

(c) The license fee required by this section is in place of the fee under AS 43.70 (Alaska Business License Act).
Alaska Stat. § 06.26.770 — AK Code / Title 6 / Chapter 06.26 / Section 06.26.770
Reorganization.
Status: in_force

(a) If the department decides to reorganize a trust company, the department, after providing an opportunity for a hearing to all interested parties, shall enter an order proposing a reorganization plan. The department shall send a copy of the plan to each depositor and other customers and to each creditor who will not receive payment of a claim in full under the plan and a notice that, unless within 30 days the plan is disapproved in writing by persons holding one-third or more of the aggregate amount of the claims, the department will reorganize the trust company.

(b) A plan of reorganization may not be established under this chapter unless, in the opinion of the department, (1) the plan is fair to all classes of depositors, other customers, creditors, and shareholders;

(2) subject to a fair adjustment for new capital that a class will pay under the plan, the face amount of the trust company asset interest provided to a class of depositors, other customers, creditors, or shareholders under the plan does not exceed the value of the assets at liquidation less the full amount of the claims of all prior classes;

(3) the plan provides for the issuance of common stock in an amount that will provide an adequate ratio to deposits;

(4) any exchange of new common stock for obligations or stock of the trust company will be made (A) in the inverse order of the priorities in liquidation of the classes that will retain an interest in the trust company; and

(B) upon terms that adjust in a fair manner any change in the relative interest of the respective classes that will be produced by the exchange;

(5) the plan assures the removal of a director, an officer, or an employee responsible for a problem identified by the department, including an unsafe, unsound, or unlawful action or the existence of an unsafe or unsound condition;

(6) any merger or consolidation provided by the plan complies with this chapter.

(c) When in the course of reorganization, supervening conditions render a plan of reorganization unfair or its execution impractical, the department may modify the plan or liquidate the trust company.
Alaska Stat. § 06.05.272 — AK Code / Title 6 / Chapter 06.05 / Section 06.05.272
Bank subsidiaries.
Status: reserved

(a) A state bank may purchase or establish, and operate, one or more subsidiaries engaged in any of the following activities, if the subsidiary has the necessary licenses and permits and the operation is not detrimental to the bank's business: (1) real property ownership, development, and leasing;

(2) securities brokerage;

(3) other activities authorized in regulations adopted under this section; or

(4) other activities approved by the department.

(b) Under this section, a state bank's total investment in its subsidiaries may not exceed that which is permissible for a federally chartered bank's total investment in all subsidiaries as set out in 12 U.S.C. 24a, as amended. Loans to subsidiaries are considered investments subject to the limitations of this subsection.

(c) A subsidiary of a state bank is subject to examination by the department as part of the examination of the bank under AS 06.01.015 .

(d) [Repealed, § 55 ch 75 SLA 2002.]
Alaska Stat. § 06.55.995 — AK Code / Title 6 / Chapter 06.55 / Section 06.55.995
Short title.
Status: in_force

This chapter may be cited as the Alaska Uniform Money Services Act.
Alaska Stat. § 06.55.201 — AK Code / Title 6 / Chapter 06.55 / Section 06.55.201
License required.
Status: in_force

(a) A person may not engage in currency exchange or advertise, solicit, or hold the person out as providing currency exchange for which the person receives revenues equal or greater than five percent of total revenues unless the person (1) holds a currency exchange license;

(2) holds a money transmission license; or

(3) is an authorized delegate of a person who holds a money transmission license.

(b) A currency exchange license is not transferable or assignable.
Alaska Stat. § 06.55.204 — AK Code / Title 6 / Chapter 06.55 / Section 06.55.204
Renewal of license.
Status: in_force

(a) A currency exchange licensee shall pay a biennial renewal fee not later than 30 days before each biennial anniversary of the issuance of the currency exchange license or, if the last day is not a business day, on the next business day.

(b) A currency exchange licensee under AS 06.55.201  06.55.204 shall submit a renewal report with the renewal fee, in a form and in a medium prescribed by the department. The renewal report must state or contain (1) a description of each material change in information submitted by the currency exchange licensee in its original currency exchange license application that has not been reported to the department on any required report; and

(2) a list of the locations in this state where the currency exchange licensee or an authorized delegate of the currency exchange licensee engages in currency exchange, including mobile locations.

(c) If a currency exchange licensee does not file a renewal report and pay its renewal fee by the renewal date or any extension of time granted by the department, the department shall send the currency exchange licensee a notice of suspension. Unless the currency exchange licensee files the report and pays the renewal fee before expiration of 10 days after the notice is sent, the currency exchange license is suspended 10 days after the department sends the notice of suspension.

(d) The department for good cause may grant an extension of the renewal date.

Article 3. Authorized Delegates.
Alaska Stat. § 06.45.270 — AK Code / Title 6 / Chapter 06.45 / Section 06.45.270
Conflict of interest.
Status: in_force

(a) A member of the board of directors or a member of the credit committee or supervisory committee or an employee of a credit union may not participate in the deliberation or the determination of a question affecting the person's own pecuniary interest or the pecuniary interest of a corporation, partnership, or association in which the person is interested.

(b) A person who violates (a) of this section may not thereafter serve as an officer, agent, or employee of a credit union.
Alaska Stat. § 06.20.340 — AK Code / Title 6 / Chapter 06.20 / Section 06.20.340
Regulations, rulings, demands, and findings; service of notice.
Status: in_force

(a) The department may adopt general regulations and make specific rulings, demands, and findings consistent with this chapter as may be necessary for the proper conduct of business and the enforcement of this chapter.

(b) All notices required or authorized by this chapter to be given or served by the department may be given or served by registered mail and service is considered complete when a true copy is deposited in the post office properly addressed and stamped.
Alaska Stat. § 06.60.090 — AK Code / Title 6 / Chapter 06.60 / Section 06.60.090
Inactive license.
Status: reserved

(a) A license may become inactive under this section.

(b) To be eligible to have a mortgage license become inactive, all mortgage loans of a licensee must have been paid in full or sold.

(c) For a license to become inactive, a licensee shall provide the department with a written request that the license become inactive. The request must include the licensee's name, the licensee's address, and other information the department requires to process the request. If the request is made by mortgage licensee, the request must include a statement by the mortgage licensee that all mortgage loans of the mortgage licensee have been paid in full or sold.

(d) The department shall issue an inactive license certificate to a person whose license becomes inactive under this section.

(e) If a person holds a license that becomes inactive under this section, the person may not operate as a mortgage lender, mortgage broker, or mortgage loan originator under the license in this state until the license is reactivated.

(f) If a license becomes inactive under this section, the license remains inactive until the license expires, the person surrenders the license, or the department approves the reactivation of the license, whichever event occurs first. The licensee's request for reactivation must include the information that the department requires to process the request.

(g) While a license is inactive under this section, the person holding the inactive license shall (1) pay the annual license fee as required by AS 06.60.035 ;

(2) inform the department of any change that occurs in the name and address of the person, the location of the person's business, or the business operations or control of the person;

(3) maintain the bond required by AS 06.60.045 ; and

(4) file the annual report required by AS 06.60.100 (a).

(h) Notwithstanding AS 06.60.120 , while a license is inactive under this section, the person who holds the license may not transfer the license to another person.

(i) [Repealed, § 87 ch 61 SLA 2010.] (j) While a license is inactive under this section, the person holding the inactive license shall continue to maintain records as required by AS 06.60.135 for the business transactions of the person that occurred before the license became inactive.

(k) While a license is inactive under this section, the department may take action against the license, the person holding the inactive license, or both for noncompliance with this chapter before the license became inactive or for noncompliance with this section while the license is inactive.

(l) A licensee whose license lapses under this chapter is not eligible for an inactive license under this section unless the license is reactivated under AS 06.60.095 .

(m) A person holding a license that is inactive under this section may not engage in activities for which the license is required, but may receive commissions or other payments from a person who contracted with or employed the licensee for services, if the services were performed while the licensee was actively licensed.

(n) Except as otherwise provided in this section and by regulations adopted by the department, the provisions of this chapter do not apply to a person holding an inactive license under this section.
Alaska Stat. § 06.20.230 — AK Code / Title 6 / Chapter 06.20 / Section 06.20.230
Maximum interest permitted.
Status: in_force

(a) A licensee may lend any sum of money not exceeding $25,000 and may charge, contract for, and receive on the loan interest at a rate not exceeding three percent a month on that part of the unpaid principal balance of a loan not in excess of $850; two percent a month on the unpaid principal balance exceeding $850 but not exceeding $10,000; and at a rate agreed by contract on the remainder of any unpaid principal balance exceeding $10,000 but not exceeding $25,000.

(b) Notwithstanding the provisions of (a) of this section, a licensee who makes open-end loans under this chapter may charge, contract for, and receive interest at a rate not exceeding three percent a month on that part of the unpaid principal balance of a loan not in excess of $850; two percent a month on the unpaid principal balance exceeding $850 but not exceeding $10,000; and at a rate agreed by contract on the remainder of any unpaid principal balance exceeding $10,000 but not exceeding $25,000.

(c) Interest on loans under (b) of this section shall be computed according to the actuarial method on the entire unpaid principal balance as determined under AS 06.20.285 (b).
Alaska Stat. § 06.15.210 — AK Code / Title 6 / Chapter 06.15 / Section 06.15.210
Right to reject, repay, and classify deposits.
Status: in_force

A mutual bank may (1) reject any sums offered for deposit;

(2) repay any deposit at any time; and

(3) classify and differentiate among deposits on any bases that it may determine.
Alaska Stat. § 06.26.410 — AK Code / Title 6 / Chapter 06.26 / Section 06.26.410
Requirements for handling trust assets.
Status: in_force

A trust company, its representatives, and its appointees shall observe the requirements applicable to trustees under AS 13.36.225  13.36.290 (Alaska Uniform Prudent Investor Act).
Alaska Stat. § 06.60.135 — AK Code / Title 6 / Chapter 06.60 / Section 06.60.135
Records of mortgage licensee.
Status: in_force

(a) The requirements of this section apply to the business transactions of a mortgage licensee or registered depository institution that occur entirely or partially in this state.

(b) A mortgage licensee or registered depository institution shall keep and use in the business of the mortgage licensee or registered depository institution the accounting records that are in accord with generally accepted accounting principles.

(c) A mortgage licensee and a registered depository institution shall maintain a record of the account of each borrower and for each mortgage loan or mortgage loan application that is related to the purchase or refinancing of an existing mortgage loan. This record must contain all documents, work papers, electronic correspondence, and forms that are produced or prepared for the mortgage loan by the mortgage licensee or registered depository institution, and the mortgage licensee and registered depository institution shall retain each document, work paper, electronic correspondence, and form for 36 months from the date they were created.

(d) A mortgage licensee and a registered depository institution shall retain, for at least three years after final payment is made on a mortgage loan, or three years after a mortgage loan is sold, whichever occurs first, the original contract for the compensation of the mortgage licensee or registered depository institution, copies of the note, settlement statement, and truth-in-lending disclosure, an account of fees received in connection with the loan, and other papers or records relating to the loan that may be required by department order or regulation.

(e) If a mortgage licensee or registered depository institution conducts business as a mortgage loan servicing agent for mortgage loans that the mortgage licensee or registered depository institution owns, or as an agent for other mortgage lenders or investors, the mortgage licensee or registered depository institution shall, in addition to complying with (b) and (c) of this section, maintain a record for each mortgage loan. The record of each mortgage loan must include the amount of the mortgage loan, the total amount of interest and finance charges on the mortgage loan, the interest rate on the mortgage loan, the amount of each payment to be made on the mortgage loan, a description of the collateral taken for the mortgage loan, a history of all payments received by the mortgage licensee or registered depository institution on the mortgage loan, a detailed history of the amount of each payment that is applied to the reduction of the mortgage loan principal, the interest that accrues on the mortgage loan, and any other fees and charges that are related to the mortgage loan, as well as other papers required by law, department order, or regulation. The mortgage licensee or registered depository institution shall retain the record required by this subsection for three years after the loan is sold to another mortgage loan servicing agent or after the mortgage loan is satisfied, whichever occurs first.

(f) In this section, mortgage loan servicing agent means a person who acts on behalf of the owner of a mortgage loan to collect payments on the mortgage loan and enforce the terms of the mortgage loan.
Alaska Stat. § 06.45.230 — AK Code / Title 6 / Chapter 06.45 / Section 06.45.230
Exemption from taxation.
Status: in_force

A credit union organized under this chapter, its property, franchises, capital, reserves, surpluses, and other funds, and its income are exempt from taxation by the state or a political subdivision of the state, except that real property and tangible personal property owned by a credit union is subject to taxation to the same extent that similar property is taxed. This section does not prevent holdings in a credit union organized under this chapter from being included in the valuation of the personal property of the owners or holders under taxes imposed by the state or a political subdivision of the state.
Alaska Stat. § 06.60.690 — AK Code / Title 6 / Chapter 06.60 / Section 06.60.690
Fund operations.
Status: in_force

The department shall deposit into the fund money that the department recovers from a mortgage loan originator licensee under AS 06.60.745 . The department may not consider amounts paid from the fund for hearing or legal expenses when determining the maximum reimbursement to be awarded under AS 06.60.710 or the maximum liability for fund claims under AS 06.60.710 .
Alaska Stat. § 06.26.170 — AK Code / Title 6 / Chapter 06.26 / Section 06.26.170
Trust company representative offices.
Status: in_force

(a) A trust company may establish or acquire representative trust offices anywhere in this state. To establish or acquire a representative office, a trust company shall (1) file a written notice with the department that sets out the name of the trust company and the location of the proposed representative office;

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

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

(b) The department has 60 days from the date the department receives the notice filed under (a) of this section to review the establishment or acquisition of a representative office, and the trust company may begin operating the representative office on the 61st day after the date the department receives the notice, unless the department specifies a different date.

(c) The department may extend the 60-day period of review provided by (b) of this section if the department determines that the written notice raises issues that require additional information or if the department needs additional time for analysis. If the 60-day period of review is extended, the trust company may establish the representative office only after the department approves the office in writing. The department may deny permission to establish or acquire a representative office of the trust company if the department has safety or soundness concerns.
Alaska Stat. § 06.20.160 — AK Code / Title 6 / Chapter 06.20 / Section 06.20.160
Inspection and examination of licensees.
Status: in_force

For the purpose of discovering violations of this chapter or securing information required by it under this chapter, the department or its duly designated representative may investigate at any time the loans and business and examine the books, accounts, records, and files used in the business, of every licensee and of every person engaging in the business described in AS 06.20.010 , whether the person acts or claims to act as principal or agent, or under or without the authority of this chapter. For that purpose the department and its duly designated representative have free access to the office and place of business, books, accounts, papers, records, files, safes, and vaults of all such persons. The department and all persons duly designated by it may require the attendance and examination under oath of all persons whose testimony it may require relative to the business.
Alaska Stat. § 06.45.310 — AK Code / Title 6 / Chapter 06.45 / Section 06.45.310
Transfer of credit union's property to preferred creditor is void.
Status: in_force

The transfer of property, money, or assets by a credit union after it becomes insolvent, to prefer one creditor over another, or to prevent the equal distribution of its property and assets among its creditors is void.
Alaska Stat. § 06.60.400 — AK Code / Title 6 / Chapter 06.60 / Section 06.60.400
Cease and desist proceedings.
Status: in_force

(a) Notwithstanding AS 06.01.030 (d) and (e), if the department finds, after notice and opportunity for a hearing, that a person has violated, is violating, or is about to violate any provision of this chapter, a regulation adopted under this chapter, or an order issued under this chapter, the department may publish findings and enter an order requiring the person to cease and desist from committing or causing the violation and any future violation of the same provision or regulation. An order may, in addition to requiring a person to cease and desist from committing or causing a violation, require the person to comply, or to take steps to effect compliance, with a provision or regulation, on terms and conditions and within a time, as the department may specify in the order. An order may require future compliance or steps to result in future compliance, either permanently or for a period of time, as the department may specify.

(b) Notwithstanding AS 06.01.030 (d) and (e), if the department determines that the alleged violation or threatened violation is likely to result in significant dissipation or conversion of assets, significant harm to consumers, or substantial harm to the public interest before the completion of cease and desist proceedings, the department may enter a temporary order requiring the respondent to cease and desist from the violation or threatened violation and to take action to prevent the violation or threatened violation and to prevent dissipation or conversion of assets, significant harm to consumers, or substantial harm to the public interest as the department determines appropriate pending completion of the proceedings. A temporary order may be entered only after notice and opportunity for a hearing, unless the department determines that notice and hearing before entry would be impracticable or contrary to the public interest. A temporary order becomes effective on service on the respondent and, unless set aside, limited, or suspended by the department or a court of competent jurisdiction, remains effective and enforceable pending the completion of the cease and desist proceedings.
Alaska Stat. § 06.50.020 — AK Code / Title 6 / Chapter 06.50 / Section 06.50.020
Qualifications for license.
Status: in_force

(a) To qualify for a license, an applicant shall (1) have cash assets of at least $25,000, as determined under generally accepted accounting principles, except that an applicant who wants to engage in the business of making advances at more than one location in the state shall have cash assets of at least $25,000 for each location;

(2) demonstrate the financial responsibility, financial condition, business experience, character, and general fitness that reasonably warrant the department's belief that the applicant's business will be conducted lawfully and fairly; when determining whether this qualification has been met, and for the purpose of investigating compliance with this chapter, the department may review (A) the relevant business records of the applicant and the adequacy of the capital of the applicant;

(B) the competence, experience, integrity, and financial ability of the applicant, and, if the applicant is an entity, of any person who is a member, partner, director, senior officer, or owner of 10 percent or more of the equity of the applicant; and

(C) a record, on the part of the applicant or a person described in (B) of this paragraph, of (i) a conviction for criminal activity, fraud, or other act of personal dishonesty;

(ii) an act, an omission, or a practice that constitutes a breach of a fiduciary duty; or

(iii) a suspension, a revocation, a removal, or an administrative act by an agency or a department of the United States or a state limiting the applicant's or person's participation in the conduct of a business;

(3) if the person has a physical business location in the state, have a physical business location that is accessible by and convenient to the public;

(4) have a current business license issued under AS 43.70 ; and

(5) if applicable, have a certificate of incorporation under AS 10.06.218 , have a certificate of authority under AS 10.06.705 , have a copy of articles of organization that satisfies AS 10.50.090 , be registered under AS 10.50.605 , have a statement of foreign qualification filed under AS 32.06.922 , have a certificate of limited partnership filed under AS 32.11.060 , or be registered under AS 32.11.420 .

(b) The requirements in (a) of this section are continuing in nature and may be reviewed periodically by the department.
Alaska Stat. § 06.55.701 — AK Code / Title 6 / Chapter 06.55 / Section 06.55.701
Administrative proceedings.
Status: in_force

All administrative proceedings under this chapter shall be conducted under AS 44.62 (Administrative Procedure Act), except that hearings shall be conducted by the office of administrative hearings ( AS 44.64.010 ).
Alaska Stat. § 06.50.010 — AK Code / Title 6 / Chapter 06.50 / Section 06.50.010
License required.
Status: in_force

A person, including a person doing business from outside this state, may not engage in the business of making or offering to make deferred deposit advances in this state without having a license under this chapter. A separate license is required for each physical location or Internet website from which the person conducts the business.
Alaska Stat. § 06.55.101 — AK Code / Title 6 / Chapter 06.55 / Section 06.55.101
License required.
Status: in_force

(a) A person may not engage in the business of money transmission or advertise, solicit, or hold the person out as providing money transmission unless the person (1) holds a money transmission license; or

(2) is an authorized delegate of a person who holds a money transmission license.

(b) A money transmission license is not transferable or assignable.
Alaska Stat. § 06.15.090 — AK Code / Title 6 / Chapter 06.15 / Section 06.15.090
Failure to attend meetings.
Status: in_force

The office of a trustee becomes vacant if the trustee fails to attend regular meetings of the trustees for a period of six months, unless excused during that period by a resolution adopted by the trustees.
Alaska Stat. § 06.15.240 — AK Code / Title 6 / Chapter 06.15 / Section 06.15.240
Investments authorized.
Status: in_force

(a) In addition to loans and acquisitions expressly authorized by this chapter, a mutual 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) If a mutual bank does not assume responsibility for the risk of nonperformance or nonpayment of a security, the bank may purchase or sell the security upon the order of a customer and for the customer's account.
Alaska Stat. § 06.50.470 — AK Code / Title 6 / Chapter 06.50 / Section 06.50.470
Renewal of advance.
Status: in_force

(a) The minimum term of a renewal of an advance is 14 days.

(b) A licensee may not renew an advance more than two consecutive times, after which the licensee shall require the advance recipient to repay the advance in full.

(c) A licensee may not renew an advance for fees greater than the fees under AS 06.50.460 (a).