reglab/statecodes huggingface dataset:
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 40. Premium Financing Act › Article 1. Licensing. › Sec. 06.40.070. Investigation; qualifications for license.

(a) Upon the filing of an application and payment of the investigation fee specified in AS 06.40.050(b), the commissioner shall conduct an investigation of an applicant and shall issue a premium finance company license if the applicant meets the requirements of this chapter. If the commissioner does not so find, the commissioner shall, within 30 days after receipt of the application, at the request of the applicant, give the applicant a full hearing.
(b) The commissioner shall issue a license to an applicant when the commissioner is satisfied that the applicant
(1) is competent and trustworthy and intends to act in good faith in the capacity involved by the license applied for;
(2) has a good business reputation and has had experience, training, or education so as to be qualified in the business for which the license is applied; and
(3) if a corporation, is a corporation incorporated under the laws of this state or a foreign corporation authorized to transact business in this state.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 40. Premium Financing Act › Article 1. Licensing. › Sec. 06.40.080. Revocation or suspension of license.

The commissioner may revoke or suspend the license of any licensee when, upon completion of an investigation, the commissioner determines that
(1) the license issued to the company was obtained by fraud;
(2) there was misrepresentation in the application for the license;
(3) the holder of the license has otherwise proven to be untrustworthy or incompetent to act as a premium finance company; or
(4) the licensee has violated any of the provisions of this chapter.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 40. Premium Financing Act › Article 2. Operations. › Sec. 06.40.090. Misleading statements prohibited; disclosure of interest rate.

(a) A person may not advertise, print, display, publish, distribute, or broadcast, or cause or permit to be advertised, printed, displayed, published, distributed, or broadcast, in any manner, any statement or representation with regard to the rates, terms, or conditions for the lending of money, credit, goods, or things in action which is false, misleading, or deceptive.
(b) The licensee or lender shall state the interest rate charged in a premium finance agreement fully and clearly as an annual percentage rate.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 40. Premium Financing Act › Article 2. Operations. › Sec. 06.40.100. Record keeping; examination of records; report.

(a) A licensee shall maintain records of its premium finance transactions, including the insurance agents through which the licensee provides loans to residents of this state, and the records shall be open to examination and investigation by the commissioner at the office of the licensee. All records pertaining to insurance contracts financed by state residents shall be maintained or readily available in the licensee's office. The commissioner may, at any reasonable time, require the licensee to bring records pertaining to premium finance agreements to the commissioner's office for examination. The expenses incurred by the department in conducting an examination shall be charged to and paid by the licensee in accordance with AS 06.01.010.
(b) A licensee shall preserve its records of premium finance transactions, including cards used in a card system, for at least three years after making the final entry relating to any premium finance agreement. The preservation of records in photographic form constitutes compliance with this requirement.
(c) 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. The report shall be made under oath, shall be in the form prescribed by the department, and shall be kept available as a public record.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 40. Premium Financing Act › Article 2. Operations. › Sec. 06.40.110. Contents of premium finance agreement; deficiency balances.

(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.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 40. Premium Financing Act › Article 2. Operations. › Sec. 06.40.120. Service charge; interest rate; prepayment.

(a) A premium finance company may not charge, contract for, receive, or collect a service charge other than as permitted by this chapter.
(b) The service charge is to be computed on the balance of the premiums due, after subtracting the down payment made by the borrower in accordance with the premium finance agreement, from the effective date of the insurance coverage for which the premiums are being advanced, to and including the date when the final payment of the premium finance agreement is payable.
(c) The service charge may not exceed interest at the nominal annual rate of 15 percent plus an additional charge of $10 per premium finance agreement which need not be refunded upon cancellation or prepayment. However, any borrower may prepay a premium finance agreement in full at any time before the due date of the final payment and in that event the unearned service charge shall be refunded. The amount of any refund shall be calculated in accordance with regulations adopted by the commissioner.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 40. Premium Financing Act › Article 2. Operations. › Sec. 06.40.130. Delinquency charge; separate financing.

(a) A premium finance agreement may provide for the payment by the borrower of a delinquency charge for any payment that is in default for a period of 10 days or more. The charge may be made for each month or fraction of a month that the payment is in default. The amount of the charge may be a minimum of $1 and as a maximum shall be subject to the following limits:
(1) for delinquent payments of less than $250, five percent of the payment or $5, whichever is less; or
(2) for delinquent payments of $250 or more, two percent of the payment.
(b) A borrower has the option to separate the financing of the premiums for one insurance policy from a premium finance agreement by requesting in writing that the premium finance company provide that service and by paying a $10 separate charge.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 40. Premium Financing Act › Article 2. Operations. › Sec. 06.40.140. Cancellation of policy.

(a) When a premium finance agreement contains a power of attorney enabling the licensee to cancel the insurance policy listed in the agreement, the insurance policy may not be cancelled by the licensee unless the cancellation is effectuated under this section.
(b) The licensee shall give not less than 10 days' written notice to the borrower, by mailing by certified mail or documented by an affidavit of mailing, of the licensee's intent to cancel the insurance policy unless the default is cured within that 10-day period. A copy of the notice shall also be mailed by certified mail or documented by an affidavit of mailing to the insurance agent indicated on the premium finance agreement.
(c) After expiration of the 10-day period specified in (b) of this section, the licensee may, in the name of the borrower, cancel the insurance policy by mailing by certified mail or documented by an affidavit of mailing to the insurer a notice of cancellation. The insurance policy shall be cancelled as if the notice of cancellation had been submitted by the borrower, but without requiring the return of the insurance policy. The licensee shall also mail by certified mail or documented by an affidavit of mailing a notice of cancellation to the borrower at the borrower's last-known address and to the insurance agent indicated on the premium finance agreement.
(d) All statutory, regulatory, and contractual restrictions providing that the insurance policy may not be cancelled unless notice is given to a governmental agency, mortgagee, or other third party shall apply where cancellation is effected under this section. The insurer shall give the prescribed notice on behalf of itself or the borrower to any governmental agency, mortgagee, or other third party on or before the fifth business day after the date it receives the notice of cancellation from the licensee and shall determine the effective date of cancellation, taking into consideration the number of days' notice required to complete the cancellation.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 40. Premium Financing Act › Article 2. Operations. › Sec. 06.40.150. Return of unearned premiums.

(a) If a financed insurance policy is cancelled, and provided the insurer has been notified of the assignment of interest of the insured to the licensee, the insurer shall, within 60 days after the effective date of cancellation, take the steps that are necessary to have any gross unearned premiums that are due under the insurance policy returned to the licensee for the account of the borrower if the licensee has complied with the notice provisions of AS 06.40.140(b).
(b) If the crediting of return premiums to the account of the borrower results in a surplus over the amount due from the borrower, the licensee shall refund the excess to the borrower; however, a refund is not required if it amounts to less than $1.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 40. Premium Financing Act › Article 3. General Provisions. › Sec. 06.40.160. Consequences of violations.

(a) A lender who, in the making of any contract, loan, or premium finance agreement or the collection of interest or charges, does any act that violates AS 06.40.010 - 06.40.020, 06.40.090, or 06.40.110 - 06.40.130 shall at the option of the commissioner reimburse that portion of the interest and charges in excess of that provided in those sections, or, in the case of repeated violations of those sections by the lender, the lender shall adjust the contract, loan, or premium finance agreement interest and other charges down to the contract interest limitation specified in AS 45.45.010(a).
(b) [Repealed, § 102 ch 26 SLA 1993.]
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 40. Premium Financing Act › Article 3. General Provisions. › Sec. 06.40.170. Filing not required to perfect validity of agreement.

A filing under AS 45.29 of the premium finance agreement is not necessary to perfect the validity of the agreement as a secured transaction against creditors, subsequent purchasers, pledgees, encumbrancers, successors, or assigns.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 40. Premium Financing Act › Article 3. General Provisions. › Sec. 06.40.190. Definitions.

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.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 45. Alaska Credit Union Act › Sec. 06.45.010. Responsibility of commissioner.

(a) The commissioner shall administer this chapter.
(b) The commissioner may by regulation define the powers of credit unions formed under this chapter and adopt regulations to carry out the purposes of credit unions consistent with this chapter and AS 06.01.020.
(c) The commissioner may delegate any authority, power, or function granted by this chapter.
(d) The records of credit unions shall be kept and reports shall be made in accordance with regulations adopted by the commissioner.
(e) A person appointed or elected by a credit union to a position requiring the receipt, payment, or custody of money or personal property owned by a credit union or in its custody or control as collateral or otherwise shall give bond in a corporate surety company approved by the commissioner on a form approved by the commissioner and in an amount prescribed by the commissioner. The commissioner may approve the use of a form of schedule or blanket bond which covers all the officers and employees of a credit union whose duties include the receipt, payment, or custody of money or other personal property for or on behalf of the credit union. The commissioner may approve the use of a form of excess coverage bond under which a credit union may obtain coverage in excess of the basic surety coverage.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 45. Alaska Credit Union Act › Sec. 06.45.020. Formation of credit union.

(a) Seven or more natural persons who desire to form a credit union shall subscribe before an officer competent to administer oaths, articles of incorporation in duplicate that must state
(1) the name of the credit union;
(2) the location of the credit union and the territory in which it will operate;
(3) the names and addresses of the subscribers to the certificate and the number of shares each subscribed;
(4) the par value of the shares, which must be a minimum of $5 each;
(5) the proposed field of membership specified in detail;
(6) the term of the existence of the credit union, which may be perpetual; and
(7) the fact that the articles of incorporation are adopted to enable the persons to avail themselves of the advantages of this chapter.
(b) The articles of incorporation must also include provisions required by the commissioner for the management of the business of the credit union, for the conduct of its affairs, and relating to the powers of its directors, officers, or stockholders.
(c) At the time of presenting the articles of incorporation to the commissioner the incorporators shall also submit proposed bylaws to the commissioner for approval. Except to the extent the articles of incorporation provide the structure and designate the offices, the bylaws shall provide the organizational structure of the credit union and specifically designate those offices that will be held by the executive or managing officers of the credit union. Copies of the original bylaws of the credit union and any amendments of the bylaws shall be filed with the commissioner.
(d) The commissioner may prepare form articles of incorporation and form bylaws, consistent with this chapter, which may be used by credit union incorporators and shall be supplied to them on request.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 45. Alaska Credit Union Act › Sec. 06.45.030. Approval of articles of incorporation and issuance of certificate of authority.

(a) The articles of incorporation shall be presented to the commissioner for approval. Before the certificate of authority is issued, the commissioner shall determine
(1) whether the articles of incorporation and bylaws conform to the provisions of this chapter and to regulations of the commissioner;
(2) the general character and fitness of the subscribers; and
(3) the economic advisability of establishing the proposed credit union.
(b) A certificate of authority shall be delivered by the commissioner to the credit union if the required fee has been paid. On issuance of the certificate of authority, the credit union is a body corporate and is subject to the limitations of this chapter, and is vested with all of the powers and charged with all of the liabilities conferred and imposed by this chapter upon credit unions organized under it.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 45. Alaska Credit Union Act › Sec. 06.45.040. Fees.

(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.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 45. Alaska Credit Union Act › Sec. 06.45.070. Membership.

Credit union membership consists of the incorporators and other persons and incorporated and unincorporated organizations, to the extent permitted by regulations adopted by the commissioner, elected to membership. Each member shall subscribe to at least one share of the stock of the credit union and pay the initial installment on the stock and a uniform entrance fee if required by the board of directors of the credit union. Credit union membership is limited to groups having a common bond of occupation or association, or to groups within a well-defined neighborhood, community, or rural district. Shares may be issued in joint tenancy with right of survivorship with a person designated by the credit union member. A joint tenant may not be permitted to vote, obtain loans, or hold office, unless the joint tenant is within the field of membership and is qualified for membership.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 45. Alaska Credit Union Act › Sec. 06.45.080. Meetings of members.

The fiscal year of a credit union ends December 31. The annual meeting of a credit union shall be held within three months after the end of the fiscal year at a place its bylaws prescribe. Special meetings may be held under the bylaws. A member may not vote by proxy, but a member other than a natural person may vote through an agent designated for the purpose. A member may not have more than one vote.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 45. Alaska Credit Union Act › Sec. 06.45.090. Management of credit union.

(a) The business affairs of a credit union are managed by (1) a board of not less than five directors; (2) a credit committee of not less than three members; and (3) a supervisory committee of not less than three members or more than five members. The members of the board of directors shall be elected at the annual members meeting by and from the members. The supervisory committee shall be appointed by the board of directors, and a vacancy in the supervisory committee shall be filled by the board of directors. One of the members of the supervisory committee may be a member of the board of directors, other than the treasurer. The credit committee consists of an uneven number of three or more members appointed by the board of directors for the terms established by the bylaws. Members of the board of directors and of the credit and supervisory committees hold office for terms as the bylaws may provide.
(b) A record of the names and addresses of the members of the board, the committees, and the officers of the credit union shall be filed with the commissioner within 10 days after election or appointment.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 45. Alaska Credit Union Act › Sec. 06.45.100. Compensation.

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.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 45. Alaska Credit Union Act › Sec. 06.45.110. Executive officers.

(a) At its first meeting after the annual meeting of the members, the board of directors shall elect from its membership the executive officers of the credit union.
(b) An executive officer, other than the treasurer, may not be compensated as an officer.
(c) The offices of secretary and treasurer may be held by the same person.
(d) The duties of the officers are determined by the bylaws.
(e) The treasurer shall give bond with good and sufficient surety, in an amount and character to be determined by the board of directors in compliance with regulations adopted by the commissioner.
(f) The board of directors shall appoint a president to act as chief executive officer of the credit union and to be actively in charge of the operations of the credit union.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 45. Alaska Credit Union Act › Sec. 06.45.120. Board of directors.

(a) The board of directors shall meet at least once a month and shall have the general direction and control of the business affairs of the credit union. Minutes of all meetings shall be kept.
(b) The board of directors shall
(1) act upon applications for membership;
(2) require an officer or employee having custody of or handling funds to give bond with good and sufficient surety in an amount and character to be determined by the board of directors in compliance with regulations adopted by the commissioner and authorize the payment of the premium by the credit union;
(3) fill vacancies in the board of directors until successors elected at the next annual meeting have qualified;
(4) have charge of investments other than loans to members; the board of directors may designate a committee of not less than two to act as an investment committee that has charge of making investments under rules and procedures established by the board of directors;
(5) determine the maximum number of shares and share certificates and the classes of shares and share certificates that may be held;
(6) subject to the limitations of this chapter, determine the interest rates on loans, the security, and the maximum amount that may be loaned or provided in lines of credit;
(7) subject to regulations adopted by the commissioner, authorize an interest refund to members of record at the close of business on the last day of any dividend period in proportion to the interest paid by the members during the dividend period; and
(8) provide for compensation of officers and employees.
(c) The board of directors may appoint an executive committee of not less than three directors to exercise authority delegated to it under the conditions and limitations prescribed by the board of directors.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 45. Alaska Credit Union Act › Sec. 06.45.130. Applications for membership.

(a) The board of directors shall establish procedures for the review and approval of applications for membership in the credit union.
(b) Each month the board of directors shall review a list of applications for membership acted on during the preceding month.
(c) If an application for membership is denied, the reasons for the denial shall be furnished to the applicant on request.
(d) The board of directors may appoint a membership officer from the members of the credit union or the executive committee of the board of directors to review applications for membership. A treasurer, assistant treasurer, or loan officer may not review applications for membership.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 45. Alaska Credit Union Act › Sec. 06.45.140. Powers and duties of credit committee.

(a) The credit committee shall hold meetings to consider applications for loans and lines of credit as the business of the credit union may require but not less frequently than once a month. Reasonable notice of the meetings shall be given to members of the credit committee.
(b) Except for the loans or lines of credit required to be approved by the board of directors under AS 06.45.060(a)(5), a majority of the entire credit committee may approve an application.
(c) The credit committee may delegate to a loan officer the power to approve loans and lines of credit. A loan officer shall furnish to the credit committee a record of each approved or unapproved application within seven days of the filing of the application.
(d) An application not approved by a loan officer shall be acted on by the credit committee.
(e) An individual may not disburse funds of a credit union for a loan, line of credit, or application that the individual approved in the capacity of loan officer.
(f) Applications for loans and lines of credit shall be made on forms prepared by the credit committee.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 45. Alaska Credit Union Act › Sec. 06.45.170. Powers and duties of supervisory committee; suspension of committee members.

(a) The supervisory committee shall conduct an annual audit of the accounts of the credit union and submit a report of the audit to the board of directors and a summary of the audit to the members at the next annual members meeting of the credit union. The supervisory committee may conduct supplementary audits as it considers necessary or as ordered by the commissioner, and submit reports of the supplementary audits to the board of directors.
(b) The supervisory committee shall verify the passbooks and accounts of the members with the records of the treasurer from time to time, but not less frequently than once every two years. In this subsection, “passbook” includes a book, statement of account, or other record approved by the commissioner for use by credit unions.
(c) The supervisory committee may by a unanimous vote suspend an officer of the credit union or a member of the credit committee or the board of directors until the next meeting of the members, which shall be held not less than seven or more than 14 days after the suspension under this subsection. A suspension shall be acted upon by the members.
(d) The supervisory committee may call by a majority vote a special meeting of the members to consider a violation of this chapter, the articles of incorporation or bylaws, or a practice of the credit union considered unsafe or unauthorized by the supervisory committee.
(e) The board of directors may by a majority vote suspend a member of the supervisory committee until the next meeting of the members, which shall be held not less than seven or more than 14 days after the suspension. A suspension shall be acted upon by the members.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 45. Alaska Credit Union Act › Sec. 06.45.180. Reserves.

(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.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 45. Alaska Credit Union Act › Sec. 06.45.190. Dividends.

At intervals as the board of directors may authorize and after provision for required reserves, the board of directors may declare, under regulations adopted by the commissioner, a dividend to be paid at different rates on different types of shares and at different rates and maturity dates in the case of share certificates. Dividend credit may be accrued on various types of shares and share certificates as authorized by the board of directors.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 45. Alaska Credit Union Act › Sec. 06.45.200. Expulsion and withdrawal of members.

A member may be expelled by a two-thirds vote of the members of a credit union present at a special meeting called for the purpose, but only after the member has been given an opportunity to be heard. Withdrawal or expulsion of a member does not discharge the liability of the member to the credit union. The amount to be paid a withdrawing or expelled member by a credit union shall be determined and paid in the manner specified in the bylaws.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 45. Alaska Credit Union Act › Sec. 06.45.220. Suspension, conditional operation, and liquidation.

(a) The commissioner, upon a finding that the credit union is bankrupt, insolvent, or is operating in an unsafe or unsound manner or that the credit union has violated the provisions of its articles of incorporation or bylaws, this chapter, or regulations adopted by the commissioner, may exercise the powers granted under AS 06.01.030 and temporarily suspend the operations of the credit union.
(b) The commissioner, under the regulations adopted by the commissioner, may permit operations to continue under conditions and procedures established by the commissioner, or direct the credit union to cease operations and appoint a liquidating agent to liquidate the credit union.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 45. Alaska Credit Union Act › Sec. 06.45.230. Exemption from taxation.

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.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 45. Alaska Credit Union Act › Sec. 06.45.240. Conversions.

(a) A federal credit union may convert into a credit union organized under this chapter by complying with applicable federal law and by qualifying under this chapter.
(b) A credit union organized under this chapter may convert into a federal credit union by complying with this chapter and by qualifying under federal law.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 45. Alaska Credit Union Act › Sec. 06.45.270. Conflict of interest.

(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.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 45. Alaska Credit Union Act › Sec. 06.45.280. Merger.

(a) A credit union may merge with another credit union under a plan agreed upon by a majority of the board of directors of each credit union and approved by a majority of the members of each credit union present at meetings called to approve the plan.
(b) The commissioner may by regulation establish further procedures governing mergers.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 45. Alaska Credit Union Act › Sec. 06.45.295. Automated teller machines.

(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.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 45. Alaska Credit Union Act › Sec. 06.45.400. Definitions.

In this chapter,
(1) “commissioner” means the commissioner of commerce, community, and economic development;
(2) “credit union” means a cooperative association organized in accordance with the provisions of this chapter for the purpose of promoting thrift among its members and creating a source of credit for provident or productive purposes;
(3) “credit union association” means an organization established primarily to serve the needs of its member credit unions under regulations adopted by the commissioner.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 50. Deferred Deposit Advances › Article 1. Licensing. › Sec. 06.50.010. License required.

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.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 50. Deferred Deposit Advances › Article 1. Licensing. › Sec. 06.50.020. Qualifications for license.

(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.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 50. Deferred Deposit Advances › Article 1. Licensing. › Sec. 06.50.030. Application.

(a) An application for a license must be in writing and under oath, in a form prescribed by the department by regulation, and include at least
(1) the legal name, residence, and business address of the applicant and, if the applicant is not a natural person, of each member, partner, director, senior officer, or owner of 10 percent or more of the equity of the applicant;
(2) the address and physical location of the principal place of business named in the application; and
(3) other information the department may require with respect to the applicant and, if the applicant is not a natural person, about the applicant's members, partners, directors, senior officers, or owners of 10 percent or more of the equity of the applicant.
(b) The applicant shall submit with the application the bond required by AS 06.50.040 and a nonrefundable application fee in an amount that is established by the department by regulation and that does not exceed $3,000. The application fee for the initial license may not be prorated.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 50. Deferred Deposit Advances › Article 1. Licensing. › Sec. 06.50.040. Bond.

(a) An applicant for a license shall file with the application a bond
(1) in a form to be approved by the department;
(2) in which the applicant is the obligor; and
(3) in the sum of $25,000 for a business with one location and $50,000 for a business with more than one location.
(b) Only one bond is required for an application for a business with more than one location.
(c) The bond required by (a) of this section is for the use of the state and a person who may have a cause of action against the obligor under this chapter.
(d) The bond must state that the obligor will
(1) faithfully conform to and abide by the provisions of this chapter and regulations adopted by the department under this chapter; and
(2) pay to the state and to a person all money that may become due or owing to the state or to the person from the applicant under this chapter.
(e) The bond must remain in effect for three years following the denial of a renewal of a license or the expiration of a license.
(f) If, at any time, the department finds that a bond filed under (a) of this section is unsatisfactory for any reason, the department may require the licensee to file, within 10 days after the receipt of a written demand, an additional bond to comply with this section.
(g) The licensee shall file a new bond that complies with this section each time a license is renewed.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 50. Deferred Deposit Advances › Article 1. Licensing. › Sec. 06.50.050. Investigation by department.

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.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 50. Deferred Deposit Advances › Article 1. Licensing. › Sec. 06.50.060. Conditions precedent to license.

The requirements of AS 06.50.030 - 06.50.050 are conditions precedent to the issuance of a license under this chapter. The license permits the applicant to make advances under this chapter at the location specified in the application.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 50. Deferred Deposit Advances › Article 1. Licensing. › Sec. 06.50.080. Renewal of license.

A license issued under this chapter shall be renewed on or before the date set by the department by submitting to the department a completed renewal application on a form established by the department and paying a nonrefundable renewal fee established by the department, which may not exceed $3,000.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 50. Deferred Deposit Advances › Article 1. Licensing. › Sec. 06.50.090. Denial of license or renewal.

(a) If the department determines that an applicant is not qualified to receive a license or a license renewal, the department shall notify the applicant in writing within 20 days that the application has been denied and state the basis for the denial.
(b) The decision of the department to deny an application or a renewal may be reviewed in the manner provided in AS 44.62.330 - 44.62.630 (Administrative Procedure Act).
(c) If the denial of a renewal is upheld, the former licensee shall return the license to the department within 10 days after the former licensee receives notice of the denial.
(d) A license application shall be considered withdrawn within the meaning of this section if the applicant fails to respond to a written notification of a deficiency in the application within 60 days after the date of the notification.
(e) If a license renewal is denied or if a license is surrendered, suspended, or revoked, all accounts of the licensee remain subject to this chapter until paid in full.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 50. Deferred Deposit Advances › Article 2. License Transfer, Assignment, Control, and Change. › Sec. 06.50.210. Change in control.

The prior written approval of the department is required for the continued operation of a licensee's deferred deposit advance business when a change in control of the licensee is proposed. The department may require the information it considers necessary to determine whether a new application is required. The licensee requesting approval of the change in control shall pay all reasonable expenses incurred by the department to investigate and approve or deny the change in control.
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 50. Deferred Deposit Advances › Article 2. License Transfer, Assignment, Control, and Change. › Sec. 06.50.220. Change in location or name.

A licensee shall notify the department in writing at least 15 days before any proposed change in the licensee's business location or name, and shall provide the department with the information described in AS 06.50.030(a).
2023 Alaska Statutes › Title 6. Banks and Financial Institutions › Chapter 50. Deferred Deposit Advances › Article 2. License Transfer, Assignment, Control, and Change. › Sec. 06.50.230. Conduct of other business.

A licensee may conduct other business at a location where it engages in making advances unless it conducts the other business for the purpose of evading or violating the provisions of this chapter.