reglab/statecodes huggingface dataset:
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 12 - Small Loans › 3 AAC 12.210 - Allowable insurance and charges

Current through May 31, 2024
(a) Nothing in this
				chapter requires loan insurance of any type and no licensee may require the
				borrower to purchase any type of insurance that is payable directly to the
				licensee.
(b) All insurance sold
				under this section must be reasonably related to a likely hazard or risk of
				loss. Any person receiving compensation for the sale of insurance must be an
				agent licensed in this state, and the insurance policy sold by the licensee
				must be issued by an insurance company permitted to conduct the business of
				insurance in this state under AS 21.
(c) Property insurance may be purchased at
				the option of the borrower in an amount not to exceed the reasonable value of
				the insured property or the approximate amount of the loan or transaction,
				whichever is less.
(d) When a loan
				is paid by renewal and original loan collateral is retained as collateral for
				the renewed loan, any termination fee collected under AS 45.05 for the
				collateral held for the original loan must be carried forward and identified on
				the new payment record as a prepaid termination fee for the new loan.
Authority:
AS
					 06.20.260
AS
					 06.20.340
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 12 - Small Loans › 3 AAC 12.220 - Use of state's name or laws in advertising

Current through May 31, 2024
No licensee, by advertising or otherwise, may use any phrase
				  or expression referring to his authority or supervision by the state or any
				  department or officer of the state except the following: "Licensed under the
				  Alaska Small Loans Act, AS 06.20, and regulations adopted under that Act," When
				  this phrase is employed, it shall be used only in conjunction with the business
				  of making small loans under the act.
Authority:
AS
					 06.20.200
AS
					 06.20.340
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 12 - Small Loans › 3 AAC 12.230 - Misleading advertising prohibited

Current through May 31, 2024
(a) All
				advertising, printed or spoken, must be truthful and must avoid being
				misleading or deceptive in any manner whatever. in determining whether any
				particular advertising matter violates the provisions, intent, or spirit of AS
				06.20 or any regulations under it, the department will give consideration to
				the general arrangement of copy and to the inference or impression that may
				reasonably be drawn from it after all facts are considered.
(b) It is misleading to use phrases such as
				"lowest cost," "lowest rates," "quickest service," "legal rates," "no red
				tape," "easy payments," "repayment in easy installments"; and to advertise "new
				reduced rates" or "a new type of service" or any similar comparative
				expressions unless the statement is in fact accurate with respect to the
				business of the licensee using the advertising, and unless the advertisement
				clearly indicates that the new plan refers specifically to a change in a
				particular licensee's plan of operation which must be a change of more than
				minor importance with respect to the business of the licensee. Such
				advertisements may not be used for a period exceeding 60 days after the plan
				has been put into effect.
Authority:
AS
					 06.20.200
AS
					 06.20.340
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 12 - Small Loans › 3 AAC 12.240 - "Blind" loan advertisements prohibited

Current through May 31, 2024
Licensees shall not use "blind" loan advertisements wherein
				  they refer only to telephone numbers or newspaper box addresses. Every
				  advertisement shall clearly indicate the identity of the
				  licensee.
Authority:
AS
					 06.20.340
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 12 - Small Loans › 3 AAC 12.250 - Full information on terms for extension of payment

Current through May 31, 2024
Licensees shall not advertise that in the event of sickness
				  or disability or other contingency payment will be extended without also
				  stating what interest and other charges continue during the period of
				  extension.
Authority:
AS
					 06.20.340
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 12 - Small Loans › 3 AAC 12.270 - Use of credit cards prohibited

Current through May 31, 2024
No licensee shall solicit business by means of "credit
				  cards," "letters of credit," or other similar devices which indicate that a
				  holder has an established credit standing with the licensee unless such holder
				  has made a bona fide application to the licensee and credit has actually been
				  established.
Authority:
AS
					 06.20.340
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 12 - Small Loans › 3 AAC 12.280 - Collateral inducements to borrow

Current through May 31, 2024
(a) No licensee
				shall by any representation or device, either directly or indirectly, offer to
				any person anything of value by means of which he will be encouraged to become
				a borrower, or shall recommend, refer, or induce an applicant to apply for or
				secure a loan from any such licensee.
(b) The distribution of articles of trivial
				value for general goodwill advertising in the ordinary course of business will
				not be deemed to be in violation of this section.
Authority:
AS
					 06.20.340
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 12 - Small Loans › 3 AAC 12.290 - Advertising all costs of loan

Current through May 31, 2024
When examples or tables of periodic payments under a flat
				  payment plan are advertised, they shall include all charges to the borrower as
				  well as interest and principal. If only principal and interest payments are
				  advertised, a clear statement of the rate of charge or the total amount of
				  charge shall also be included. In all such advertising, the total number and
				  frequency of payments must be specified. No advertising shall include average
				  repayments or average cost of a loan.
Authority:
AS
					 06.20.200
AS
					 06.20.340
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 12 - Small Loans › 3 AAC 12.300 - Filing of signs and displays

Current through May 31, 2024
A copy of all permanent signs and window displays that
				  include any material other than the name of the licensee must be submitted to
				  the department before or at the time they are placed into
				  use.
Authority:
AS
					 06.20.340
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 12 - Small Loans › 3 AAC 12.310 - Retention of advertising copy for two years

Current through May 31, 2024
Each licensee shall retain for a period of two years from the
				  date of use, with date of use indicated thereon, information disclosing the
				  medium through which any advertisement was disseminated. Identical copies of
				  all advertising materials which are published, distributed, or broadcast shall
				  be available for inspection at all times by representatives of the commissioner
				  of commerce.
Authority:
AS
					 06.20.340
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 12 - Small Loans › 3 AAC 12.320 - Retention of form letters

Current through May 31, 2024
The department considers all form letters designed to solicit
				  additional loans as advertising, and copies of all such material must be
				  retained for inspection by representatives of the department at any time. All
				  advertising and business shall be conducted under the name on the
				  license.
Authority:
AS
					 06.20.200
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 12 - Small Loans › 3 AAC 12.330 - Permanent file for official communications

Current through May 31, 2024
Each licensee shall maintain a permanent file for all
				  official communications to and from the department.
Authority:
AS
					 06.20.340
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 12 - Small Loans › 3 AAC 12.340 - Licensee required to know Small Loans Act and regulations

Current through May 31, 2024
Each licensee shall be familiar with the laws and regulations
				  relating to the business.
Authority:
AS
					 06.20.340
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 12 - Small Loans › 3 AAC 12.350 - Business day

Current through May 31, 2024
The place of business designated in the license shall be open
				  each business day during customary hours to receive payments from
				  borrowers.
Authority:
AS
					 06.20.340
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 12 - Small Loans › 3 AAC 12.360 - Guarantor or endorser

Current through May 31, 2024
If a borrower is also a guarantor or endorser on another
				  loan, the file and account record of the borrower must be cross-referenced to
				  the guaranteed or endorsed loan file.
Authority:
AS
					 06.20.240
AS 06.20.280
AS
					 06.20.340
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 12 - Small Loans › 3 AAC 12.370 - Loans

Current through May 31, 2024
(a) On the date the loan is made, loan
				proceeds must be delivered to the borrower or to a third party on behalf of the
				borrower. Loan proceeds delivered by mail must be sent by registered mail, by
				certified mail, or in another manner that allows the licensee to obtain written
				confirmation of the date the loan proceeds are received. The licensee shall
				obtain written confirmation of the date of receipt for loan proceeds
				hand-delivered or electronically deposited. Interest may be charged only from
				the date the loan proceeds are received even if the note bears a prior date. If
				loan proceeds are delivered to a third party, the promissory note and
				disclosure must state the name of the third party and the amount
				delivered.
(b) When a death claim
				is filed with an insurance company, the exact date of death must be recorded on
				the account record.
(c) No licensee
				may accept applications for loans or close loans at any place other than that
				named in the license. However, if the loan is made by mail, the signature of
				one or more of the borrowers may be obtained outside the loan office if the
				signatures are obtained by an actual and bona fide employee of the licensee or
				by the spouse of the borrower.
(d)
				When making loans by mail the licensee shall mail all necessary forms and
				documents to the borrower, and upon completion of those forms by the borrower,
				the proceeds of the loan must be delivered from the licensee's
				office.
(e) No licensee may permit
				any person other than a bona fide employee to complete its notes, security
				instruments or any other forms used in small loan transactions, nor may any
				person other than a bona fide employee be permitted to accept payments on those
				loans except delinquent loans referred to other parties for collection
				purposes.
(f) The licensee shall
				explain to the borrower the contents of the note, the statement of loan, the
				security agreement and any other forms or documents used in connection with the
				completion of a loan. No instrument may have blanks left to be completed after
				being signed.
(g) Security for any
				loan must be released by the licensee when the loan is paid in full, unless the
				loan is paid by renewal and the security is used as collateral for the new
				loan. Copies of any releasing documents, such as termination statements,
				properly documented, must be retained in the borrower's file.
Authority:
AS
					 06.20.220
AS 06.20.250
AS 06.20.270
AS
					 06.20.340
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 12 - Small Loans › 3 AAC 12.380 - Insurance premium refunds

Current through May 31, 2024
(a) Whenever a loan
				is paid in full or renewed before maturity (except by insurance), the licensee
				shall cancel existing life insurance and refund all unearned
				premiums.
(b) When a loan is paid
				in full or renewed before the first scheduled due date, the insurance is
				considered to have been in force for one full month unless paid or renewed the
				day the loan is made.
(c) In
				computing unearned premiums on or after the first scheduled due date, the
				number of months elapsed is the number of expired due dates plus the next due
				date if prepayment in full or renewal occurs eight days or more after a
				scheduled due date.
Authority:
AS
					 06.20.260
AS
					 06.20.340
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 12 - Small Loans › 3 AAC 12.390 - Loan file

Current through May 31, 2024
A separate file must be maintained for each loan in the
				  office of the licensee. The file must contain the note, the security agreement,
				  the disclosure and acknowledgement required in
				  3 AAC 12.145, the financing statement, the termination
				  statement, and all other evidence of indebtedness, security, or the release of
				  indebtedness that pertains to the loan, except if the note or any court
				  documents are kept in a separate file or if the papers are in the custody of a
				  court or an agent for collection. If a borrower is also a comaker or guarantor
				  on another loan, the file of the borrower must be cross-referenced to the
				  comade or guaranteed loan file.
Authority:
AS
					 06.20.160
AS 06.20.180
AS 06.20.240
AS 06.20.280
AS
					 06.20.340
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 12 - Small Loans › 3 AAC 12.395 - Debt collection practices

Current through May 31, 2024
The debt collection procedures and requirements set out at
				  ch. 01 of this title apply to licensees under this chapter.
Authority:
AS
					 06.20.320
AS
					 06.20.340
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 12 - Small Loans › 3 AAC 12.900 - Definitions

Current through May 31, 2024
(a) In this chapter "department" means the
				Department of Commerce, Community, and Economic Development.
(b) In this chapter and in AS 06.20
				"releasing fee" means a fee taken to release a financing statement, mortgage,
				deed of trust, or a vehicle lien.
As of Register 171 (October 2004), the regulations attorney
					 made technical revisions under
					 AS
					 44.62.125(b)(6) to reflect
					 the name change of the Department of Community and Economic Development to the
					 Department of Commerce, Community, and Economic Development made by ch. 47, SLA
					 2004 and the corresponding title change of the commissioner of community and
					 economic development.
Authority:
AS
					 06.20.340
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 13 - Money Services › Article 1 - Licensing › 3 AAC 13.005 - Virtual currency as money transmission

Current through May 31, 2024
An activity or transaction that would be covered as money
					 transmission remains covered as money transmission if that activity or
					 transaction is in the form of virtual currency.
Authority:
AS
						06.55.990
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 13 - Money Services › Article 1 - Licensing › 3 AAC 13.006 - Money transmitters who only conduct virtual currency activity or transactions

Current through May 31, 2024
Beginning January 1, 2023, a person who is engaging in
					 activities or transactions for which a license is required under AS 06.55 with
					 activity or transactions in the form of virtual currency, shall submit an
					 application for licensure through the registry. The department considers a
					 person to be engaging in activities for which a license is required under AS
					 06.55 if the person is conducting money transmission and that activity or
					 transaction is in the form of virtual currency being transmitted to, from, or
					 within the state. A limited licensing agreement, as related to virtual currency
					 activity, entered into with the state shall be void and removed from the
					 registry.
Authority:
AS
						06.55.101
AS
						06.55.102
AS
						06.55.990
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 13 - Money Services › Article 1 - Licensing › 3 AAC 13.010 - Money transmission license applications

Current through May 31, 2024
(a) A person
				  applying for a money transmission or currency exchange license under
				  AS
				  06.55.101 or
				  06.55.201 must submit an
				  application that complies with
				  AS
				  06.55.102 or
				  06.55.202 to the department
				  through the registry. In addition to the information required by
				  AS
				  06.55.102 or
				  06.55.202, the application must
				  contain
(1) a full description of the
				  screening process used by the applicant in selecting an authorized delegate,
				  including a sample of any forms used, and the method used to screen for
				  criminal history;
(2) satisfactory
				  proof that, if applying for a money transmission license, the person has
				  obtained the security required by
				  AS
				  06.55.104 and that the security is in force,
				  including the amount and type of any excess coverage provided; and
(3) personal history and experience in a form
				  prescribed by the registry and authorization for the registry and the
				  department to obtain
(A) an independent
				  credit report from a consumer reporting agency; and
(B) information related to administrative,
				  civil, or criminal findings by a governmental jurisdiction.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 13 - Money Services › Article 1 - Licensing › 3 AAC 13.020 - Approval to engage in services under AS 0655 with a license from another state

Current through May 31, 2024
(a) A person seeking approval to engage in
				  money transmission or currency exchange activities under AS 06.55 .103 without
				  obtaining a license under
				  AS
				  06.55.101 from the department must submit to
				  the department
(1) the items described in
				  AS
				  06.55.103(a)(2) and 3 AAC
				  13.101(a);
(2) satisfactory proof
				  that the person holds a license in good standing to engage in money
				  transmissions in at least one other state that has either adopted the Uniform
				  Money Services Act or has money transmission laws that are substantially
				  similar to those of this state;
(3)
				  satisfactory proof that the person has obtained the security required by
				  AS
				  06.55.104 and that the security is in force,
				  including the amount and type of any excess coverage provided;
(4) a signed release of information that
				  allows the department to obtain information from licensing agencies of other
				  states necessary to verify the person's eligibility to engage in money
				  transmission or currency exchange under
				  AS
				  06.55.103; and
(5) any other information that the department
				  reasonably requires with respect to the applicant.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 13 - Money Services › Article 1 - Licensing › 3 AAC 13.030 - Security requirement

Current through May 31, 2024
(a) An applicant for a money transmission
				  license or for approval under
				  AS
				  06.55.103 must provide, and must maintain at
				  all times, security that satisfies the requirements of
				  AS
				  06.55.104. The security must secure the
				  faithful performance of the obligations of the money transmission licensee,
				  including its principals, responsible individuals, employees, and authorized
				  delegates, with respect to money transmission. For purposes of this subsection,
				  the obligations of the money transmission licensee are
(1) its legal obligations to its
				  customers;
(2) its obligation to
				  comply with AS 06.55, with this chapter, with any order issued under AS 06.55
				  or this chapter, and with any other applicable law; and
(3) for a money transmission licensee that
				  engages in currency exchange or advertises, solicits, or holds itself out as
				  providing currency exchange under
				  AS
				  06.55.201(a)(2) or (3),
				  obligations listed in (1) and (2) of this subsection and related to currency
				  exchange.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 13 - Money Services › Article 1 - Licensing › 3 AAC 13.040 - Money services license denial

Current through May 31, 2024
(a) Subject to (b)
				  and (c) of this section, the department will deny a money services license
				  application if the department determines that
(1) the applicant has not submitted all the
				  information required by AS 06.55 or this chapter;
(2) the application is for a money
				  transmission license and the applicant has not met the security requirements of
				  AS
				  06.55.104 or the net worth requirement of
				  AS
				  06.55.107;
(3) under
				  AS
				  06.55.105(a)(2) or
				  06.55.203(a)(2),
				  as applicable, permitting the applicant to engage in money transmission or
				  currency exchange is not in the public interest, as demonstrated by findings
				  that may include one or more of the following:
(A) the applicant, an executive officer, a
				  board director, a person in control, or an authorized delegate has been
				  convicted of any felony involving fraud or dishonesty within the past 10
				  years;
(B) the applicant, an
				  executive officer, a board director, a person in control, or an authorized
				  delegate has been convicted of a crime involving a financial transaction within
				  the past 10 years;
(C) the
				  applicant, an executive officer, a board director, or a person in control has
				  knowingly falsified any information supplied in connection with the
				  application;
(D) the applicant, or
				  any proposed authorized delegate of the applicant, has had an adverse action
				  taken against any license related to providing financial services by a
				  jurisdiction within the United States within the past five years;
(E) the applicant has allowed a business
				  under its control to deteriorate to a condition of insolvency determined by the
				  fact that its liabilities exceed its assets or it cannot meet its liabilities
				  as they mature;
(4) the
				  applicant, or any authorized delegate of the applicant, fails to respond to a
				  request for information from the department;
(5) the applicant's proposed screening
				  process for selecting authorized delegates will be ineffective in determining
				  the fitness of proposed delegates;
(6) the applicant has failed to register with
				  the United States Department of Treasury when required to do so by
				  31 U.S.C.
				  5330; or
(7) the applicant, an executive officer, a
				  board director, or a person in control is listed on the specially designated
				  nationals and blocked persons list prepared by the United States Department of
				  Treasury.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 13 - Money Services › Article 1 - Licensing › 3 AAC 13.050 - Renewal of approval or money transmission license

Current through May 31, 2024
(a) The department
				  may deny renewal of a money transmission license, including an approval under
				  AS
				  06.55.103, on the same grounds for which the
				  license may be revoked or suspended under
				  AS
				  06.55.601 or this chapter, including the
				  failure to provide proof of adequate security.
(b) If the money transmission licensee fails
				  to make a timely request for renewal of the license, the department will send a
				  notice of suspension to the licensee at the address most recently provided to
				  the department by the licensee.
(c)
				  The department will extend the date for renewing a money transmission license
				  if the licensee makes a written request for an extension not later than 30 days
				  before the anniversary date of the issuance of the money transmission license
				  and the department finds that the licensee has shown the requested extension of
				  time is reasonably necessary in order to submit the documentation required in
				  AS
				  06.55.106.
(d) A request to renew a money transmission
				  license must be made to the department through the registry.
Authority:
AS
						06.55.103
AS
						06.55.106
AS
						06.55.990
AS
						44.33.020
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 13 - Money Services › Article 1 - Licensing › 3 AAC 13.060 - Renewal of currency exchange license

Current through May 31, 2024
(a) The department
				  may deny renewal of a currency exchange license on the same grounds for which
				  the license may be revoked or suspended under
				  AS
				  06.55.601 or this chapter.
(b) If the currency exchange licensee fails
				  to make a timely request for renewal of the license, the department will send a
				  notice of suspension to the licensee at the address most recently provided to
				  the department by the licensee.
(c)
				  The department will extend the date for renewing a currency exchange license if
				  the licensee makes a written request for an extension not later than 30 days
				  before the anniversary date of the issuance of the currency exchange license
				  and the department finds that the licensee has shown the requested extension of
				  time is reasonably necessary in order to submit the documentation required in
				  AS
				  06.55.204.
(d) A request to renew a currency exchange
				  license must be made to the department through the registry.
Authority:
AS
						06.55.204
AS
						44.33.020
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 13 - Money Services › Article 1 - Licensing › 3 AAC 13.070 - Abandoned applications

Current through May 31, 2024
(a) An application
				  is considered abandoned if the department does not receive any response from
				  the applicant or licensee for 60 days after the department assigns a notice of
				  deficiency to the record of the applicant or licensee in the registry.
(b) An abandoned application is
				  denied without prejudice and all fees are forfeited.
Authority:
AS
						06.55.204
AS
						44.33.020
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 13 - Money Services › Article 2 - Business Duties and Restrictions › 3 AAC 13.110 - Conduct of business through authorized delegate

Current through May 31, 2024
(a) A money
				  transmission licensee may conduct business regulated under AS 06.55 through an
				  authorized delegate designated by the money transmission licensee in accordance
				  with AS 06.55 and this chapter.
(b)
				  Before a money transmission licensee is authorized to conduct business through
				  an authorized delegate or allows a person to act as the money transmission
				  licensee's authorized delegate, the money transmission licensee must
(1) adopt, and update as necessary, written
				  policies and procedures sufficient to ensure that the authorized delegate
				  complies with AS 06.55 and this chapter; and
(2) enter into a written contract that
				  complies with
				  AS
				  06.55.301.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 13 - Money Services › Article 2 - Business Duties and Restrictions › 3 AAC 13.120 - Request for approval of change of control

Current through May 31, 2024
(a) A request for
				  approval of change of control required by
				  AS
				  06.55.404 must include a comprehensive
				  description of the proposed change and be submitted to the department through
				  the registry. The description must set out
(1) the identity of each person acquiring
				  control under the proposed change;
(2) the ownership interest and managerial
				  authority of each person in control under the proposed change; and
(3) for each new person in control under the
				  proposed change, information about personal history and experience as described
				  in 3 AAC 13.010(a)(3), including employment
				  history for the immediate previous 10 years.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 13 - Money Services › Article 3 - Examinations, Reports, and Records › 3 AAC 13.210 - Authority to conduct examinations and investigations

Current through May 31, 2024
(a) When the
				  department conducts an on-site investigation under
				  AS
				  06.55.105(a) l06.55.103(b), or
				  06.55.203(a) or
				  an examination under
				  AS
				  06.55.401,
(1) the applicant, money services licensee,
				  or authorized delegate shall provide the department free access to the place of
				  business, books, accounts, safes, and vaults of that person to examine and make
				  copies as necessary;
(2) the
				  department may retain accountants, professionals, or specialists as examiners,
				  auditors, or investigators, to conduct or assist in the conduct of an
				  investigation or examination; and
(3) the applicant, money services licensee,
				  or authorized delegate shall pay the department examination and investigation
				  fees in accordance with
				  AS
				  06.01.010 and any expenses required to be
				  paid under 3 AAC 13.850 for each
				  representative of the department who is reasonably necessary to conduct the
				  investigation or examination.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 13 - Money Services › Article 3 - Examinations, Reports, and Records › 3 AAC 13.220 - Records

Current through May 31, 2024
In addition to the records required to be maintained under
					 AS
					 06.55.405(a), a money
					 transmission licensee shall maintain a record of money transmittals in
					 accordance with  31 C.F.R.
					 103.33(f).
Authority:
AS
						06.55.405
AS
						44.33.020
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 13 - Money Services › Article 3 - Examinations, Reports, and Records › 3 AAC 13.230 - Access to confidential information

Current through May 31, 2024
(a) Before
				  disclosing confidential information under
				  AS
				  06.55.407(b), the department
				  will send written notice to the applicant, money services licensee, or
				  authorized delegate with a confidentiality interest in the information of the
				  department's intent to release the information. The department will not release
				  the information for at least 14 days following the date of the notice unless
				  the delay would defeat the interests of justice or endanger the public. The
				  applicant, money services licensee, or authorized delegate may request a
				  further delay of release, and the department will grant that request if the
				  person establishes that additional time is required to obtain a judicial order
				  preventing the release, unless granting the extension would defeat the
				  interests of justice or an earlier release is reasonably necessary to protect
				  the public.
(b) The department will
				  not release information made confidential by
				  AS
				  06.55.407(a) to a
				  representative of a state or federal agency under
				  AS
				  06.55.407(b) unless an
				  employee of the agency
(1) executes and
				  delivers to the department a written certification that the agency will
				  maintain the confidentiality of the information received from the department;
				  and
(2) has the authority to make
				  that certification on behalf of the state or federal agency.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 13 - Money Services › Article 4 - Miscellaneous Provisions › 3 AAC 13.810 - Additional permissible investments

Current through May 31, 2024
In addition to the assets and securities listed in
					 AS
					 06.55.502, a permissible investment for
					 purposes of AS 06.55 includes
(1)
				  commercial paper within the top three rating categories of a nationally
				  recognized rating service;
(2)
				  interest-bearing bills, notes, or bonds that bear a rating within the top three
				  rating categories of a nationally recognized rating service; and
(3) virtual currency for outstanding
				  obligations denominated in the same virtual currency.
Authority:
AS
						06.55.501
AS 06.55.502
AS
						44.33.020
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 13 - Money Services › Article 4 - Miscellaneous Provisions › 3 AAC 13.820 - Required office notice

Current through May 31, 2024
The sign required by
					 AS
					 06.55.810 must utilize a large enough font to
					 be easily read by persons visiting the location where it is
					 displayed.
Authority:
AS
						06.55.810
AS
						44.33.020
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 13 - Money Services › Article 4 - Miscellaneous Provisions › 3 AAC 13.830 - Termination of operations

Current through May 31, 2024
A money services licensee shall provide electronic notice
					 to the department through the registry of its decision to cease operations as a
					 money services licensee or the cessation of operations of any of its authorized
					 delegates not later than seven days after that decision or
					 cessation.
Authority:
AS
						44.33.020
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 13 - Money Services › Article 4 - Miscellaneous Provisions › 3 AAC 13.840 - Fees

Current through May 31, 2024
(a) The following nonrefundable fees are
				  established for services provided under AS 06.55 or this chapter and shall be
				  paid to the department through the registry:
(1) an application fee for a money
				  transmission license under
				  AS
				  06.55.102, approval under
				  AS
				  06.55.103, or currency exchange license under
				  AS
				  06.55.202, $2,000, plus $200 for each
				  additional location;
(2) an annual
				  renewal fee for a money transmission license, including an approval under
				  AS
				  06.55.103, $1000;
(3) a biennial renewal fee for a currency
				  exchange license under
				  AS
				  06.55.204, $2,000; the fee shall be paid
				  through the registry in two annual installments of $1,000 each;
(4) a late fee for each day after suspension
				  that the department does not receive the renewal report or the renewal fee
				  under AS
				  06.55.106(c)(2),
				  $25;
(5) a request for approval of
				  a change in control of a money services licensee under
				  AS
				  06.55.404(a),
				  $750;
(6) a request for a change in
				  mailing address, $50;
(7) a request
				  for a change in name, $100.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 13 - Money Services › Article 4 - Miscellaneous Provisions › 3 AAC 13.850 - Reimbursement of expenses

Current through May 31, 2024
When the department conducts an investigation under
					 AS
					 06.55.103(b),
					 06.55.105(a).i or
					 06.55.203(a) or
					 an examination under
					 AS
					 06.55.401, the applicant, money services
					 licensee, or authorized delegate shall pay the actual expenses of required
					 travel, including transportation, lodging, and per diem expense not to exceed
					 the per diem allowance for employees of the state under
					 AS
					 39.20.110.
Authority:
AS
						06.55.103
AS 06.55.105
AS
						06.55.203
AS
						06.55.401
AS
						44.33.020
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 13 - Money Services › Article 5 - General Provisions › 3 AAC 13.910 - Filing or submission date

Current through May 31, 2024
(a) An application
				  for department action under AS 06.55 and this chapter will be considered filed
				  or submitted at the time the filing or submission is received in electronic
				  form by the department through the registry.
(b) Repealed 11/22/2017.
Authority:
AS
						44.33.020
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 13 - Money Services › Article 5 - General Provisions › 3 AAC 13.920 - Name and address changes

Current through May 31, 2024
(a) A money
				  services licensee shall maintain a current, valid, mailing address and
				  electronic mail address on file with the department through the registry at all
				  times. An applicant or licensee shall monitor its record in the registry and
				  its electronic mail address filed with the registry for communications from the
				  department and information regarding its license or registration. The
				  department will use the latest mailing address submitted to the registry for
				  official communications, notifications, and service of legal process.
(b) A person required to be licensed under AS
				  06.55 shall file an application to amend its record with the department through
				  the registry 30 days before a change of a mailing address and immediately upon
				  change of an electronic mail address. A money services licensee shall submit
				  the required fee to the department through the registry with an application to
				  amend its record because of a change of a mailing address. A change of the
				  mailing address of a licensee in the registry is effective when approved by the
				  department in the registry.
(c) If
				  a money services licensee seeks to change its name, the licensee must submit an
				  application to amend its Form MUl and the required fee to the department
				  through the registry. Not later than seven days after filing the application to
				  amend the Form MUI for a change of name, a licensee must submit directly to the
				  department
(1) organizational documents filed
				  with the domestic state under
				  AS
				  06.55.102 with the changed name and, if the
				  licensee is organized outside this state, documentation of authority to conduct
				  business in this state with the changed name; and
(2) a copy of the name registration form with
				  the changed name, stamped "received" by the regulatory agency overseeing
				  corporations.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 13 - Money Services › Article 5 - General Provisions › 3 AAC 13.990 - Definitions

Current through May 31, 2024
In AS 06.55 and this chapter,
(1) "business day" means a day other than Saturday, Sunday, or a
				  state or federal holiday;
(2)
				  "department" means the Department of Commerce, Community, and Economic
				  Development;
(3) "Form MUI" means
				  the uniform money services license application developed and used by the
				  registry;
(4) "monetary value" has
				  the meaning of
				  AS
				  06.55.990(10) and includes
				  virtual currency;
(5) "registry"
				  means the Nationwide Multistate Licensing System and Registry; in this
				  paragraph, "Nationwide Multistate Licensing System and Registry" means a
				  licensing system developed by the Conference of State Bank Supervisors and the
				  American Association of Residential Registry, LLC, or a successor or an
				  affiliated entity, for the licensing and registration of persons in the
				  mortgage and other financial services industries;
(6) "virtual currency"
(A) means a digital representation of value that is used as a
				  medium of exchange, unit of account, or store of value; and is not money,
				  whether or not denominated in money;
(B) does not include
(i) a transaction in which a merchant grants, as part of an
				  affinity or rewards program, value that cannot be taken from or exchanged with
				  the merchant, bank credit, or virtual currency; or
(ii) a digital representation of value
				  issued by or on behalf of a publisher and used solely within an online game,
				  game platform, or family of games sold by the same publisher or offered on the
				  same game platform.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 14 - Mortgage Lending › Article 1 - Licensing › 3 AAC 14.010 - Mortgage license required to operate as mortgage lender or mortgage broker

Current through May 31, 2024
(a)
				  Unless exempt from licensing under
				  AS
				  06.60.015(a), a person must
				  be licensed by the department as a mortgage licensee to operate in the state as
				  a mortgage broker or mortgage lender with respect to a dwelling or residential
				  real estate in the state.
(b) A
				  mortgage licensee may operate in the state as a mortgage lender or a mortgage
				  broker, or as both a mortgage lender and mortgage broker.
Authority:
AS
						06.60.010
AS 06.60.013
AS 06.60.015
AS
						06.60.910
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 14 - Mortgage Lending › Article 1 - Licensing › 3 AAC 14.051 - Licensee and registered depository institution compliance with requirements of the registry

Current through May 31, 2024
To obtain and maintain a license or registration under AS
					 06.60 a person shall comply with all requirements of the registry, including
					 the payment of fees assessed by the registry.
Authority:
AS
						06.60.016
AS
						06.60.910
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 14 - Mortgage Lending › Article 1 - Licensing › 3 AAC 14.052 - Right to challenge information entered into the registry by the department

Current through May 31, 2024
(a) A
				  person required to be licensed or that is registered under this chapter may
				  challenge information pertaining to the person that is entered into the
				  registry by the department. The challenge must be limited to the factual
				  accuracy of the information pertaining to the person's record entered into the
				  registry by the department. The requested relief must be limited to correction
				  of the information submitted by the department to the registry pertaining to
				  the person's record. The challenge must be in writing, must set out the
				  specific information being challenged, and must include supporting evidence. A
				  person may not submit a challenge for the purpose of protesting disciplinary
				  action taken against the person by the department or to appeal the underlying
				  reasons for the disciplinary action.
(b) The department will review all
				  information submitted by a person to support a challenge and will determine the
				  merits of the challenge. The department will issue a written determination and
				  send a copy of the determination to the last known address of the person making
				  the challenge by certified mail, return receipt requested. If the department
				  determines that the information submitted by the department to the registry is
				  factually incorrect, the department will take prompt steps to correct the
				  information submitted. The department will not grant relief other than
				  correction of the information submitted to the registry by the
				  department.
(c) The department's
				  determination is the final decision on the challenge, unless the person making
				  the challenge files a written request for a hearing under
				  AS
				  44.64.030 no later than 30 days after receipt
				  of the department's determination.
Authority:
AS 06.60.16
AS
						06.60.910
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 14 - Mortgage Lending › Article 1 - Licensing › 3 AAC 14.054 - Financial statement to be submitted with mortgage license or registered depository institution application

Current through May 31, 2024
(a) An applicant
				  for a mortgage license or for a registration under AS 06.60.014 shall submit an
				  unaudited financial statement for the preceding fiscal year prepared under
				  generally accepted accounting principles.
(b) The financial statement described under
				  (a) of this section must
(1) be prepared no
				  earlier than 12 months before the date the department receives the initial
				  application and no later than 90 days after the end of the applicant's fiscal
				  year; and
(2) include at least a
				  balance sheet and an income statement and notes relevant to each component,
				  except that if the applicant is licensed or registered or is applying in one or
				  more jurisdictions in addition to this state, the applicant shall submit to the
				  department the highest level financial statement required by any jurisdiction
				  to which the applicant is applying or in which the applicant is licensed or
				  registered.