reglab/statecodes huggingface dataset:
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 20 - Land Sales › Article 1 - Filing Procedures › 3 AAC 20.030 - Penalty for failure to pay fees

Current through May 31, 2024
A developer who fails to pay when due, after written notice
					 by the department, the required filing, registration or inspection fees is
					 liable in a civil action brought by the attorney general on behalf of the
					 department for a penalty in an amount equal to the unpaid fees. The department
					 may suspend or revoke a registration for which any filing, registration or
					 inspection fees are unpaid, after written notice by the
					 department.
Authority:
AS
						34.55.020
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 20 - Land Sales › Article 1 - Filing Procedures › 3 AAC 20.040 - Notification of suits against developer

Current through May 31, 2024
In a suit by or against a developer involving his
					 development, the developer shall promptly inform the department of any legal
					 action involving the development and shall provide at the department's request
					 all information relating to the legal action. This requirement does not apply
					 where the department is a party to the suit.
Authority:
AS
						34.55.010(c)
AS
						34.55.020
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 20 - Land Sales › Article 2 - Unfair Acts and Practices › 3 AAC 20.050 - General provisions

Current through May 31, 2024
It is an unfair act or practice for a developer, his
					 agents, servants, employees, or others acting on his behalf
(1) to make a representation with no present
				  intent to perform it;
(2) to fail
				  to reveal to the purchaser or prospective purchaser all terms, conditions,
				  notices, and amounts of any contract, agreement, option, deed, property report,
				  or other evidence of the purchaser's indebtedness;
(3) to substitute another lot, unit, parcel,
				  or interest in land for that purchased or optioned without the knowing,
				  intelligent, and voluntary consent by the purchaser;
(4) to fail to afford to a purchaser all
				  rights, privileges, or advantages that are represented or implied to be
				  available to a purchaser as a result of the purchase;
(5) to represent that a developer, salesman,
				  agent, servant, employee, or others acting on behalf of a developer are
				  conducting a survey, contest, poll, or other similar inquiry, when in fact it
				  is a systematic marketing approach in an effort to sell property;
(6) to represent to a prospective purchaser
				  that he or she is specially selected, if in fact he or she is not;
(7) to use a method of rebate or finance
				  charge which requires or results in a purchaser paying a greater amount of
				  interest or finance charge upon prepayment than if he had financed for a
				  shorter period of time initially.
Authority:
AS
						34.55.020
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 20 - Land Sales › Article 2 - Unfair Acts and Practices › 3 AAC 20.060 - Documents

Current through May 31, 2024
(a) Unless a purchaser or prospective
				  purchaser agrees in writing on a separate document, it is unfair for a person
				  to use a contract, agreement, deed, option or other evidence of disposition of
				  lands under the Act which contains provisions that
(1) attempt to waive a right afforded by the
				  Act, the Interstate Land Sales Full Disclosure Act, or the Consumer Credit
				  Protection Act, commonly known as the Federal Truth in Lending Act, and any
				  regulations promulgated under these acts;
(2) assume all risk of loss to the property
				  without title passing to the purchaser or actual possession being with the
				  purchaser;
(3) permit a prior or
				  subsequent sale of the optioned or purchased property;
(4) waive as against an assignee of the
				  developer, a mortgagee, or subsequent holder, a claim or defense arising out of
				  the transaction that the purchaser would have against the developer;
(5) forfeit all prior payments upon
				  default;
(6) provide acceleration
				  of the unpaid balance of a contract upon default:
(7) can result in loss of possession of the
				  property without notice of and a prior hearing in a court of competent
				  jurisdiction;
(8) waive a right to
				  redeem the property after default;
(9) cause an assignee, mortgagee, or
				  subsequent holder of the developer not to be obligated to perform as to the
				  purchaser.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 20 - Land Sales › Article 2 - Unfair Acts and Practices › 3 AAC 20.070 - Approvals and memberships

Current through May 31, 2024
It is an unfair act or practice for a person
(1) to represent that the developer, his
				  agents, servants, employees, or others acting upon his behalf have the
				  sponsorship, approval or certification unless they do have that sponsorship,
				  approval, or certification;
(2) to
				  represent that the land has been inspected by the department or received
				  approval whether in fact it has or has not been inspected or approved by the
				  department;
(3) to represent the
				  necessity, desirability, or the advantage to a prospective purchaser of dealing
				  with a developer who has a connection with or an endorsement by a governmental
				  body, a nationally known organization, or a professional association, unless it
				  is true.
Authority:
AS
						34.55.020
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 20 - Land Sales › Article 2 - Unfair Acts and Practices › 3 AAC 20.080 - Availability of land and utilities

Current through May 31, 2024
It is an unfair act or practice for a person
(1) to represent the availability of land
				  without clearly and conspicuously disclosing, with the representation, any
				  limitation on availability, location or quantity of the land;
(2) to use the developer's personnel or
				  others to repeatedly announce that lots are being sold when in fact this is not
				  the case, or to make false repetitive announcement of the same lot being
				  sold;
(3) to represent a utility
				  service as "available" or some similar representation, unless the utility
				  service is installed in the subdivision and ready for use, or the use is
				  assured under financial arrangements made for installation, and these
				  arrangements are disclosed.
Authority:
AS
						34.55.020
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 20 - Land Sales › Article 2 - Unfair Acts and Practices › 3 AAC 20.090 - Access to subdivisions

Current through May 31, 2024
It is an unfair act or practice for a person
(1) to represent or imply that a subdivision
				  is restricted to owners, purchasers, or their families by means of guards, or
				  private roads, or facilities, the use and enjoyment of which require special
				  identification, unless this is true;
(2) to represent that a prospective purchaser
				  has to pay a refundable or nonrefundable temporary membership fee in order to
				  visit, tour, or inspect a subdivision for the reason that it is restricted to
				  members only when, in fact, the offer is made systematically and on a regular
				  basis to all persons solicited for purchase.
Authority:
AS
						34.55.020
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 20 - Land Sales › Article 2 - Unfair Acts and Practices › 3 AAC 20.100 - Visits, free goods, services

Current through May 31, 2024
It is an unfair act or practice for a person
(1) to fail to reveal in an offer to induce a
				  person to visit, inspect, or tour a subdivision all the terms, conditions or
				  prerequisites that have to be met by that person;
(2) to offer or represent that goods or
				  services are "free" without clearly and conspicuously disclosing in immediate
				  conjunction with the offer or representation all terms, conditions, or
				  prerequisites to the receipt, retention, or use of the goods or
				  services.
Authority:
AS
						34.55.020
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 20 - Land Sales › Article 2 - Unfair Acts and Practices › 3 AAC 20.110 - Price, value, credit

Current through May 31, 2024
It is an unfair act or practice for a person
(1) to represent or imply that a prospective
				  purchaser has to act quickly to purchase land at a savings because the price is
				  about to increase unless, in fact, a decision has been made by the developer to
				  increase the price and that the increase does take effect and remains in effect
				  for a minimum period of 30 days;
(2) to represent that the price of land to a
				  prospective purchaser is a discount or reduction from a regular price unless,
				  in fact, the represented regular price was the customary and regularly sold-at
				  price for a reasonable period of time previously;
(3) to represent or imply that the price of
				  land is a savings when compared to the price of other land sold by competitors
				  of the developer, unless the other lands with the higher prices have the same
				  characteristics, attributes, and qualities of the offered land and the
				  compared-to prices are not fictitious;
(4) to fail to reveal the basis of the
				  projected value where it is represented that the purchaser is making an
				  investment which will increase in value due to the efforts of the
				  developer;
(5) to represent that
				  credit is easily available when, in fact, it is not;
(6) to misrepresent or to cause others to
				  misrepresent the interest rate or finance charge as being other than it
				  actually is.
Authority:
AS
						34.55.020
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 20 - Land Sales › Article 2 - Unfair Acts and Practices › 3 AAC 20.120 - Repurchases, refunds, referrals

Current through May 31, 2024
It is an unfair act or practice for a person
(1) to represent to a purchaser or a
				  prospective purchaser that the developer will buy back, resell, list, or
				  otherwise dispose of purchased property, unless it is true;
(2) to induce a purchaser or prospective
				  purchaser to buy land or execute a contract, agreement, option for
				  consideration, or other evidence of indebtedness on the basis that if the
				  purchaser is not satisfied, a refund will be made, unless this is
				  true;
(3) to represent or promise a
				  commission, bonus, discount, reward, override, or prize for referring other
				  purchasers to the developer, where the promise or representation is similarly
				  made to those referred.
Authority:
AS
						34.55.020
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 20 - Land Sales › Article 2 - Unfair Acts and Practices › 3 AAC 20.130 - Miscellaneous unfair acts

Current through May 31, 2024
It is an unfair act or practice for a developer, his
					 agents, servants, employees, or others acting on his behalf
(1) to discriminate on the basis of race,
				  color, religion, sex, or national origin in an offer to sell, sale, financing
				  or other disposition of land including making available the use of all
				  improvements, or other amenities of the existing or proposed
				  subdivision;
(2) to obtain a
				  prospective purchaser's signature to a contract, agreement, option, or other
				  evidence of indebtedness by representing that it is only a reservation,
				  receipt, or temporary membership certificate;
(3) to fail to clearly inform a purchaser
				  that a contract, promissory note, or other evidence of indebtedness could be
				  assigned;
(4) to represent the
				  advantage to a prospective purchaser of dealing with a developer by
				  misrepresenting the developer's size or financial condition;
(5) to fail to clearly disclose the use to
				  which contiguous land has been put or the use to which it will be put in the
				  future where the disclosure is material to the use or value of the lot or
				  subdivision in light of the positive representations made;
(6) to engage in any other method, act, or
				  practice which is misleading, deceptive or fraudulent.
Authority:
AS
						34.55.020
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 20 - Land Sales › Article 3 - Advertising and Promotional Plans › 3 AAC 20.140 - General standards

Current through May 31, 2024
All advertising methods and materials must be approved by
					 the department before they can be used or disseminated. The following standards
					 are not all-inclusive for the department in evaluating advertising to determine
					 whether it is false, deceptive, or misleading and fails to make full and fair
					 disclosure within the intent of the Act and this chapter.
(1) Claims and representations contained in
				  advertising shall be accurate and provable.
(2) Advertising may not misrepresent facts or
				  create misleading impressions.
(3)
				  Advertising may not contain an untrue statement or a statement which implies an
				  untruth.
(4) Advertising may not
				  make a derogatory or unfair reference to competitive developments,
				  subdivisions, or properties.
(5)
				  Advertising may not reprint published material unless information contained in
				  the reprint is representative, truthful, relevant, and pertinent to the
				  property being offered.
(6)
				  Advertising may not contain a statement, photograph or sketch portraying the
				  use to which land can be put unless the land can be put to that use at a
				  reasonable cost.
(7) Advertising
				  may not contain an asterisk or any other reference symbol as a means of
				  contradicting or substantially changing a previously made statement or as a
				  means of obscuring a material fact.
(8) Advertising may not use a name which
				  implies that the advertiser is a nonprofit research organization or public
				  bureau or group, when it is not true. Advertising by this type of organization
				  is prohibited when the true nature of the plan of sale is misrepresented or
				  concealed.
(9) Maps, plats, or
				  other representations must clearly indicate the estimated date that the
				  development will be completed.
Authority:
AS
						34.55.010(a)
AS
						34.55.020
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 20 - Land Sales › Article 3 - Advertising and Promotional Plans › 3 AAC 20.150 - Distances

Current through May 31, 2024
(a) Where a community is referred to, the
				  advertising must contain the location of the subdivision and the mileage from
				  the approximate geographical center of the subdivision in road miles to the
				  geographical center of the community.
(b) Where an amenity or improvement is
				  referred to, advertising must disclose, within reason, the location of the
				  amenity or improvement in relation to the size and location of the
				  subdivision.
(c) Advertising may
				  not use the terms "minutes away," "short distances," "only miles," "near," and
				  terms of similar nature to indicate distances, unless the actual distance in
				  road miles is used in conjunction with the terms.
Authority:
AS
						34.55.010(a)
AS
						34.55.020
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 20 - Land Sales › Article 3 - Advertising and Promotional Plans › 3 AAC 20.160 - Sketches and pictures

Current through May 31, 2024
(a) Advertising may not contain an artist's
				  sketch to portray a proposed improvement or nonexistent scene without an
				  indication that the portrayal is an artist's sketch and that the improvement is
				  proposed or that the scene does not exist. An artist's conception of an
				  existing improvement or scene must be representative and state that the
				  rendering is an artist's conception.
(b) Advertising may not contain before and
				  after pictures for comparative purposes without an analysis of the
				  pictures.
Authority:
AS
						34.55.010(a)
AS
						34.55.020
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 20 - Land Sales › Article 3 - Advertising and Promotional Plans › 3 AAC 20.170 - Improvements and facilities

Current through May 31, 2024
(a) Advertising of
				  an improvement to a subdivision or any specific part of the subdivision which
				  is not completed may not be made unless it is stated in clear terms that the
				  improvement is merely proposed or under construction and the estimated date of
				  the promised completion is indicated.
(b) Advertising may not describe land as a
				  homesite or building lot if potable water is not available.
(c) Advertising may not contain a statement,
				  photograph, or sketch relating to a facility for recreation, sports, or other
				  convenience not on the subdivision, unless it is stated that the facility is
				  not on the land and the distance to it in miles is given.
(d) Advertising may not refer to a
				  governmental facility unless money has been budgeted for actual construction of
				  the facility and it is available to the public authority having the
				  responsibility of construction, or an actual disclosure of the existing facts
				  concerning a governmental facility is made.
(e) Advertising which refers to "roads" and
				  "streets" must make affirmative disclosure as to the nature of the roads and
				  streets, including terms such as paved, gravel or dirt. In order to be
				  described as improved or paved, a road or street must be constructed and
				  surfaced according to county, city, or other acceptable authority
				  specifications, or satisfactory guarantees must exist for the construction and
				  surfacing.
(f) Advertising must
				  disclose if the land or any part of it is regularly flooded or substantially
				  covered by standing water for extended periods of time during the year, even if
				  adequate drainage is assured by bonding or other means.
Authority:
AS
						34.55.010(a)
AS
						34.55.020
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 20 - Land Sales › Article 3 - Advertising and Promotional Plans › 3 AAC 20.180 - Access and easements

Current through May 31, 2024
(a) Advertising of land which does not have
				  available access to the purchaser shall disclose that fact and its
				  effect.
(b) Advertising which
				  refers to legal access shall indicate whether or not the access is usable as a
				  passage for conventional automobiles.
(c) Advertising may not refer to the
				  existence of a road easement or a road right-of-way unless the easement or
				  right-of-way has been dedicated to the public or to appropriate property owners
				  and recorded in the public records of the county or borough where the property
				  is located.
(d) Advertising which
				  indicates the size of the tract offered must indicate the size and kind of all
				  easements to which the property may be subject.
Authority:
AS
						34.55.010(a)
AS
						34.55.020
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 20 - Land Sales › Article 3 - Advertising and Promotional Plans › 3 AAC 20.190 - Consideration, prices and values

Current through May 31, 2024
(a) Land may not be
				  advertised as "free" if the prospective purchaser is required to give any
				  consideration for it. Land may not be advertised for "closing costs only" when
				  these costs are substantially more than normal, or when additional land has to
				  be purchased at a higher price to make the land usable.
(b) Advertising which refers to the purchase
				  price of any lot, parcel, or unit of land must also unmistakably include any
				  additional compulsory assessments or costs to the prospective
				  purchaser.
(c) Advertising which
				  makes reference to property exchange privileges must clearly state any
				  qualifications concerning the exchange privileges.
(d) Advertising which makes reference to
				  predevelopment sales at a lower price because the land has not yet been
				  developed must disclose whether there are bona fide plans of development and
				  whether a subdivision plat has been recorded.
(e) Advertising may not make predictions of
				  specific or immediate price or value increases of, advertised lands when the
				  subdivider does not have control over the price increases.
(f) Advertising may not compare land values
				  unless it is clear who is making the comparison and that it is relevant and
				  fair.
(g) Advertising may not
				  contain false or misleading statements as to future price increases by the
				  subdivider.
Authority:
AS
						34.55.014(3)
AS
						34.55.020
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 20 - Land Sales › Article 3 - Advertising and Promotional Plans › 3 AAC 20.200 - Taxes and assessments

Current through May 31, 2024
(a) Advertising which contains statements
				  regarding taxes and the amounts of taxes must employ the latest available
				  figures.
(b) Advertising which
				  refers to the purchase price of the land must also include any additional
				  compulsory assessments or costs to the prospective purchaser that are known, or
				  should be reasonably known, at the time of disposition.
Authority:
AS
						34.55.014(3)
AS
						34.55.020
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 20 - Land Sales › Article 3 - Advertising and Promotional Plans › 3 AAC 20.210 - Visitation programs

Current through May 31, 2024
(a) The terms and requirements for the use of
				  a visitation program must be disclosed clearly to the prospective purchaser in
				  advance of his visitation. These conditions include, but are not limited to,
				  the developer's participation in the program, the nature of any gift or other
				  benefit, including what the prospect will actually receive, when he will
				  receive it, the obligation he is under, and the fact, if true, that he is to
				  pay his own transportation, food, lodging, or other incidental
				  expenses.
(b) In the promotion of a
				  visitation plan, the developer or his representatives shall clearly identify
				  themselves.
(c) Promotional
				  materials must clearly disclose the identity of places of lodging,
				  transportation companies, restaurants, attractions, and other similar
				  establishments which participate in the visitation plan.
(d) A certificate of other written material
				  evidencing the visitation rights of the holder must contain a fixed expiration
				  date for the rights.
(e) A
				  certificate to be used in a visitation program must be submitted to the
				  department and must meet the advertising standards as set forth in this
				  chapter.
(f) The department shall
				  be advised of a material change, including identity of the participating
				  companies and facilities before the institution of the material
				  change.
Authority:
AS
						34.55.014(3)
AS
						34.55.020
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 20 - Land Sales › Article 3 - Advertising and Promotional Plans › 3 AAC 20.220 - Promotional plans - General provisions

Current through May 31, 2024
The department will not enter an order registering a
					 subdivision and will consider the general promotional plan false and
					 misleading, and lacking adequate safeguards, if
(1) the contract or agreement given to a
				  prospective purchaser by the developer upon payment of the first money by the
				  purchaser is not sufficient in form to immediately vest an interest in the land
				  to him;
(2) the developer does not
				  provide adequate safeguards, approved by the department, that if the refund
				  privileges in the contract or agreement are exercised, the developer will be in
				  a position to grant the refund;
(3)
				  title to the subdivision is so encumbered that the lands to be offered cannot
				  be used for any purpose expressly or impliedly represented without the removal
				  of the encumbrance, unless adequate safeguards are established to reasonably
				  assure that the encumbrance will be removed before the time the subdivider
				  promises to deliver the interest contracted for;
(4) the owner transfers, assigns, sells,
				  pledges, or gives as collateral security any sales contracts on a subdivision
				  without notice and submission to the department of evidence of adequate
				  safeguards to reasonably assure that each contract purchaser, upon payment of
				  the purchase price provided in the sales agreement, will receive the full title
				  to the lands as promised; the safeguards will be subject to review and approval
				  by the department in its discretion.
Authority:
AS
						34.55.012(c)
AS
						34.55.020
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 20 - Land Sales › Article 3 - Advertising and Promotional Plans › 3 AAC 20.230 - Promotional plans - Group meetings

Current through May 31, 2024
(a) The department
				  shall be notified of a meeting in writing not less than 15 days before its
				  date. The notice shall consist of the date, hour, and place of the meeting and
				  the names of the developer and the real estate broker or brokers
				  involved.
(b) All advertising
				  calculated to induce any attendance or participation in a land sales
				  presentation must unmistakably call attention to that fact.
(c) The meeting shall be conducted in a place
				  open to departmental personnel for inspection and monitoring. The departmental
				  personnel shall be given free access to the meeting and the sales
				  presentation.
(d) A false or dummy
				  buyer shall not be used to initiate sales or to create a buying climate, or for
				  any other purpose.
(e) All oral
				  statements made at the meeting to prospective purchasers shall be consistent
				  with the written material approved by the department.
(f) A prospective purchaser who expresses a
				  desire to leave the meeting at any time during or after the meeting may not in
				  any manner be impeded from leaving, pressured to remain, or denied any benefit
				  promised in exchange for attending the meeting.
(g) The advertising in the meeting is subject
				  to the standards of advertising contained in this chapter.
Authority:
AS
						34.55.020
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 20 - Land Sales › Article 3 - Advertising and Promotional Plans › 3 AAC 20.240 - Inferences

Current through May 31, 2024
(a) An inference that can be reasonably drawn
				  from advertising or promotional material will be considered to be a positive
				  assertion unless the inference is negated in the advertising or material in
				  clear and unmistakable terms, or unless adequate safeguards have been provided
				  by the developer to reasonably guarantee existence of the thing inferred.
				  Advertising and promotional material will be judged on the basis of the
				  positive representation contained in them and the reasonable inferences to be
				  drawn from them. Unless the contrary affirmatively appears in advertising or
				  promotional material, the inferences set forth will be assumed to have been
				  intended.
(b) When homesites or
				  building lots are advertised without qualification, the inferences are that
(1) the lots are usable for the purpose
				  without any further improvement or development by the prospective
				  purchaser;
(2) there is an adequate
				  potable water supply available;
(3)
				  the lands have been approved for installation of septic tanks or that an
				  adequate sewage disposal system is installed;
(4) the individual homesites are accessible
				  by automobile, without additional expense to the purchaser, over an existing
				  right-of-way;
(5) no other fact or
				  circumstance exists to prohibit use of the lots as homesites or building
				  lots.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 20 - Land Sales › Article 3 - Advertising and Promotional Plans › 3 AAC 20.250 - Miscellaneous provisions

Current through May 31, 2024
(a) Advertising may
				  not represent that the land offered for sale may be subdivided or resubdivided
				  unless it includes necessary and relevant information regarding the estimated
				  cost of future subdividing.
(b)
				  Advertising may not infer or imply that the subdivider will resell or
				  repurchase the land being offered at some future time unless the subdivider has
				  agreed with the department to resell or repurchase the land for, or on behalf
				  of, purchasers and has given reasonable assurances to the department to
				  demonstrate his ability to perform this agreement.
(c) Advertising which refers to oil, gas or
				  mineral rights shall disclose all pertinent facts pertaining to these
				  rights.
(d) Advertising which uses
				  the term "water rights" shall give a full disclosure as to the type, quantity,
				  quality, rights of access to, costs of access to, and other costs or
				  obligations to use the water or water rights.
(e) Advertising which refers to gifts or
				  benefits must disclose the terms and conditions of offers in them in
				  conspicuous print.
(f) Advertising
				  which makes reference to the use of vacation certificates must fully and
				  conspicuously disclose the terms and conditions of offers in them.
(g) Advertising may contain the unqualified
				  term "development" only to describe a subdivision which has a recorded
				  plat.
(h) Advertising may not
				  contain the terms "guarantee" or "guaranteed refund," unless the refund is
				  unconditional.
(i) Advertising must
				  disclose prominently if the property, or any portion of the property, requires
				  irrigation or other application of water to maintain or create the conditions
				  advertised.
(j) Advertising which
				  forecasts a future event or population trend shall be by a qualified person and
				  shall be pertinent to the offering.
Authority:
AS
						34.55.014(3)
AS
						34.55.020
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 20 - Land Sales › Article 3 - Advertising and Promotional Plans › 3 AAC 20.260 - Submission of advertising material

Current through May 31, 2024
(a) Advertising of
				  a subdivision may not be made in this state prior to the effective date of the
				  registration of the subdivision and the approval of the advertising by the
				  department.
(b) All advertising
				  material not accompanying the original application must be submitted to the
				  department for approval prior to its use in this state. Within 15 days from the
				  date of receipt of the proposed additional advertising, the department will
				  enter an order approving or rejecting the advertising. If an order of rejection
				  is not entered within 15 days from the date of receipt, the advertising will be
				  considered approved unless the applicant has consented in writing to a
				  delay.
Authority:
AS
						34.55.010(a)
AS
						34.55.020
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 20 - Land Sales › Article 4 - Protection of Purchasers › 3 AAC 20.280 - Assurances of completion

Current through May 31, 2024
(a) A subdivision
				  or a part of a subdivision on which construction of a promised improvement for
				  public use, convenience or necessity has not been completed may not be
				  registered for disposition. However, an incomplete improvement does not
				  constitute an objection if the future completion of the improvement is assured
				  by substantial completion, an irrevocable bank letter of credit, bond, or
				  similar undertaking posted with a public authority and acceptable to the
				  department, or by adequate reserves established and maintained in a trust or
				  escrow account. In determining adequacy of the account, the department will be
				  guided by the facts and circumstances of each individual case, but the account
				  must comply with the following:
(1) funds
				  shall be kept and maintained in an account separate and apart from the
				  developer's personal funds;
(2) the
				  account shall be established in a bank or trust company doing business in this
				  state, or another state where the account is required to be maintained there by
				  the laws of that state and approved by the department;
(3) statements shall be furnished to the
				  department on a semiannual basis;
(4) the trust or escrow agreement shall state
				  that its purpose is to protect the purchaser in case the owner fails to
				  complete construction of promised improvements or to satisfy any obligations or
				  liens encumbering the purchaser's title by reason of the construction, and
				  shall authorize the department to inspect the records of the trustee relating
				  to the agreement;
(5) the developer
				  shall request the department to approve its escrow agreements and the developer
				  must then indicate on the face of each agreement whether or not the department
				  has, in fact, approved it.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 20 - Land Sales › Article 4 - Protection of Purchasers › 3 AAC 20.290 - Financial security of the developer

Current through May 31, 2024
(a) The department
				  will in its discretion require surety bonds, escrow accounts, irrevocable bank
				  letters of credit, or any other financial security which it considers adequate
				  in assuring that a plan of development has adequate safeguards and assurances.
				  In determining the security required, the department will examine the status of
				  improvements, the overall cost of improvements, the terms of the purchaser's
				  contracts, the financial condition of the subdivider, and other data which it
				  considers necessary. The department will consider whatever financial security
				  has been posted with other governmental authorities in making its
				  determination.
(b) A surety bond
				  will not be approved by the department unless it is on a form approved by the
				  department.
Authority:
AS
						34.55.014(2)
AS
						34.55.020
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 20 - Land Sales › Article 4 - Protection of Purchasers › 3 AAC 20.300 - Taxes and assessments

Current through May 31, 2024
In a transaction for the sale of land under the Act in
					 which taxes are to be paid by either party or assessments are to be levied
					 against the purchaser, a developer shall
(1) certify that there are no taxes, other
				  than current taxes, owing on the property involved at the date of filing the
				  statement of record, a consolidated statement of record, or an amendment to
				  either;
(2) provide a form of
				  escrow accounting, satisfactory to the department, if any part of the
				  purchaser's funds paid in or payable by the terms of the instruments disposing
				  of the land is to be used for payment of taxes;
(3) place in the escrow account 100 percent
				  of the payments, with which to pay taxes when due, if the developer apportions
				  real property taxes and requires a purchaser to pay the taxes in a lump sum or
				  on a periodic basis.
Authority:
AS
						34.55.020
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 20 - Land Sales › Article 4 - Protection of Purchasers › 3 AAC 20.310 - Blanket encumbrances - Conditions for sale

Current through May 31, 2024
A developer may not sell lots, units, parcels, or interests
					 within a subdivision subject to a blanket encumbrance unless one of the
					 following conditions or the equivalent, as determined by this chapter, is
					 met:
(1) all sums paid or advanced by
				  purchasers are placed in an escrow or other depository acceptable to the
				  department until the fee title contracted for is delivered to the purchaser by
				  deed together with a complete release from all financial encumbrances;
				  or
(2) the fee title to the
				  subdivision is placed in trust under an agreement or trust acceptable to the
				  department until a proper release from each blanket encumbrance, including all
				  taxes, is obtained and title is delivered to the purchaser; or
(3) a blanket encumbrance contains provisions
				  evidencing the subordination or release of the lien of the holder or holders of
				  the blanket encumbrance to the rights of those persons purchasing from the
				  subdivider, and further evidencing that the subdivider is able to secure
				  releases from the blanket encumbrances with respect to the property upon full
				  payment of the purchase price owing by that person.
Authority:
AS
						34.55.010(a)
AS
						34.55.020
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 20 - Land Sales › Article 4 - Protection of Purchasers › 3 AAC 20.320 - Blanket encumbrances - Subordination of liens

Current through May 31, 2024
A blanket encumbrance must subordinate its lien to the
					 rights of persons purchasing from the developer and provide that the developer
					 is able to secure releases from the blanket encumbrance with respect to the
					 property. The provisions must be acceptable to the department. For purposes of
					 this section subordination of the lien is satisfied by a release clause which
					 by its terms unconditionally provides for the release of contiguous and
					 noncontiguous separate lots, units, or parcels being offered to purchaser, so
					 that the purchaser or lessee of a lot, unit, or parcel obtains legal title, or
					 other instrument contracted for, free and clear of the blanket encumbrance upon
					 compliance with terms and conditions of the purchase or lease from the
					 developer.
Authority:
AS
						34.55.010(a)
AS
						34.55.020
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 20 - Land Sales › Article 4 - Protection of Purchasers › 3 AAC 20.330 - Blanket encumbrances - Trust and escrow accounts

Current through May 31, 2024
(a) If the
				  encumbering instrument does not contain adequate release clauses, the lien,
				  mortgage, or other encumbrances will be considered objectionable unless
				  adequate reserves are maintained in a trust or escrow account. In determining
				  the adequacy of the account, the department will be guided by the facts and
				  circumstances of each individual case, but the account must comply with the
				  following:
(1) funds shall be kept and
				  maintained in an account separate and apart from the developer's personal
				  funds;
(2) the account shall be
				  established in a bank or trust company doing business in this state, or another
				  state where the account is required to be maintained there by the laws of that
				  state and approved by the department;
(3) statements shall be furnished to the
				  department on a semiannual basis;
(4) the trust or escrow agreement shall state
				  that its purpose is to protect the purchaser or prospective purchaser in case
				  of default on a lien, mortgage or other encumbrance, and shall authorize the
				  department to inspect the records of the trustee relating to the agreement, and
				  that upon order of the department, or a court, the trustee shall release and
				  pay over the funds to the department, or the holder of the blanket
				  encumbrance.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 20 - Land Sales › Article 4 - Protection of Purchasers › 3 AAC 20.340 - Instruments of sale

Current through May 31, 2024
An instrument evidencing sale or disposition of an interest
					 in a subdivision shall be executed in a recordable form in accordance with the
					 laws of the state where the land is located. An applicant has the burden of an
					 affirmative showing of this compliance.
Authority:
AS
						34.55.020
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 20 - Land Sales › Article 5 - General Provisions › 3 AAC 20.350 - Participation in subdivision by employees of the department

Current through May 31, 2024
An officer or employee of the department having authority
					 to pass on the application of a subdivision or any association, firm, or
					 corporation with which that officer or employee is associated will not act as a
					 broker of a subdivision, lot, parcel, unit or interest in them, or offer or
					 dispose of a subdivision, lot, parcel, unit or interest in them that is
					 required to be registered pursuant to the Act.
Authority:
AS
						34.55.020
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 20 - Land Sales › Article 5 - General Provisions › 3 AAC 20.360 - Responsibility of developer for acts of others

Current through May 31, 2024
A developer is responsible for the acts of each broker,
					 salesman, registered representative, and any other person he employs or engages
					 to represent him which are performed within the scope of that employment or
					 engagement.
Authority:
AS
						34.55.020
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 20 - Land Sales › Article 5 - General Provisions › 3 AAC 20.370 - Nonliability of news media

Current through May 31, 2024
An owner, publisher, licensee or operator of any newspaper,
					 magazine, television or radio broadcasting station or network of stations or
					 the agents or employees of that owner, publisher, licensee or operator of that
					 newspaper, magazine, station or network of stations is not liable under this
					 chapter for any advertising of any subdivision, lot, parcel, or unit in any
					 subdivision carried in that newspaper or magazine, or by that television or
					 broadcasting station or network of stations; nor are any of them liable under
					 this chapter for the contents of that advertisement.
Authority:
AS
						34.55.020
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 20 - Land Sales › Article 5 - General Provisions › 3 AAC 20.380 - Severability

Current through May 31, 2024
If a provision of this chapter or its application to any
					 person, thing or circumstance is held invalid, that invalidity does not affect
					 other provisions or application of this chapter which can be given effect
					 without the invalid provision or application, and accordingly the provisions of
					 this chapter are severable.
Authority:
AS
						34.55.020
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 2 - Division of Insurance › Chapter 21 - Insurer - Financial › Article 1 - Insurance Holding Companies › 3 AAC 21.010 - Forms; general requirements

Current through May 31, 2024
(a) Forms A - F are
				  intended to be guides in the preparation of the statements required under AS
				  21.22. They are not intended to be blank forms that are to be filled in. A
				  statement filed must contain the numbers and captions of all items indicated on
				  a form, but the text of the items may be omitted if the answers to them are
				  prepared to indicate the coverage of the items without the necessity of
				  referring to the text of the items or the instructions to them. All
				  instructions, whether appearing under the items of the form or elsewhere in it,
				  are to be omitted. Unless expressly provided otherwise, if an item is not
				  applicable or the answer to it is in the negative, an appropriate explanation
				  to that effect must be made.
(b) A
				  complete copy of a statement required under AS 21.22, including exhibits and
				  all other papers and documents filed as a part of it, must be filed with the
				  director electronically and one hard copy by personal delivery or mail
				  addressed to: Director, division of insurance of the State of Alaska, 550 West
				  7th Avenue, Anchorage, Alaska 99501-3567. Each copy must be signed in the
				  manner prescribed on the form. If the signature of a person is affixed under a
				  power of attorney or other similar authority, a copy of the power of attorney
				  or other authority must also be filed with the statement.
(c) A statement must be prepared in
				  electronic form. A statement must be clear, easily readable, and suitable for
				  review and reproduction. Debits in credit categories and credits in debit
				  categories must be designated so they are clearly distinguishable on reproduced
				  versions. A statement must be in the English language and monetary value must
				  be stated in United States currency. If an exhibit or other paper or document
				  filed with the statement is in a foreign language, it must be accompanied by a
				  translation into the English language and a monetary value normally shown in a
				  foreign currency must be converted into United States currency.
(d) Repealed 11/26/2015.
(e) If an applicant requests a hearing on a
				  consolidated basis under
				  AS
				  21.22.030, in addition to filing Form A with
				  the director, the applicant must file a copy of Form A with the National
				  Association of lnsurance Commissioners in electronic form.
Authority:
AS
						21.06.090
AS 21.22.030
AS 21.22.130
AS
						21.96.080