reglab/statecodes huggingface dataset:
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 08 - Securities › Article 7 - Small Intrastate Securities Offerings › 3 AAC 08.820 - Required disclosures

Current through May 31, 2024
(a) Before any offer or sale of a security
				  under AS 45.55. 175, the issuer shall contemporaneously provide to each
				  prospective purchaser the following disclosures:
(1) the name and physical address of the
				  issuer, officers, directors, and controlling persons;
(2) a description of the experience and
				  qualifications of the issuer, officers, directors, and controlling persons;
(3) a description of the business,
				  including how long it has been in operation and the specific reason for the
				  offering;
(4) a discussion in plain
				  language of the significant factors material to the offering, including those
				  that make the offering speculative or risky;
(5) the total offering amount and how the
				  issuer expects to use the proceeds of the offering, including compensation and
				  expenses related to the offering;
(6) the minimum target offering amount the
				  issuer is seeking to raise through the offering and the deadline to raise the
				  minimum target offering amount;
(7) the terms and conditions of the
				  securities being offered, the total amount of securities that are outstanding
				  before the offering, and the total amount of securities being offered or sold
				  in reliance on the exemption in AS 45.55.175; and
(8) a description of any litigation or legal
				  proceedings within the past five years, if any, involving the issuer or any
				  persons associated with the issuer.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 08 - Securities › Article 7 - Small Intrastate Securities Offerings › 3 AAC 08.830 - Escrow agreement

Current through May 31, 2024
(a) An issuer conducting an offering under AS
				  45.55.175 shall enter into an escrow agreement with an escrow agent located in
				  this state that includes the following terms
(1) all offering proceeds shall be maintained
				  in an account controlled by the escrow agent;
(2) all offering proceeds will be released to
				  the issuer only when the aggregate capital raised from all investors is equal
				  to or greater than the minimum target offering amount; and
(3) if the issuer does not raise the minimum
				  target offering amount by the offering deadline, the escrow agent shall release
				  and return all proceeds directly to investors.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 08 - Securities › Article 7 - Small Intrastate Securities Offerings › 3 AAC 08.840 - Advertising and solicitation

Current through May 31, 2024
(a) An issuer may
				  engage in public advertising or general solicitation of securities in an
				  offering relying on the exemption in AS 45.55.175 if
(1) the issuer files a copy of the
				  advertising or solicitation materials with the administrator at least 10 days
				  before the use of those materials;
(2) the advertisement or solicitation is
				  directed only to residents of this state; and
(3) before advertising or solicitation
				  materials are viewed, each person viewing the materials affirmatively certifies
				  that they are a resident of this state.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 08 - Securities › Article 7 - Small Intrastate Securities Offerings › 3 AAC 08.850 - Evidence of residency

Current through May 31, 2024
(a) At or before the time an issuer accepts
				  any funds or an irrevocable commitment to invest by a person in an offering
				  conducted in reliance on the exemption in AS 45.55.175, the issuer shall obtain
				  evidence that the person is a resident of this state.
(b) For purposes of (a) of this section, the
				  following is a nonexclusive list of evidence that the person is a resident of
				  this state, unless the issuer has knowledge that the person is not a resident
				  of this state:
(1) a copy of a valid driver's
				  license or official personal identification card issued by this state;
(2) a copy of a current voter
				  registration issued by this state; or
(3) a copy of property tax records showing
				  the person owns and occupies property in this state as the person's principal
				  residence.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 08 - Securities › Article 7 - Small Intrastate Securities Offerings › 3 AAC 08.860 - Recordkeeping requirements

Current through May 31, 2024
(a) An issuer that
				  has filed or is required to file under the exemption in AS 45.55.175 shall keep
				  and maintain written or electronic records relating to offers and sales of
				  securities made in reliance on the exemption for at least five years following
				  the termination of the offering. These records must include
(1) the issuer's filings with the
				  administrator required by 3 AAC 08.810 and 3 AAC 08.840, together with any
				  amendments;
(2) evidence of state
				  residency consistent with 3 AAC 08.850 from each investor in the offering;
(3) a manually or electronically
				  signed copy of the investor acknowledgement required by 3 AAC 08.820(c) for
				  each investor in the offering; and
(4) all other correspondence or other
				  communications with prospective purchasers and investors.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 08 - Securities › Article 7 - Small Intrastate Securities Offerings › 3 AAC 08.870 - Website operated by issuer

Current through May 31, 2024
(a) An issuer
				  relying on the exemption in AS 45.55. 175 may use a website operated by the
				  issuer to advertise, offer, and sell securities if the issuer
(1) segregates all advertising materials and
				  information relating to the offer and sale of securities on a webpage that is
				  not accessible by the general public;
(2) provides a disclaimer on its website
				  explaining that access to securities offerings on the website is limited to
				  residents of this state only and that offers and sales of securities are
				  limited to residents of this state only;
(3) requires an affirmative representation by
				  a visitor to the website that the visitor is a resident of this state before
				  the visitor can view securities-related offering materials on the website;
				  and
(4) supplies the administrator
				  with the address of each webpage where the offering material is located on the
				  notice form required by 3 AAC 08.810(a)(1) and provides the administrator with
				  full access to each webpage at all times.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 08 - Securities › Article 7 - Small Intrastate Securities Offerings › 3 AAC 08.880 - Website operated by third party

Current through May 31, 2024
(a) An issuer
				  relying on the exemption in AS 45.55.175 may use a website operated by a third
				  patty to advertise securities. A third-party website shall
(1) be operated by an entity that
(A) has its principal place of business in
				  this state;
(B) is incorporated or
				  organized in this state; and
(C)
				  has an active business license issued under AS 43.70;
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 08 - Securities › Article 7 - Small Intrastate Securities Offerings › 3 AAC 08.895 - Definitions relating to small intrastate securities offerings

Current through May 31, 2024
In 3 AAC 08.810 - 3 AAC 08.895,
(1) "general solicitation" includes
(A) an advertisement, article, notice, or
				  other communication published in a newspaper, magazine, or similar medium,
				  broadcast over television or radio, or available on an unrestricted, publicly
				  available website; and
(B) a
				  seminar or meeting to which attendees are invited by general solicitation or
				  general advertising;
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 08 - Securities › Article 8 - General Provisions › 3 AAC 08.900 - Advertising and sales literature

Current through May 31, 2024
(a) Except as
				  provided in (c) of this section, an advertisement to be used or circulated in
				  connection with the sale and promotion of a public offering of securities is
				  subject to the following requirements and restrictions:
(1) at least 10 days before the intended use
				  or dissemination of the advertisement, the applicant shall file with the
				  administrator one copy of the proposed material;
(2) the use of the material is permitted if
				  not disallowed by the administrator by written notice or otherwise within 10
				  days from the date filed;
(3) the
				  administrator will not issue formal approval of the literature, and the user is
				  responsible for determining the accuracy and reliability of the statements and
				  material to be used in conformity with this section.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 08 - Securities › Article 8 - General Provisions › 3 AAC 08.910 - Exemptions

Current through May 31, 2024
The following governs exemptions under AS 45.55 relating to
					 securities and transactions as indicated:
(1) manual exemptions
(A) for the purpose of the "manual exemption"
				  under AS
				  45.55.900(b)(17), the
				  following publications that contain information prescribed at
				  AS
				  45.55.900(b)(17) are
				  "nationally recognized securities manuals":
(i) Mergent's
Industrial
				  Manual
;
(ii) Mergent's
Bank and Finance Manual
;
(iii) Mergent's
Public Utility
				  Manual
;
(iv) Mergent's
Municipal and Governmental Manual
;
(v) Mergent's
Transportation
				  Manual
;
(vi) Mergent's
OTC Industrial Manual
;
(vii) Mergent's
OTC Unlisted
				  Manual
;
(viii) Mergent's
Intemational Manual
;
(ix) OTC Market Group's
OTCQX
				  Market
;
(x) OTC Market
				  Group's
OTCQB Market
;
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 08 - Securities › Article 8 - General Provisions › 3 AAC 08.915 - Rescission of illicit sales

Current through May 31, 2024
(a) In dealing with
				  a sale of securities that violates AS 45.55 or this chapter, the administrator
				  will, in the administrator's discretion, impose a reduced sanction or penalty
				  or decline to pursue civil enforcement against an issuer or person acting on
				  behalf of the issuer if the issuer provides
(1) appropriate current disclosures and an
				  offer of rescission to each investor under
				  AS
				  45.55.930(k),
				  45.55.900(b)(19),
				  and 3 AAC 08.910(9)
				  within a reasonable time after discovery of the violation and seeks an
				  appropriate amendment to any registration or exemption; and
(2) the administrator with the full details
				  of the transaction, demonstrates that the seller sold the security in good
				  faith, and proves that there was no intent to violate 45.55 or this
				  chapter.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 08 - Securities › Article 8 - General Provisions › 3 AAC 08.920 - Filing, fees and forms

Current through May 31, 2024
(a) All applications, notices, petitions,
				  amendments, reports, and complaints required to be filed under AS 45.55 and
				  this chapter, except for proxy solicitation materials filed under
				  AS
				  45.55.139, are governed by the following:
(1) a document is filed for record when it is
				  received in the office of the administrator, as follows:
(A) only the original executed copy of each
				  form is required; if a document pertains to more than one subject or
				  application, a separate form, including cover or transmittal letter, or two or
				  more copies of it, commensurate with the number of items submitted, shall be
				  filed;
(B) all forms and documents
				  shall be in electronic medium or printed, typewritten, or prepared by a similar
				  process which, in the opinion of the administrator, produces copies suitable
				  for a permanent record and shall be clear, easily readable, and suitable for
				  repeated copying; exhibits may be attached to additional sheets or filed in
				  separate envelopes, properly marked or identified;
(C) all documents filed become a part of the
				  records of the administrator and, unless designated as confidential by the
				  administrator, are available for public inspection;
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 08 - Securities › Article 8 - General Provisions › 3 AAC 08.930 - Hearings

Current through May 31, 2024
(a) The administrator or the administrator's
				  designated hearing officer will hold hearings under
				  AS
				  45.55.935 upon written request by any person
				  aggrieved by any act or failure to act of the administrator or by any report,
				  ruling, or order of the administrator. The written request for hearing must
				  specify the grounds to be relied upon as a basis for the relief requested at
				  the hearing. The administrator or the hearing officer will, in the
				  administrator's discretion, hold hearings upon the administrator's own motion,
				  under AS
				  45.55.935.
(b) Upon receipt of written request for a
				  hearing, the administrator will, within 30 days from the receipt of the
				  request, either schedule the matter for hearing or vacate in writing the order
				  that the request concerns. The hearing shall take place no later than 90 days
				  after the request is received by the administrator. If a delay is made
				  necessary because of exigencies beyond the control of the parties or the
				  hearing officer, application may be made to the administrator for an extension
				  of time for good cause shown.
(c)
				  At least 10 days advance notice of the hearing will be given to all persons
				  directly affected by the hearing. In the notice of hearing the administrator
				  will or the hearing officer shall include
(1)
				  the time and place of the hearing;
(2) a statement of the matters to be
				  considered;
(3) a statement of the
				  legal authority and jurisdiction under which the hearing is to be
				  held;
(4) references to the
				  particular sections of AS 45.55 or this chapter that are involved.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 08 - Securities › Article 8 - General Provisions › 3 AAC 08.940 - Rulings, forms, and statements of policy

Current through May 31, 2024
(a) Proceedings for
				  the promulgation, adoption, repeal or revision of rulings, forms, or statements
				  of policy will be initiated by the administrator.
(b) Notice. General notice of not less than
				  20 days before the adoption, repeal, or revision of rulings, forms or
				  statements of policy will be given by mail to all persons who have made timely
				  request for advance notice of the proceedings and will, in the administrator's
				  discretion, also be published in an Alaska newspaper of general
				  circulation.
(c) Opportunity to be
				  Heard. All persons will be afforded a reasonable opportunity to participate
				  through submission of written data, views, or arguments. Oral arguments may be
				  presented at the discretion of the administrator.
(d) Adoption. The administrator will consider
				  fully all written and oral submissions respecting the proposed ruling, form, or
				  statement of policy.
(e) Filing and
				  Publication. Rulings, forms, and statements of policy will be on public file.
				  Copies of all rulings, forms, and statements of policy adopted while the
				  legislature is in session will be filed with the speaker of the house of
				  representatives and the president of the senate within 10 days after their
				  adoption. Copies of rulings, forms, and statements of policy adopted while the
				  legislature is not in session will be filed with the speaker of the house of
				  representatives and president of the senate within 10 days after the
				  reconvening of the next legislative session. Copies of all rulings, forms, and
				  statements of policy will be made available to any person upon
				  request.
Authority:
AS
						45.55.240
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 08 - Securities › Article 8 - General Provisions › 3 AAC 08.945 - Electronic signatures

Current through May 31, 2024
The administrator will, in the administrator's discretion,
					 accept an electronic signature on an electronic application or other electronic
					 record that is filed with the administrator and that requires a signature under
					 AS 45.55 or this chapter if
(1) a
				  certifying authority registered under AS 09.25.510(b) verifies that the
				  electronic signature is authentic; and
(2) the person providing the electronic
				  signature has made an agreement, with the certifying authority described in (1)
				  of this section, that the person accepts or agrees to be bound by an electronic
				  record executed or adopted with that signature.
Authority:
AS 09.25.510
AS 09.25.950
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 08 - Securities › Article 8 - General Provisions › 3 AAC 08.950 - Definitions

Current through May 31, 2024
Unless the context requires otherwise, in AS 45.55 and this
					 chapter, and in the forms, instructions, and orders of the
					 administrator,
(1) repealed
				  4/19/2000;
(2) "affiliate" means a
				  person who directly or indirectly, through one or more intermediaries,
				  controls, or is controlled by, or is under common control with, another
				  person;
(3) "applicant" means the
				  person executing an application for the registration of securities, or
				  registration as a broker-dealer, agent, investment adviser representative, or
				  state investment adviser, or any person who will be engaged for all or part of
				  the person's time in selling of securities, either as an executive officer, a
				  dealer, an issuer, or as a salesman for a dealer or an issuer a person
				  executing an application to file a notice in connection with a federal covered
				  adviser or federal covered securities;
(4) "application" means the form prescribed
				  by the administrator for filing in connection with the registration of
				  securities, or as a broker-dealer, agent, investment adviser representative, or
				  state investment adviser, or in connection with notice filings of federal
				  covered securities or federal covered adviser, including all amendments,
				  papers, documents and exhibits incidental thereto;
(5) "associate" means if used to indicate a
				  relationship with a person,
(A) any
				  corporation or legal entity, other than the issuer or majority-owned subsidiary
				  of the issuer, of which a person is an officer, director, partner, or a direct
				  or indirect legal or beneficial owner of five percent or more of any class of
				  equity securities;
(B) a trust or
				  other estate in which a person has a substantial beneficial interest or for
				  which a person serves as a trustee or in a similar capacity; and
(C) a person's spouse and relatives, by blood
				  or by marriage, if the person is a promoter of the issuer, its subsidiaries,
				  its affiliates, or its parent;
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 11 - Deferred Deposit Advances › 3 AAC 11.010 - Application for license

Current through May 31, 2024
(a) To apply for a
				deferred deposit license under
				AS
				06.50.010, an applicant must submit a
				separate application to the department through the registry for each physical
				location, Internet website, and software application through which the
				applicant conducts business. In addition to the information required under
				AS
				06.50.030, the application must contain
(1)a complete Form MU1;
(2)a complete Form MU2 for each control
				person and office manager;
(3)the
				applicant's current business license issued under AS 43.70;
(4)for an applicant that is a corporation, a
				limited liability company, a partnership, or another entity,
(A) a brief description of the structure or
				organization of the applicant, including any parent or subsidiary of the
				applicant, and whether any parent or subsidiary is publicly traded;
(B) documentation of the business
				organization and authorization required under (b) through (e) of this section;
				and
(C) a copy of the current
				filing, with the department division overseeing corporations, that designates
				the registered agent in the state;
(5) a copy of the business name registration
				form for the legal name of the applicant, submitted to and stamped "received"
				by the department division overseeing corporations;
(6) if the applicant is applying for the use
				of one or more other trade names on the Form MU1, a copy of the business name
				registration form for each other trade name, submitted to and stamped
				"received" by the department division overseeing corporations;
(7) satisfactory proof that the person holds
				at least $25,000 in cash assets for each location engaging in deferred deposit
				activity;
(8) proposed and current
				instruments that are related to advance transactions for the purpose of
				investigating compliance with AS 06.50, other state law, and federal law
				requirements, including
(A) the advance
				agreement;
(B) the disclosure
				statements required under AS 06.50 and under Federal law;
(C) the maximum advance terms and
				fees;
(D) the required fee notice
				and descriptions of where the notice will be posted in each location; and
(E) other documents used in the
				regular course of business;
(9) a fully executed bond as required under
				AS 06.50.040, to
				be submitted electronically through the registry;
(10) a written summary of the applicant and
				each control person's personal history, on a form prescribed by the registry,
				to demonstrate the qualifications required under
				AS
				06.50.020(a)(2) and
				authorization for the registry and the department to obtain information related
				to administrative, civil, or criminal findings by a governmental jurisdiction;
				and
(11) other information 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 11 - Deferred Deposit Advances › 3 AAC 11.020 - Fee for initial or renewed license

Current through May 31, 2024
(a) The
				nonrefundable fee for an initial or biennial renewed license to do business
				under AS 06.50 is $3,000, which must be paid to the department through the
				registry in two annual installments of $1,500.
(b) Nothing in this section relieves an
				applicant from the obligation to pay processing or other fees that the registry
				sets for services that the registry provides.
Authority:
AS
					 06.50.030
AS
					 06.50.080
AS
					 06.50.600
AS 44.33.020
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 11 - Deferred Deposit Advances › 3 AAC 11.040 - License renewal application

Current through May 31, 2024
A licensee seeking to renew a deferred deposit advance
				  license must make the request to the department through the registry. A
				  licensee seeking to renew a license must submit the renewal application, bond,
				  and first installment of the fee required under
				  3 AAC 11.020 to the department so that the department
				  receives the renewal application, bond, and annual fee installment no later
				  than November 1 of the year in which the license is due to
				  expire.
Authority:
AS
					 06.50.020
AS
					 06.50.030
AS
					 06.50.080
AS
					 06.50.600
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 11 - Deferred Deposit Advances › 3 AAC 11.050 - Reports to the department

Current through May 31, 2024
In addition to the information required under
				  AS
				  06.50.310(b)(1) - (10),
				  reports submitted to the department, through the registry, must include
				  the
(1) total number of advance
				recipients offered a payment plan under
				AS
				06.50.550(a)(2);
(2) average length of the payment plans
				entered into under
				AS
				06.50.550(a)(2);
(3) total number of advance recipients whose
				payment obligations were assigned to third parties for collection;
(4) total number of advance recipients
				against whom the licensee initiated a court action under
				AS
				06.50.550(b);
(5)completed reports of financial condition
				of the licensee on the form prescribed by the department; and
(6) any other information the department
				reasonably requires with respect to the licensee under
				AS
				06.50.550(b)
Authority:
AS
					 06.50.300
AS
					 06.50.310
AS
					 06.50.600
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 11 - Deferred Deposit Advances › 3 AAC 11.060 - Posted notice of license

Current through May 31, 2024
In addition to posting the information required under
				  AS
				  06.50.500, the licensee must post notice that
				  license in format ion may he found through the registry's consumer access
				  Internet website in each business location, including each licensed Internet
				  website and software application, so that the notice is clear and conspicuous
				  to the consumer.
Authority:
AS
					 06.50.500
AS
					 06.50.600
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 11 - Deferred Deposit Advances › 3 AAC 11.080 - Right to challenge information entered into the registry by the department

Current through May 31, 2024
(a) A
				person required to be licensed 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 as entered into the registry by the
				department. The requested relief must be limited to correction of the
				information entered into the registry by the department 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 under this section 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 entered into the registry by the department 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 entered into the registry by the
				department.
(c) The department's
				determination is the final decision on a challenge under this section, unless
				the person making the challenge files a written request for a hearing under
				AS
				44.64.030 not later than 30 days after
				receipt of the department's determination
Authority:
AS
					 06.50.010
AS
					 06.50.020
AS
					 06.50.030
AS
					 06.50.600
AS 44.33.020
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 11 - Deferred Deposit Advances › 3 AAC 11.090 - Surety bond required

Current through May 31, 2024
(a) An applicant for a deferred deposit
				advance license under AS 06.50 must file with the department a bond as required
				under
				AS 06.50.040 with
				at least one surety. The bond must be executed by the applicant and by a surety
				company authorized to conduct a surety business in the state. The bond must be
				submitted as required under
				3 AAC 11.010(a)(9).
(b) The bond must run to the benefit of the
				department, the Department of Law, or another person with a claim for relief
				because of a violation of AS 06.50 or this chapter by a licensee.
(c) The bond must provide that
(1) the surety shall pay the amount ordered
				by a court or the department to a designated beneficiary listed in (b) of this
				section if the licensee is found in violation of AS 06.50 or this chapter, up
				to the full amount of the bond, not later than 14 days after receipt of the
				final order;
(2) the surety shall
				make a pro rata payment to each claimant if the amount claimed under (1) of
				this subsection exceeds the amount of the bond;
(3) the surety shall provide written notice
				of an action against a bond or a final order issued against a bond by regular
				or electronic mail not later than 10 days after receipt;
(4) immediately upon making a payment under
				(1) or (2) of this subsection, the surety shall provide written notice of the
				payment to the department by regular or electronic mail; and
(5) the surety shall provide the department
				written notice by regular or electronic mail that a bond will be cancelled not
				later than 10 days before cancellation.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 11 - Deferred Deposit Advances › 3 AAC 11.100 - Department notifications.

Current through May 31, 2024
The department may use the registry as an agent for posting
				  notice to a licensee or applicant regarding a deficiency, an application or
				  license status change, or a request for additional information. The registry
				  serves as the primary license record.
Authority:
AS
					 06.50.010
AS
					 06.50.020
AS
					 06.50.300
AS
					 06.50.310
AS
					 06.50.600
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 11 - Deferred Deposit Advances › 3 AAC 11.110 - Advance notice of change

Current through May 31, 2024
(a) A licensee
				shall file a written report through an advance change notice in the registry at
				least 15 days prior to the occurrence of:
(1)
				a material change to the license ownership;
(2) a change in control person or office
				manager listed in Form MU2 of the licensee's application;
(3) a change of the licensee's business name
				as issued on the licensee's business license under AS 43.70 or on the business
				name registration form, including other trade names;
(4) a change in the business location listed
				on the licensee's application.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 11 - Deferred Deposit Advances › 3 AAC 11.120 - Prohibited practices in debt collection.

Current through May 31, 2024
In addition to other provisions in 3 AAC 01 that apply to
				  this title, the regulations regarding debt collection activities under
				  3 AAC 01.210-3 AAC 01.220 apply to the provisions of this
				  chapter.
Authority:
AS
					 06.50.550
AS
					 06.50.600
AS 45.50.471
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 11 - Deferred Deposit Advances › 3 AAC 11.300 - Late filing civil penalty.

Current through May 31, 2024
A licensee must pay a late filing civil penalty of $25 per
				  day for each day that a report required under
				  AS
				  06.50.310 and
				  3 AAC 11.050 is late.
Authority:
AS
					 06.01.035
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 11 - Deferred Deposit Advances › 3 AAC 11.400 - 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
					 06.50.030
AS
					 06.50.600
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 11 - Deferred Deposit Advances › 3 AAC 11.500 - Termination of operations.

Current through May 31, 2024
A licensee terminating deferred deposit advance operations
				  must
(1) provide electronic notice to
				the department through the registry of a decision to cease operations or the
				cessation of operations not later than seven days after that decision or
				cessation; and
(2) submit a
				completed request for surrender; and
(3) submit reports as required under 3 A AC
				11.050 through the date of tennination of operations.
Authority:
AS
					 06.50.210
AS
					 06.50.600
AS 44.33.020
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 11 - Deferred Deposit Advances › 3 AAC 11.600 - Authority to conduct examinations and investigations.

Current through May 31, 2024
When the department conducts an investigation under
				  AS
				  06.50.330,
(1) the licensee shall provide the department
				unrestricted access to the licensee's place of business, accounts, and records,
				including electronic records and records stored outside of the licensee's place
				of business 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 conducting an investigation or examination; and
(3) the applicant must pay reasonable
				examination and investigation fees in accordance with
				AS
				06.01.010 and any expenses required under 3
				AAC 11 for each representative of the department who is reasonably necessary to
				conduct the investigation or examination.
Authority:
AS
					 06.01.010
AS
					 06.50.600
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 11 - Deferred Deposit Advances › 3 AAC 11.700 - Late filing civil penalty.

Current through May 31, 2024
When the department conducts an investigation or examination
				  under
				  AS
				  06.50.330, the applicant shall pay the fees
				  and 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
					 06.01.010
AS
					 06.50.600
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 11 - Deferred Deposit Advances › 3 AAC 11.990 - Definitions

Current through May 31, 2024
In this chapter, unless the context requires
				  otherwise,
(1) "control person" means
				a key individual described in the deferred deposit advance license application
				form of the registry NMLS who directly or indirectly exercises control over the
				applicant. A member, partner, director, senior officer, or owner of 10 percent
				or more of the equity of the applicant for a or deferred deposit advance
				licensee;
(2) "department" means
				the Department of Commerce, Community, and Economic Development;
(3) "Form MU1" means the uniform company
				application developed and used by the registry;
(4) "Form MU2" means the uniform individual
				statement and consent form developed and used by the registry;
(5) "office manager" means an individual who
				is in charge of and responsible for the business operations of an office of a
				deferred deposit advance licensee;
(6)' "other trade name" means a name other
				than the legal name of a business entity;
(7)' "registry" means the Nationwide
				Multistate Licensing System and Registry (NMLS), a licensing system owned and
				operated by the State Regulatory Registry, LLC, for the licensing and
				registration of persons in the mortgage and other financial services
				industries;
(7) "report of
				condition" means a quarterly report as required by the registry.
Authority:
AS
					 06.50.600
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 12 - Small Loans › 3 AAC 12.020 - Application for a license; bonds

Current through May 31, 2024
(a) A person
				wishing to do business as a small loan company under AS 06.20 must submit a
				written request to the division for an application for licensure form and a
				bond form and indicate in the written request the location at which the
				applicant proposes to do business.
(b) Only fully completed applications on the
				department's application for licensure form and bonds on the department's bond
				form are to be submitted to the division for department approval. Whenever
				space on either form is inadequate, for a full and complete answer, the answer
				must be continued on a separate sheet attached to the form.
Authority:
AS
					 06.20.010
AS 06.20.020
AS 06.20.050
AS 06.20.090
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 12.040 - Liquid assets

Current through May 31, 2024
Each applicant and licensee must have not less than $20,000
				  in liquid assets as a condition precedent to the receipt of and continuing use
				  of a license.
Authority:
AS
					 06.20.040
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 12.060 - Place of business

Current through May 31, 2024
If the licensee wishes to continue doing business without
				  interruption, he or she shall notify the department at least 30 days before the
				  change of location. The notice must include the address of the new location and
				  the exact date of the relocation.
Authority:
AS
					 06.20.070
AS 06.20.090
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 12.070 - Maintenance of records

Current through May 31, 2024
(a) Each licensee shall install and maintain
				in his or her place of business such books, accounts, and records as will lend
				themselves readily to inspection, examination and audit. If other businesses
				are conducted in the same office, he or she shall maintain separate books and
				records pertaining to the loan business.
(b) No licensee may, however, conduct any
				other type of business in association or conjunction with the loan business
				except as may be authorized in writing by the department. If another business,
				not authorized under AS 06.20, is conducted in the same office, the licensee
				shall fairly and equitably allocate all expenses so that the books relating to
				the licensee's business under AS 06.20 will fairly reflect expenses of
				conducting that business.
Authority:
AS
					 06.20.160
AS 06.20.180
AS 06.20.210
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 12.080 - Accounting records

Current through May 31, 2024
(a) The licensee shall maintain a record of
				each loan, showing the number of the loan, date of the loan, name of the
				borrower, and amount of the loan.
(b) The licensee shall maintain a separate
				account record for each loan made to any one borrower. Each account record must
				state the
(1) loan number;
(2) date of the loan;
(3) name and address of the
				borrower;
(4) name of any
				endorsers, comakers, cosigners, or sureties;
(5) cost of any insurance;
(6) amount of recording and releasing fees
				and dates of payment of recording and releasing fees as paid out for filing a
				financing statement or termination statement including the fee required for
				securing a lien on a vehicle title;
(7) description of security;
(8) rate at which charges are to be
				computed;
(9) terms of
				repayment;
(10) face amount of
				note;
(11) amount of payment
				showing the
(A) date of payment;
(B) amount paid on principal;
(C) amount paid on interest;
(D) remaining principal balance;
(E), (F) repealed 4/13/79.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 12 - Small Loans › 3 AAC 12.090 - Sample forms to be filed with the department

Current through May 31, 2024
The licensee shall file copies of all application forms,
				  notes, statements to borrowers, receipts, mortgages, assignments, and other
				  instruments in general use by the licensee and which relate to loan
				  transactions with the department.
Authority:
AS
					 06.20.180
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 12.100 - Permanent record of loans required

Current through May 31, 2024
Every licensee shall maintain a separate permanent record of
				  all loans in litigation, including all loans assigned, sold, or transferred for
				  the purpose of suit. The records must contain the following: the loan number,
				  the original amount of loan, and the unpaid balance; the nature of the security
				  foreclosed, attached, to be recovered, or otherwise repossessed; the name of
				  the owner of the security if it is not the property of the borrower; and the
				  date and terms of settlement of the account if before obtaining judgment, or if
				  after a judgment is obtained, all items included in the collection after suit
				  is instituted. These records must be maintained separately from other records
				  of the licensee and shall be known as the "Litigation Register." Account
				  records or cards for these loans must be segregated and maintained
				  separately.
Authority:
AS
					 06.20.180
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 12.110 - Note reduced to judgment

Current through May 31, 2024
When a note has been reduced to judgment, the account record
				  must show the date of judgment, the amount of judgment, and any court costs.
				  After the notice has been reduced to judgment, all payments received must be
				  applied on the judgment and properly itemized. Account records or cards for
				  these loans must be segregated and maintained separately by the
				  licensee.
Authority:
AS
					 06.20.180
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 12.130 - Loan record numbering and retention

Current through May 31, 2024
Each instrument taken in connection with any loan must bear
				  the respective loan number. Each instrument and paper required by AS 06.20 to
				  be retained by the licensee shall be filed so as to be readily available for a
				  period of two years after final entry.
Authority:
AS
					 06.20.180
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 12.145 - Due date of first payment

Current through May 31, 2024
(a) If the first
				loan payment is proposed to be due 31 days or more after the date the loan is
				made, the licensee shall disclose to the borrower in writing and before the
				borrower signs any loan documents, the
(1)
				amount due as the first payment if payment is made within 30 days after the
				date the loan is made;
(2) amount
				due as the first payment if payment is made 31 days or more after the date the
				loan is made; and
(3) the
				difference between the amounts disclosed under (1) and (2) of this
				subsection.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 12 - Small Loans › 3 AAC 12.150 - Statement of loan and receipt from borrower

Current through May 31, 2024
The statement of the loan, the acknowledgment by the
				  borrower, and the receipt for proceeds of the loan may be incorporated in one
				  instrument.
Authority:
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 12.160 - Receipts

Current through May 31, 2024
The licensee shall retain, for a period of two years, a copy
				  of all receipts given to borrowers for the receipt of money. The licensee shall
				  make the receipts available at all times for inspection by the department. If
				  payment cards are used and entries correspond to the receipts given to the
				  borrowers, the department will consider the cards a copy of the receipt, and
				  additional receipt copies will not have to be retained by the
				  licensee.
Authority:
AS
					 06.20.270
AS
					 06.20.340