reglab/statecodes huggingface dataset:
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 06 - Mutual Savings Banks › Article 4 - Reorganization, Liquidation and Dissolution › 3 AAC 06.315 - Adoption of association's conversion plan

Current through May 31, 2024
(a) The board of
				  directors of the converting association, after approving the conversion plan
				  and receiving the department's approval of its application to convert, shall by
				  resolution direct that the plan be submitted to a vote at a meeting of the
				  members. The meeting may be either an annual or a special meeting. Written or
				  printed notice must be given to each member of record entitled to vote, not
				  less than 30 days before the meeting, and must state the purpose of the
				  meeting. A copy or a summary of the conversion plan must be included with the
				  notice to members.
(b) Notice of a
				  membership meeting called under this section must be transmitted personally or
				  by mail, by or at the direction of the president, the secretary, or any persons
				  authorized under the articles of incorporation or bylaws of the association to
				  call the meeting. If mailed, the notice is considered delivered when deposited
				  in the United States mail, and addressed to the member at the address appearing
				  in the records of the converting association with postage prepaid.
(c) At the members' meeting, a vote must be
				  taken on the proposed conversion plan. Members may vote in person or by proxy.
				  The plan is approved if it receives the affirmative vote of a simple majority
				  of the members of the converting association.
(d) After member approval of the plan of
				  conversion but before filing the amended articles of incorporation, the
				  conversion may be abandoned under provisions, if any, set forth in the
				  plan.
Authority:
AS
						06.15.010
AS
						06.15.300
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 06 - Mutual Savings Banks › Article 4 - Reorganization, Liquidation and Dissolution › 3 AAC 06.320 - Amended articles of incorporation

Current through May 31, 2024
Upon approval of the conversion plan, amended articles of
					 incorporation must be executed in duplicate by the chairperson, president, or a
					 vice president of the converting association and its secretary or an assistant
					 secretary, and verified by one of the officers of the converting association,
					 all signatures being original. The amended articles of incorporation must
					 include
(1) the conversion
				  plan;
(2) the number of members who
				  voted for and against the plan, and the total number of members eligible to
				  vote;
(3) requirements of AS 06.15
				  for the initial articles of incorporation of a bank.
Authority:
AS
						06.15.010
AS
						06.15.300
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 06 - Mutual Savings Banks › Article 4 - Reorganization, Liquidation and Dissolution › 3 AAC 06.325 - Application for conversion

Current through May 31, 2024
(a) The chairperson
				  shall apply to the department for permission to implement the proposed
				  conversion plan. The application must include
(1) a completed FDIC new bank application
				  using forms which may be obtained directly from FDIC;
(2) an analysis of why the proposed
				  conversion is in the best interests of promoting and maintaining a sound and
				  competitive banking system, the security of deposits and customers, the
				  preservation of the liquid position of the converting association in general,
				  and the preventing of injurious credit expansion and contractions in the state;
				  and demonstrate how the converting association proposes to discharge the duties
				  and conform to the restrictions upon banks under AS 06.15;
(3) a copy of the proposed amended articles
				  of incorporation;
(4) a check or
				  money order for $1,000, made payable to the State of Alaska, as a partial
				  prepayment of investigation expenses incurred by the department in accordance
				  with AS
				  06.01.010;
(5) other materials as required by the
				  department.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 06 - Mutual Savings Banks › Article 4 - Reorganization, Liquidation and Dissolution › 3 AAC 06.399 - Definitions for secs. 310 - 399

Current through May 31, 2024
In secs. 310 - 399 of this chapter
(1) "association" means a mutual savings and
				  loan association;
(2) "chairperson"
				  means the chairperson of the board of directors of a converting association;
				  and
(3) "member" means a person
				  holding an account in the converting association or to whom a loan has been
				  made by that association.
Authority:
AS
						06.01.010
AS 06.01.030
AS 06.15.010
AS
						06.15.300
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 06 - Mutual Savings Banks › Article 5 - Prohibited Practices and Sanctions › 3 AAC 06.410 - Embezzlement by officers or employees

Current through May 31, 2024
(a) When an
				  embezzlement or mysterious disappearance of cash, securities, notes, or other
				  assets is discovered in a bank, an immediate report must be made by officers of
				  the bank, providing full disclosure of the circumstances under which it
				  occurred, to
(1) the department;
(2) the FDIC and the Federal Bureau of
				  Investigation;
(3) the nearest
				  office of the Alaska State Troopers;
(4) the state district attorney serving the
				  district in which the bank is located; and
(5) the bonding company.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 06 - Mutual Savings Banks › Article 5 - Prohibited Practices and Sanctions › 3 AAC 06.420 - Debt collection practices

Current through May 31, 2024
The debt collection procedures and requirements as set
					 forth at 3 AAC 01 apply to banks regulated under AS 06.15.
Authority:
AS
						06.15.010
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 06 - Mutual Savings Banks › Article 6 - General Provisions › 3 AAC 06.910 - Definitions

Current through May 31, 2024
In this chapter, unless otherwise specified
(1) "articles of incorporation" means rules
				  of corporators adopted under
				  AS
				  06.15.050;
(2) "bank" means a mutual savings
				  bank;
(3) "department" means the
				  Department of Commerce, Community, and Economic Development;
(4) "division" means the division of banking
				  and securities in the department;
(5) "FDIC" means the Federal Deposit
				  Insurance Corporation;
(6) "mobile
				  facility" means a branch bank which moves from one location to another to
				  provide banking services allowed under AS 06.15 and which is located in or
				  services remote areas of the state not adequately served by permanently located
				  branch banks;
(7) "FHLBB" means the
				  Federal Home Loan Bank Board.
As of Register 171 (October 2004), the regulations
						attorney made technical revisions under
						AS
						44.62.125(b)(6) to reflect
						the name change of the Department of Community and Economic Development to the
						Department of Commerce, Community, and Economic Development made by ch. 47, SLA
						2004 and the corresponding title change of the commissioner of community and
						economic development.
Authority:
AS
						06.05.075
AS
						06.15.010
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 07 - Premium Finance Companies › Article 1 - License Applications › 3 AAC 07.010 - Requirements for licensure

Current through May 31, 2024
(a) A person
				  wishing to do business as a premium finance company is required to be licensed
				  for this activity and must submit to the division, as conditions to licensure,
				  the following:
(1) an application on the
				  department's application form;
(2)
				  a bond in the face amount of $5,000 on the department's bond form;
(3) a copy of the proposed premium finance
				  agreement form to be used by applicant;
(4) a copy of the proposed schedule of rates
				  to be used in calculating interest rates;
(5) a check or money order for $700, drawn to
				  the order of the State of Alaska, which includes $500 as partial prepayment of
				  investigation expenses and $200 for the annual license fee; and
(6) sworn answers to any interrogatories or
				  materials required by the commissioner.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 07 - Premium Finance Companies › Article 1 - License Applications › 3 AAC 07.020 - Investigation of applicant

Current through May 31, 2024
(a) The department
				  will conduct an investigation of the applicant and will issue a premium finance
				  company license if all requirements for licensure are met and the department
				  has been reimbursed the full cost of its investigation of the
				  applicant.
(b) If the department
				  finds that the applicant has not met the requirements for licensure, the
				  department will, within 30 days of receipt of the application and fees, notify
				  the applicant that the application is denied and inform the applicant of the
				  hearing procedures if the applicant desires to contest the denial. The 30-day
				  period is stopped for the duration of delays caused by applicant in providing
				  insufficient or inaccurate information or by submitting forms or schedules that
				  do not comply with the law of Alaska. If the application is denied, the $200
				  annual license fee and the unexpended portion of the investigation fee will be
				  returned to the applicant.
Authority:
AS
						06.01.010
AS 06.40.070
AS
						06.40.180
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 07 - Premium Finance Companies › Article 1 - License Applications › 3 AAC 07.030 - License fee

Current through May 31, 2024
The license fee submitted with the application is the
					 annual fee for the calendar year in which the application is
					 approved.
Authority:
AS
						06.40.040
AS
						06.40.180
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 07 - Premium Finance Companies › Article 2 - Operations › 3 AAC 07.110 - Permanent file for department communications

Current through May 31, 2024
Each licensee shall maintain a permanent file for all
					 communications to and from the department.
Authority:
AS
						06.40.180
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 07 - Premium Finance Companies › Article 2 - Operations › 3 AAC 07.120 - Maintenance of records

Current through May 31, 2024
Each licensee shall establish in its place of business and
					 maintain in a manner which will readily lend them to inspection, examination,
					 and audit by the department all books, accounts, and records of loans made to
					 Alaska borrowers.
Authority:
AS
						06.40.100
AS
						06.40.180
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 07 - Premium Finance Companies › Article 2 - Operations › 3 AAC 07.130 - Discontinuance of business

Current through May 31, 2024
A licensee who discontinues the business of entering into
					 premium finance agreements but continues to service outstanding accounts
					 remains subject to the jurisdiction of the department until all outstanding
					 accounts are transferred or closed.
Authority:
AS
						06.40.010
AS
						06.40.180
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 07 - Premium Finance Companies › Article 2 - Operations › 3 AAC 07.140 - Report to department upon discontinuance of business

Current through May 31, 2024
(a) A sale or
				  transfer of assets or outstanding accounts by a licensee constitutes
				  discontinuance of business. At least 30 days before discontinuing business, the
				  licensee shall notify the department of the proposed sale or transfer and the
				  identity of the proposed purchaser. The proposed purchaser must be a licensee
				  under this chapter by the date of sale or transfer.
(b) Within 30 days after the date of sale or
				  transfer, the selling licensee shall file with the department all required
				  documents and reports.
Authority:
AS
						06.40.010
AS
						06.40.180
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 07 - Premium Finance Companies › Article 2 - Operations › 3 AAC 07.150 - Examination of records

Current through May 31, 2024
A licensee shall, upon request by the department, submit
					 reports containing the information requested for examination of records. The
					 reports must be received by the department within 30 days after the receipt of
					 the request.
Authority:
AS
						06.01.015
AS 06.40.100
AS
						06.40.180
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 07 - Premium Finance Companies › Article 3 - Advertising › 3 AAC 07.210 - Advertising loan costs

Current through May 31, 2024
(a) All advertising, including but not
				  limited to, premium finance agreements and examples or tables of fixed periodic
				  payment plans must include all charges to the borrower as well as interest and
				  principal. A statement of the annual percentage rate must be clearly disclosed
				  in a premium finance agreement.
(b)
				  No advertisement may include reference to any average prepayment period or an
				  average cost of a loan.
Authority:
AS
						06.40.090
AS
						06.40.180
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 07 - Premium Finance Companies › Article 3 - Advertising › 3 AAC 07.220 - Misleading advertising prohibited

Current through May 31, 2024
(a) All
				  advertisements, whether printed or spoken, must be truthful and must not be
				  misleading or deceptive. In determining whether an advertisement violates the
				  provisions, intent, or spirit of AS 06.40, the department will consider the
				  layout of written copy and the inference or impression that may reasonably be
				  drawn from the written copy or oral advertisement when considered with all
				  other facts.
(b) It is misleading
				  to use terms such as "lowest cost," "lowest rates," "quickest service," "legal
				  rates," "no red tape," "easy payments," "repayment in easy installments," "new
				  reduced rates," or "a new type of service." No comparative statement may be
				  used in any advertisements unless the statement is factually accurate with
				  respect to the business of the licensee using the advertisement. Any
				  advertisements referring specifically to a change in a particular licensee's
				  plan of operation may reflect only changes of substantial importance to the
				  business of licensee; these advertisements may be used only during the first 60
				  days after the effective date of the operational change.
(c) It is misleading for a licensee to use
				  "blind" loan advertisements that refer a prospective borrower only to telephone
				  numbers or newspaper box addresses. Every advertisement must clearly indicate
				  the identity of the licensee.
(d)
				  It is misleading for a licensee, by advertisement or otherwise, to use any
				  phrase or expression which refers to its authority or supervision by the state
				  or any department or officer of the state except "Licensed under the Alaska
				  Premium Financing Act, AS 06.40, and regulations adopted under the Act." This
				  phrase must be used only in conjunction with the business of making premium
				  finance loans.
Authority:
AS
						06.40.090
AS
						06.40.180
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 07 - Premium Finance Companies › Article 4 - Loans, Payments, and Refunds › 3 AAC 07.310 - Loan documents

Current through May 31, 2024
The statement of the loan, acknowledgment by the borrower,
					 and receipt for proceeds of the loan may be incorporated into one
					 instrument.
Authority:
AS
						06.40.100
AS
						06.40.180
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 07 - Premium Finance Companies › Article 4 - Loans, Payments, and Refunds › 3 AAC 07.320 - Maximum interest permitted

Current through May 31, 2024
(a) A premium
				  finance company may not charge, contract for, receive, or collect a service
				  charge other than as permitted in AS 06.40.
(b) Repealed 11/14/80.
(c) If the service charge is to be computed
				  monthly, the licensee may only charge up to 1.25 percent interest on the unpaid
				  principal balance. The unpaid principal balance must not include the unpaid
				  interest balance or any other unpaid charges.
(d) The service charge must not exceed a
				  simple interest equivalent annual rate of 15 percent plus an additional charge
				  of no more than $10 per premium finance agreement.
(e) If an additional charge of a maximum of
				  $10 per premium finance agreement is charged as set out in (d) of this section,
				  the licensee shall clearly disclose the charge to the borrower in the premium
				  finance agreement.
Authority:
AS
						06.40.120
AS
						06.40.180
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 07 - Premium Finance Companies › Article 4 - Loans, Payments, and Refunds › 3 AAC 07.330 - Refund of unearned service charge on accounts terminated due to default

Current through May 31, 2024
(a) If a
				  premium finance agreement is terminated because of a borrower's default, the
				  refund of the unearned service charge must be computed by the licensee from the
				  date that the borrower's balance was paid in full.
(b) A refund credit of the unearned service
				  charge made under this section must be computed by the licensee in accordance
				  with the sum-of-the-digits method, commonly known as the Rule of
				  78's.
(c) The nonrefundable charge
				  of a maximum of $10 per premium finance agreement may be excluded from the
				  computation for a refund under this section since interest may not be charged
				  for that fee.
Authority:
AS
						06.40.120
AS 06.40.150
AS
						06.40.180
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 07 - Premium Finance Companies › Article 4 - Loans, Payments, and Refunds › 3 AAC 07.335 - Refund of unearned service charge on prepaid accounts

Current through May 31, 2024
(a) A borrower may
				  prepay the outstanding balance on a premium finance agreement in full at any
				  time before the due date of the final installment. If a borrower does prepay
				  the outstanding balance in full, the borrower is entitled to receive a refund
				  credit of the unearned service charge on the account, computed from the date
				  that the prepayment is received by the licensee.
(b) A refund credit of the unearned service
				  charge made under this section must be computed by the licensee in accordance
				  with the sum-of-the-digits method, commonly known as the Rule of
				  78's.
(c) The nonrefundable charge
				  of a maximum of $10 per premium finance agreement may be excluded from the
				  computation for a refund under this section, since interest may not be charged
				  for that fee.
Authority:
AS
						06.40.120
AS
						06.40.180
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 07 - Premium Finance Companies › Article 4 - Loans, Payments, and Refunds › 3 AAC 07.340 - Refunds to be computed on total service charges

Current through May 31, 2024
Refunds must be computed by the licensee on the total
					 amount of precomputed service charges.
Authority:
AS
						06.40.120
AS
						06.40.180
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 07 - Premium Finance Companies › Article 4 - Loans, Payments, and Refunds › 3 AAC 07.355 - Notice of delinquency charges

Current through May 31, 2024
(a) If a borrower
				  is assessed delinquency charges, the licensee shall give the borrower written
				  notice of the amount of the assessment within 10 days of the
				  assessment.
(b) If a licensee
				  assesses the allowable delinquency charges under
				  AS
				  06.40.130, the licensee shall disclose the
				  terms of the delinquency charges in the premium finance agreement.
Authority:
AS
						06.40.130
AS
						06.40.180
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 07 - Premium Finance Companies › Article 5 - General Provisions › 3 AAC 07.910 - Definitions

Current through May 31, 2024
In this chapter
(1) "commissioner" means the commissioner of
				  the Department of Commerce, Community, and Economic Development;
(2) "department" means the Department of
				  Commerce, Community, and Economic Development;
(3) "division" means the division of banking
				  and securities in the Department of Commerce, Community, and Economic
				  Development;
(4) "loan" means a
				  lending of money to an Alaskan borrower for the purpose of financing an
				  insurance premium for that borrower.
As of Register 171 (October 2004), the regulations
						attorney made technical revisions under
						AS
						44.62.125(b)(6) to reflect
						the name change of the Department of Community and Economic Development to the
						Department of Commerce, Community, and Economic Development made by ch. 47, SLA
						2004 and the corresponding title change of the commissioner of community and
						economic development.
Authority:
AS
						06.40.180
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 08 - Securities › Article 1 - Registration, Notice, and Regulation of Broker-Dealers, Agents, State Investment Advisers, and Federal Covered Advisers, and Investment Adviser Representatives › 3 AAC 08.005 - Scope

Current through May 31, 2024
(a) The applicable provisions of
				  3 AAC 08.005 -
				  3 AAC 08.070 set out the regulatory standards for
				  registration, exemption to registration, renewal of registration, qualification
				  and examination requirements, required fees, effective dates of registration,
				  and related matters for the following occupations under AS 45.55:
(1) broker-dealer;
(2) agent;
(3) state investment adviser;
(4) investment adviser
				  representatives.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 08 - Securities › Article 1 - Registration, Notice, and Regulation of Broker-Dealers, Agents, State Investment Advisers, and Federal Covered Advisers, and Investment Adviser Representatives › 3 AAC 08.007 - Applicability of registration requirements to supervised persons of state investment advisers

Current through May 31, 2024
For purposes of determining whether, by providing to
					 clients who are natural persons the services described in
					 AS
					 45.55.990(15)(A)(i), the
					 supervised person of a state investment adviser is an investment adviser
					 representative subject to the requirements of AS 45.55 and this chapter,
					 "clients who are natural persons" as defined in
					 AS
					 45.55.990(8) does not
					 include natural persons who are "qualified clients" under  17 C.F.R. 275.205 -
					 3(d)(1).
Authority:
AS
						45.55.030
AS 45.55.950
AS
						45.55.990
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 08 - Securities › Article 1 - Registration, Notice, and Regulation of Broker-Dealers, Agents, State Investment Advisers, and Federal Covered Advisers, and Investment Adviser Representatives › 3 AAC 08.010 - Registration; notice; exemptions to registration; waivers for dual representation

Current through May 31, 2024
(a) A broker-dealer, an agent, an investment
				  adviser representative, or a state investment adviser may be registered or have
				  the registration renewed under AS 45.55, if the administrator finds that the
				  applicant
(1) is qualified;
(2) has sufficient training, knowledge and
				  experience in the securities business;
(3) is of good repute; and
(4) has otherwise fully satisfied the
				  requirements of AS 45.55 and this chapter.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 08 - Securities › Article 1 - Registration, Notice, and Regulation of Broker-Dealers, Agents, State Investment Advisers, and Federal Covered Advisers, and Investment Adviser Representatives › 3 AAC 08.011 - Initial applications and notices; effective dates of applications and notices

Current through May 31, 2024
(a) This section sets out the regulatory
				  requirements for submitting initial applications for broker-dealers, issuers,
				  agents, state investment advisers, and investment adviser representatives. This
				  section also sets out requirements for the administrator's acceptance of filing
				  of initial notices by federal covered advisers. The section also establishes
				  the effective dates of the initial applications and notices.
(b) An application for initial broker-dealer
				  registration for broker-dealers that are not NASD members and are not required
				  by federal law to become NASD members shall be made by submitting the following
				  items to the administrator:
(1) a complete
				  current, signed SEC Form BD, or its successor, with "AK" checked in item two of
				  page two, and the appropriate schedules to the form;
(2) a copy of the most recent
(A) audited financial statements;
				  and
(B) a SEC Form X-17A-5, or its
				  successor, which is commonly known as the "focus report";
(3) documents showing that the applicant is
				  registered with the SEC, if the applicant is not a member of the NASD and is
				  not required by federal law to become an NASD member;
(4) applicable fees set out in
				  3 AAC 08.015.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 08 - Securities › Article 1 - Registration, Notice, and Regulation of Broker-Dealers, Agents, State Investment Advisers, and Federal Covered Advisers, and Investment Adviser Representatives › 3 AAC 08.012 - Exemptions from qualifying examination

Current through May 31, 2024
The administrator will, in the administrator's discretion,
					 exempt an applicant or a class of applicants from passing a qualifying
					 examination required by AS 45.55 or this chapter, if granting the exemption is
					 consistent with the purposes intended by policy and AS 45.55.
Authority:
AS
						45.55.040
AS 45.55.050
AS 45.55.060
AS
						45.55.950
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 08 - Securities › Article 1 - Registration, Notice, and Regulation of Broker-Dealers, Agents, State Investment Advisers, and Federal Covered Advisers, and Investment Adviser Representatives › 3 AAC 08.013 - Qualification requirements for registration of investment adviser representatives

Current through May 31, 2024
(a) Except as provided in (b) of this
				  section, a person applying for registration as an investment adviser
				  representative shall provide the administrator with proof that the applicant
				  has successfully passed
(1) for an
				  application filed on or before December 31, 1999,
(A) the NASDR Series 63 and Series 65
				  examinations; or
(B) the NASDR
				  Series 66 examination;
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 08 - Securities › Article 1 - Registration, Notice, and Regulation of Broker-Dealers, Agents, State Investment Advisers, and Federal Covered Advisers, and Investment Adviser Representatives › 3 AAC 08.014 - Renewal of registration or notice; effective date of renewal or notice

Current through May 31, 2024
(a) The
				  administrator will, in the administrator's discretion, renew a registration of
				  a broker-dealer, agent of a broker-dealer, or agent of an issuer as follows:
(1) an issuer or a broker-dealer that is also
				  not registered with NASD or required by federal law to be registered with NASD
				  may renew the registration of its agents by filing with the administrator a
				  signed, complete NASDR Form U-4, or its successor, with "AK" checked, together
				  with the applicable fee set out in
				  3 AAC 08.015;
(2) a broker-dealer that is also not
				  registered with NASD or required to be registered with NASD may renew its
				  registration by filing with the administrator a signed copy of the SEC Form BD
				  together with the applicable fee set out in
				  3 AAC 08.015;
(3) a broker-dealer who is also registered
				  with NASD shall renew its registration under this chapter and that of its
				  agents through the CRD, or any successor system, and shall comply with
				  applicable NASD rules regarding filing requirements, dates, and payments of
				  applicable fees set out in
				  3 AAC 08.015; and
(4) the administrator will consider an
				  application for renewal of registration as filed with the administrator on the
				  day on which notice of intention to renew is received by the administrator from
				  the NASD; the effective date of renewal of registrations filed through the CRD
				  system is January 1, unless otherwise ordered by the administrator.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 08 - Securities › Article 1 - Registration, Notice, and Regulation of Broker-Dealers, Agents, State Investment Advisers, and Federal Covered Advisers, and Investment Adviser Representatives › 3 AAC 08.015 - Fees and assessments

Current through May 31, 2024
(a) The following fees are established for
				  registration of broker-dealers, agents, and investment adviser representatives,
				  and state investment advisers, and for filing of notices of federal covered
				  advisers:
(1) application fee for an initial
				  or annual renewal registration or notice, for
(A) a broker-dealer, $250;
(B) an agent of a broker-dealer or issuer,
				  $75;
(C) an investment adviser
				  representative, $75;
(D) a state
				  investment adviser, $250;
(E) a
				  federal covered adviser, $250;
(F)
				  a broker-dealer branch office, $75;
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 08 - Securities › Article 1 - Registration, Notice, and Regulation of Broker-Dealers, Agents, State Investment Advisers, and Federal Covered Advisers, and Investment Adviser Representatives › 3 AAC 08.016 - Transferred or successor registration or notice

Current through May 31, 2024
(a) A broker-dealer
				  or an issuer may apply to the administrator to transfer its agent's
				  registration in order to transfer the business of the agent to other registered
				  broker-dealers or issuers. The agent may not conduct the business of an agent
				  after transfer until the transferred registration is effective under this
				  chapter.
(b) A broker-dealer or
				  issuer who is also not registered with NASD or required by federal law to be
				  registered with NASD shall transfer an agent's affiliation from another
				  broker-dealer or issuer by filing with the administer a signed, complete NASDR
				  Form U-4, or its successor, with "AK" checked, together with the applicable fee
				  as provided in
				  3 AAC 08.015.
(c) A broker-dealer that is a member of NASD
				  or is required by federal law to be a NASD member shall transfer an agent's
				  affiliation from another NASD broker-dealer by filing the appropriate
				  application with the CRD, or any successor system, and shall comply with
				  applicable NASD rules regarding filing requirements, dates, and payments of
				  applicable fees set out in
				  3 AAC 08.015. An application filed under this subsection
				  is processed as an initial applications in accordance with
				  3 AAC 08.010 and
				  3 AAC 08.011.
(d) A registered broker-dealer may register a
				  successor by filing with the administrator the following:
(1) a current, complete, and signed copy of
				  SEC Form BD, or its successor, with "AK" checked;
(2) a list of registered agents associated or
				  to be associated with the successor broker-dealer;
(3) the applicable fee under
				  3 AAC 08.015 for each agent for applying for transfer of
				  registration;
(4) if the successor
				  is a broker-dealer who is also registered with NASD, the application for
				  transfer of agents must be filed and processed through the CRD system, or any
				  successor system.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 08 - Securities › Article 1 - Registration, Notice, and Regulation of Broker-Dealers, Agents, State Investment Advisers, and Federal Covered Advisers, and Investment Adviser Representatives › 3 AAC 08.017 - Central registration depository system

Current through May 31, 2024
(a) Notwithstanding
				  any contrary provision of
				  3 AAC 08.005 -
				  3 AAC 08.070, if the administrator approves a central
				  registration depository system for filing notices or applications for
				  registrations under this chapter, a person shall file a notice or an
				  application under this chapter with the system. The person must meet other
				  requirements of the system, including the payment of applicable fees set out in
				  3 AAC 08.015. If a notice or an application is filed
				  with the system in accordance with this chapter, the administrator will
				  consider the application as filed when the administrator receives notice from
				  the system of the person's filing of a notice or an application demonstrating
				  the person's intent to give notice or register.
(b) The administrator will, in the
				  administrator's discretion, waive any procedural requirements specified in this
				  chapter if the administrator determines that the waiver is
(1) necessary to facilitate the operations of
				  the central registration depository system;
(2) consistent with AS 45.55 and its
				  purposes; and
(3) in the public
				  interest.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 08 - Securities › Article 1 - Registration, Notice, and Regulation of Broker-Dealers, Agents, State Investment Advisers, and Federal Covered Advisers, and Investment Adviser Representatives › 3 AAC 08.018 - Amendments to filings

Current through May 31, 2024
(a) A person registered under this chapter
				  shall promptly file with the administrator amendments to the person's filings
				  to ensure that information remains current and correct in the files of the
				  administrator. The amendments required to be filed with the administrator under
				  this section include amendments to SEC Form BD, SEC Form ADV, or NASDR Form
				  U-4.
(b) A federal covered adviser
				  shall file with the administrator a copy of any amendment to SEC Form ADV at
				  the same time that the person files an amendment with the SEC.
(c) If a material change as set out in
				  3 AAC 08.050(a) -(b) occurs, a person
				  registered under this chapter or a federal covered adviser shall file with the
				  administrator an amendment as required in
				  3 AAC 08.050(b).
Authority:
AS
						45.55.040
AS 45.55.050
AS
						45.55.950
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 08 - Securities › Article 1 - Registration, Notice, and Regulation of Broker-Dealers, Agents, State Investment Advisers, and Federal Covered Advisers, and Investment Adviser Representatives › 3 AAC 08.020 - Financial reports of broker-dealers (Repealed)

Current through May 31, 2024
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 08 - Securities › Article 1 - Registration, Notice, and Regulation of Broker-Dealers, Agents, State Investment Advisers, and Federal Covered Advisers, and Investment Adviser Representatives › 3 AAC 08.021 - Financial reports, minimum capital requirements, bonds, and record keeping requirements of broker-dealers

Current through May 31, 2024
(a) A broker-dealer
				  registered or required to be registered under AS 45.55 shall comply with the
				  net capital requirements for brokers and dealers set out in  17 C.F.R. 240.15c3
				  - 1, the rules on use of customer free-credit balances set out in  17 C.F.R.
				  240.15c3 - 2, and the customer-protection reserves and custody of securities
				  requirements set out in  17 C.F.R. 240.15c3 - 3.
(b) A broker-dealer registered or required to
				  be registered under AS 45.55 shall comply with
				  17 C.F.R.
				  240.17a-11, and shall file with the
				  administrator upon request copies of all reports and notices required under
				  17 C.F.R.
				  240.17a-5,
				  17 C.F.R.
				  240.17a-10, and
				  17 C.F.R.
				  240.17a-11. The administrator will, in the
				  administrator's discretion, by order restrict or condition the broker-dealer's
				  right to transact business in this state as the administrator finds appropriate
				  for the protection of investors.
(c) If the SEC amends a federal regulation
				  with which a broker-dealer must comply under (a) or (b) of this section, a
				  broker-dealer in compliance with that federal regulation as amended is not
				  subject to an enforcement action by the administrator for violation of this
				  section, if the violation results solely from the broker-dealer's compliance
				  with that federal regulation as amended.
(d) A broker-dealer registered or required to
				  be registered under AS 45.55 whose business is exclusively within this state,
				  who does not make use of a facility of a national securities exchange, and who
				  is not registered under  15 U.S.C. 78  o (sec. 15 of the Securities Exchange Act
				  of 1934), shall post a surety bond on the form prescribed by the administrator
				  in an amount not less than $35,000. A deposit of cash or liquid securities
				  acceptable to the administrator may be posted with the administrator in place
				  of the bond.
Authority:
AS
						45.55.040
AS 45.55.050
AS 45.55.060
AS
						45.55.950
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 08 - Securities › Article 1 - Registration, Notice, and Regulation of Broker-Dealers, Agents, State Investment Advisers, and Federal Covered Advisers, and Investment Adviser Representatives › 3 AAC 08.023 - Net capital requirements for broker-dealers (Repealed)

Current through May 31, 2024
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 08 - Securities › Article 1 - Registration, Notice, and Regulation of Broker-Dealers, Agents, State Investment Advisers, and Federal Covered Advisers, and Investment Adviser Representatives › 3 AAC 08.025 - Bonding requirements for certain state investment advisers

Current through May 31, 2024
(a) A state
				  investment adviser registered or required to be registered under AS 45.55 that
				  has custody of client funds or securities shall be bonded in the amount of
				  $35,000.
(b) A state investment
				  adviser registered or required to be registered under AS 45.55 that has
				  discretionary authority over, but does not have custody of, client funds or
				  securities shall be bonded in the amount of $10,000.
(c) A state investment adviser that has its
				  principal place of business in a state other than this state is exempt from the
				  requirements of this section, if the state investment adviser is registered as
				  an investment adviser in the state where it has its principal place of business
				  and is in compliance with that state's bonding requirements.
(d) The administrator will only accept a bond
				  as meeting the requirements of this section if the bond is
(1) issued by a company qualified to do
				  business in this state;
(2) issued
				  on State of Alaska Form 08-100, or other form acceptable to the administrator;
				  and
(3) subject to the claims of
				  all clients of the state investment adviser regardless of the client's state of
				  residence.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 08 - Securities › Article 1 - Registration, Notice, and Regulation of Broker-Dealers, Agents, State Investment Advisers, and Federal Covered Advisers, and Investment Adviser Representatives › 3 AAC 08.027 - Minimum financial requirements for state investment advisers

Current through May 31, 2024
(a) A state
				  investment adviser registered or required to be registered under AS 45.55 that
				  is not required to be bonded under
				  3 AAC 08.025 shall maintain a positive net worth at all
				  times.
(b) A state investment
				  adviser registered or required to be registered under AS 45.55 that does not
				  otherwise have custody of or discretionary authority over client funds or
				  securities requiring a bond under
				  3 AAC 08.025, but that accepts prepayment of more than
				  $500 per client and six or more months in advance, shall maintain a positive
				  net worth at all times.
(c) As a
				  condition of the right to continue to transact business in this state, if the
				  net worth of a state investment adviser registered or required to be registered
				  under AS 45.55 that is not bonded under
				  3 AAC 08.025 becomes negative, the state investment
				  adviser shall notify the administrator of that fact by the close of business on
				  the next business day, unless the state investment adviser receives a waiver
				  from the administrator. A state investment adviser registered or required to be
				  registered under AS 45.55 that is required to be bonded under
				  3 AAC 08.025 shall notify the administrator by the close
				  of business on the next business day if the state investment adviser's net
				  worth is less than the amount of the bond required under
				  3 AAC 08.025. After transmitting a notice required by
				  this subsection, the state investment adviser shall file with the administrator
				  by the close of business on the next business day a report of the state
				  investment adviser's financial condition, including the following:
(1) a trial balance of all ledger
				  accounts;
(2) a statement of all
				  client funds or securities which are not segregated;
(3) a computation of the aggregate amount of
				  client ledger debit balances; and
(4) a statement as to the number of client
				  accounts.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 08 - Securities › Article 1 - Registration, Notice, and Regulation of Broker-Dealers, Agents, State Investment Advisers, and Federal Covered Advisers, and Investment Adviser Representatives › 3 AAC 08.029 - Custody of client funds or securities by state investment advisers

Current through May 31, 2024
(a) A state
				  investment adviser may not take custody of client funds or securities unless
(1) the state investment adviser notifies the
				  administrator in writing that the state investment adviser has or may have
				  custody; notification may be given on SEC Form ADV;
(2) the securities of each client are
				  segregated, marked to identify the particular client having the beneficial
				  interest in the security, and held in safekeeping in a place reasonably free
				  from risk of destruction or other loss;
(3) all client funds are deposited in one or
				  more bank accounts that contain only client funds, and
(A) each account is maintained in the name of
				  the state investment adviser as agent or trustee for the clients; and
(B) the state investment adviser maintains a
				  separate record for each account that shows the name and address of the bank
				  where the account is maintained, the dates and amounts of deposits to and
				  withdrawals from the account, and the exact amount of each client's beneficial
				  interest in the account;
(4) the state investment adviser, immediately
				  after accepting custody of funds or securities from a client, notifies the
				  client in writing of the place and the manner in which the funds and securities
				  will be maintained, and thereafter immediately notifies the client in writing
				  of any changes in the place or the manner in which the funds or securities are
				  maintained;
(5) the state
				  investment adviser, at the end of every three months, sends each client an
				  itemized statement showing the funds and securities in the state investment
				  adviser's custody and each debit, credit, and transaction in the client's
				  account during the period; and
(6)
				  at least once every calendar year,
(A) an
				  independent certified public accountant or public accountant
(i) verifies all client funds and securities
				  by actual examination at a time chosen by the accountant without prior notice
				  to the state investment adviser; and
(ii) issues a report stating that the
				  accountant has made an examination of all client funds and securities and
				  describing the nature and extent of the examination; and
(B) the report prepared under (A)(ii) of this
				  paragraph is filed with the administrator promptly after each
				  examination.