Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 14 - Mortgage Lending › Article 3 - Depository Institution Registration › 3 AAC 14.165 - Registration termination and late renewal

Current through May 31, 2024
(a) If a registered
				  depository institution does not submit an application for renewal and pay the
				  annual registration fee required by
				  3 AAC 14.160(a)(2) to the department
				  through the registry on or before December 31 of the annual registration
				  period, the department will assign a registration status of "terminated/failed
				  to renew" to the record of the licensee in the registry, and the registered
				  depository institution may not conduct activities for which a registration is
				  required under AS 06.06.014 after December 31 of the annual registration
				  period. To be eligible for a late renewal of a registration, a registered
				  depository institution shall pay a late renewal fee of $500 and submit all
				  information and payment required for renewal, including the reasonable costs
				  under AS
				  06.60.250 of any investigation, before March
				  1 of the year following the annual registration period. A registered depository
				  institution may resume activities for which a registration is required under AS
				  06.60.014 when the department has approved the late renewal of the registration
				  in the registry. If a registered depository institution does not pay the late
				  renewal fee and submit all information and other payment required for renewal
				  or otherwise fails to meet the requirements of renewal before March 1 of the
				  year following the annual licensing period, the department will deny the late
				  renewal and change the registration status to "terminated/expired."
(b) If a registered depository institution
				  submits an application for renewal and annual registration fee under
				  3 AAC 14.160(a)(2) to the department
				  through the registry on or before December 31 of the annual licensing period,
				  the registered depository institution may continue to operate under the
				  registration until the renewal is denied. A renewal is effective on January 1
				  of the renewed annual registration period, even if granted after December 31 of
				  the previous annual registration period. If a registered depository institution
				  fails to submit all information and payment required for renewal before March 1
				  of the year following the annual registration period or otherwise fails to meet
				  the requirements for renewal, the department will deny the renewal and change
				  the license status to "terminated/expired."
(c) After a registration status is changed to
				  "terminated/expired," a registration will not be renewed and the former
				  registered depository institution shall submit a new application for
				  registration and pay the fees and costs for initial registration, if the former
				  registered depository institution seeks to conduct activities for which a
				  registration is required under AS 06.60.014.
Authority:
AS 06.60.014
AS
						06.60.910