reglab/statecodes huggingface dataset:
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 03 - Credit Unions › Article 3 - Organization and Corporate Functions of Credit Unions › 3 AAC 03.230 - Solicitation materials

Current through May 31, 2024
(a) All written material which may be used
				  for solicitation of shares or share subscriptions in a proposed credit union
				  must be submitted to the department for review and approval before
				  use.
(b) All subscribers must be
				  provided with a copy of the material approved under (a) of this
				  section.
(c) All funds received
				  from share subscribers must be placed in an escrow account approved by the
				  department and over which the department has withdrawal control. The department
				  will relinquish this control to the credit union only upon issuance of a
				  certificate of authority to conduct credit union business.
Authority:
AS
						06.45.010
AS 06.45.020
AS
						06.45.030
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 03 - Credit Unions › Article 3 - Organization and Corporate Functions of Credit Unions › 3 AAC 03.240 - Insurance of accounts

Current through May 31, 2024
Credit unions must obtain insurance of accounts under
					 programs offered by the NCUA under FCUA, subject to regulations issued under it
					 found at 12 CFR
					 741.1 et seq., as adopted on March 31,
					 1980.
Authority:
AS
						06.45.010
AS
						06.45.260
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 03 - Credit Unions › Article 3 - Organization and Corporate Functions of Credit Unions › 3 AAC 03.250 - Surety bond

Current through May 31, 2024
Credit union surety bonds must meet minimum surety bond
					 requirements prescribed by NCUA as found at
					 12 CFR
					 701.20 as adopted on July 18,
					 1979.
Authority:
AS
						06.45.010
AS
						06.45.120(b)
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 03 - Credit Unions › Article 3 - Organization and Corporate Functions of Credit Unions › 3 AAC 03.260 - Application for branch or change of location

Current through May 31, 2024
(a) A credit union
				  must apply to the department for a certificate of authority to operate a branch
				  office, including a mobile facility branch, or to change the location of the
				  principal office or a branch office.
(b) The department may require the following
				  before it approves an application to operate a branch, including a mobile
				  facility branch, or change the location of an office:
(1) payment of $1,000 made payable to the
				  State of Alaska, in a format determined by the department, in partial
				  prepayment of the investigation expenses incurred by the department under
				  AS
				  06.01.010;
(2) a statement of whether the proposed
				  office will be owned or leased property, and, if leased, a fully executed copy
				  of all lease documents which must contain a bankruptcy clause;
(3) a statement of whether the credit union
				  plans to finance any improvements to the property, and, if it intends to lease,
				  whether the proposed lessor is or will be a borrowing member of the credit
				  union;
(4) a statement of the
				  amount of fire and liability insurance coverage that will be carried for the
				  proposed office location and equipment, who will pay the premium, and, if paid
				  by the credit union, the amount of payment, and the annual premium for the
				  coverage;
(5) the total investment
				  in credit union premises and equipment that will be reflected on the books of
				  the credit union for the proposed office;
(6) the itemized book value of the credit
				  union's present investment in land, buildings, leasehold improvements,
				  furniture, fixtures and equipment, investment in stock of a building
				  corporation, and investment in other assets and any depreciation reflected on
				  the books;
(7) a balance sheet and
				  statement of income and expenses for the credit union as of the last day of the
				  month immediately before the month in which the application is made;
(8) the amount and type of the credit union's
				  fidelity bond in force and any excess coverage;
(9) a list of services that will be offered
				  by the proposed office;
(10) the
				  name and resume of the proposed branch manager or, if none, a resume of the
				  individual who will be directly responsible for the management of the proposed
				  office;
(11) a brief economic
				  analysis which supports the need for and feasibility of the proposed office;
				  and
(12) other materials as
				  requested by the department.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 03 - Credit Unions › Article 4 - Reorganization, Liquidation and Dissolution › 3 AAC 03.310 - Merger

Current through May 31, 2024
(a) Any proposed credit union merger of a
				  state chartered or federally chartered credit union with a credit union
				  established under AS 06.45 must be accomplished under a merger plan filed with
				  and approved by the department.
(b)
				  A merger may be accomplished if the following procedures are completed:
(1) adoption of a merger plan by the board of
				  directors of each credit union;
(2)
				  notification to the department;
(3)
				  investigation by the department and notice of intent;
(4) approval of notice of meetings by the
				  department;
(5) approval by members
				  of the merging credit unions;
(6)
				  final determination; and
(7)
				  implementation.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 03 - Credit Unions › Article 4 - Reorganization, Liquidation and Dissolution › 3 AAC 03.320 - Conversion, federal to state

Current through May 31, 2024
(a) A federal
				  credit union may convert to a credit union incorporated under AS 06.45 if it
				  completes the following steps:
(1) adoption
				  of a conversion plan;
(2)
				  notification to the department;
(3)
				  investigation by the department and notice of intent;
(4) approval by membership, if
				  required;
(5) final determination;
				  and
(6) implementation.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 03 - Credit Unions › Article 4 - Reorganization, Liquidation and Dissolution › 3 AAC 03.330 - Conversion, state to federal

Current through May 31, 2024
(a) A credit union
				  incorporated under AS 06.45 may convert to a federal credit union if it
				  completes the following steps:
(1) adoption
				  of a conversion plan by the board of directors;
(2) notification to the department;
(3) implementation.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 03 - Credit Unions › Article 4 - Reorganization, Liquidation and Dissolution › 3 AAC 03.340 - Division of assets, liabilities and capital

Current through May 31, 2024
(a) A group of
				  members of an existing credit union may choose to undertake an equitable
				  division of assets, liabilities and capital and form a new credit union and
				  shall be referred to in this chapter as the "spinoff group." The department
				  will determine whether a sufficient number of those in the group have
				  authorized transfer of their share and loan accounts to justify the division
				  and that other requirements of this section are met.
(b) The following steps must be taken before
				  a division of assets, liabilities and capital may be approved by the
				  department:
(1) adoption of a plan of
				  division of assets, liabilities and capital, and organization of a new credit
				  union;
(2) notification to the
				  existing credit union and the department;
(3) other action required by the spinoff
				  group under (e) of this section;
(4) action required by the existing credit
				  union under (f) of this section;
(5) notice of membership meeting;
(6) mailing of notice and preparation for
				  meeting; and
(7) application for
				  certificate of incorporation.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 03 - Credit Unions › Article 5 - Prohibited Practices and Sanctions › 3 AAC 03.410 - Embezzlement by officers or employees

Current through May 31, 2024
(a) If an
				  embezzlement or mysterious disappearance of cash, securities, notes, or other
				  assets is discovered in a credit union, an immediate report must be made by
				  officers of the credit union, which fully discloses the circumstances under
				  which it occurred. The disclosure shall be made to the following:
(1) the department;
(2) NCUA 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 credit union 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 03 - Credit Unions › Article 5 - Prohibited Practices and Sanctions › 3 AAC 03.420 - Debt collection practices

Current through May 31, 2024
The debt collection procedures and requirements as set out
					 at 3 AAC 01 apply to credit unions regulated under AS 06.45.
Authority:
AS
						06.45.010
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 03 - Credit Unions › Article 6 - General Provisions › 3 AAC 03.910 - Definitions

Current through May 31, 2024
In this chapter and in AS 06.45, unless otherwise
					 specified
(1) "bankruptcy clause"
				  means the following statement:
Notwithstanding any other provision in this lease, if the
					 tenant or its successors or assigns becomes insolvent, bankrupt, or makes an
					 assignment for the benefit of creditors, or if it or their interest in this
					 lease is levied upon or sold under execution or other legal process, or if the
					 credit union to be operated on the demised premises is closed or is taken over
					 by a banking authority of the state or other supervisory authority, including
					 the National Credit Union Administration, the landlord may terminate this lease
					 only with the concurrence of the supervisory authority; and that supervisory
					 authority will have the election to either continue or terminate the lease;
					 however, if the lease is terminated, the maximum claim of the landlord for
					 damages or indemnity for injuries resulting from the termination of the
					 unexpired lease may not exceed the rent payable under this lease.
(2) "commissioner" means the
				  commissioner of commerce, community, and economic development or his
				  designee;
(3) "corporate credit
				  union" means a credit union whose membership primarily consists of other credit
				  unions organized under state or federal law;
(4) "department" means Department of
				  Commerce, Community, and Economic Development;
(5) "FCUA" means Federal Credit Union Act (12 U.S.C.
				  1751), as amended on March 31,
				  1980;
(6) "NCUA" means National
				  Credit Union Administration;
(7)
				  "shares" or "share account" means an account that earns dividends from
				  undivided earnings at a rate determined by the board of directors at the close
				  of a stated accounting period;
(8)
				  "share certificate" or "share certificate account" means an account that earns
				  a predetermined rate of return when held to maturity and that has a prior claim
				  on credit union assets;
(9) "share
				  draft account" means an account from which the holder is authorized to withdraw
				  shares by means of a negotiable or transferable instrument or other
				  order;
(10) "FHLB" means the
				  Federal Home Loan Bank created under
				  12 U.S.C.
				  1421 -
				  1449;
(11) "mobile facility branch" means a branch
				  that
(A) moves from one location to another
				  to provide services allowed under AS 06.45; or
(B) is located in or serves a remote area of the state not being
				  adequately served by a permanently located branch.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 03 - Credit Unions › Article 6 - General Provisions › 3 AAC 03.920 - Credit union associations

Current through May 31, 2024
Credit unions may pay dues or fees and participate in
					 credit union associations which provide educational or operational assistance
					 or promote the interests of credit unions.
Authority:
AS
						06.45.010
AS
						06.45.400(3)
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 03 - Credit Unions › Article 6 - General Provisions › 3 AAC 03.930 - Communication between members

Current through May 31, 2024
The following procedures must be used for communications
					 between members that involve credit union matters:
(1) a member interested in communicating with
				  other members must submit to the department the text of the communication and
				  notify the credit union that a submission has been made;
(2) within 10 days after receipt of the
				  notification from a member, the credit union must furnish to the requesting
				  member and the department a statement of the approximate number of members and
				  an estimate of the cost of preparing and forwarding the communication to the
				  members;
(3) if the department
				  issues a certificate of approval, the department will immediately notify the
				  credit union and the requesting member of the issuance or, if the certificate
				  will not be issued, notify the requesting member of the credit union of the
				  reasons for the denial; and
(4)
				  upon notification that the certificate was issued and receipt of payment for
				  the estimated preparation and mailing expenses, the credit union must, within
				  15 days, unless a longer period is approved in writing by the department,
				  prepare the communication and mail it to the members.
Authority:
AS
						06.45.010
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 04 - Trust Companies › Article 1 - General Authority › 3 AAC 04.010 - Fee schedule

Current through May 31, 2024
The following fees are established for trust companies,
					 with respect to the following applications, filings, renewals, and
					 exemptions:
(1) filing fee for
				  establishing a branch office, inside or outside the state, $2,000;
(2) filing fee for establishing a
				  representative office, inside or outside the state, $1,000;
(3) application fee for exemption under
				  AS
				  06.26.200 for a private trust company,
				  $3,000;
(4) fee for annual
				  certification of a private trust company's exempt status, $1,000;
(5) application fee under
				  AS
				  06.26.220 for a change in control of a
				  private trust company, $5,000;
(6)
				  filing fee for a private trust company to offer fiduciary services to the
				  general public as a trust company, $3,000;
(7) filing fee for merger or consolidation,
				  $3,000;
(8) application fee to
				  purchase or sell substantially all assets, $3,000;
(9) fee to request an exemption by order
				  increasing the maximum number of settlors under
				  AS
				  06.26.020(a)(18),
				  $1,000;
(10) fee for an interstate
				  state trust company, an interstate national trust company, or an international
				  trust company to establish a new trust office or acquire an existing trust
				  office, $2,000.
Authority:
AS
						06.01.010
AS 06.26.090
AS 06.26.160
AS 06.26.170
AS 06.26.180
AS 06.26.200
AS 06.26.210
AS 06.26.240
AS 06.26.660
AS 06.26.680
AS 06.26.720
AS 06.26.830
AS 06.26.850
AS 06.26.860
AS
						06.26.900
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 04 - Trust Companies › Article 1 - General Authority › 3 AAC 04.020 - Exemptions

Current through May 31, 2024
(a) For purposes of the exemptions set out in
				  AS
				  06.26.020(a)(1) and (9), the
				  maximum number of trusts may not exceed 25 for each person who qualifies for
				  one or more of the exemptions set out in
				  AS
				  06.26.020(a)(1) and (9),
				  unless the person who otherwise qualifies under one or more of those exemptions
				  applies for and receives prior written permission from the department in order
				  to serve as the sole, individual trustee for more than 25 trusts.
(b) For purposes of the exemption set out in
				  AS
				  06.26.020(a)(18), the
				  maximum number of settlors may not exceed 25.
(c) A person claiming an exemption under
				  AS
				  06.26.020(a)(1), (9), and
				  (18) shall maintain and provide evidence of
				  compliance with (a) - (b) of this section, and shall initially notify the
				  department, on forms provided by the department, which exemption the person is
				  claiming.
Authority:
AS
						06.26.020
AS
						06.26.900
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 04 - Trust Companies › Article 2 - Name, Powers, Organization, and Capitalization › 3 AAC 04.110 - Organizational expenses and capitalization

Current through May 31, 2024
The amount of capital required by
					 AS
					 06.26.120 is exclusive of organizational
					 expenses incurred either in establishing a trust company or in preparing it to
					 commence business.
Authority:
AS
						06.26.120
AS
						06.26.900
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 04 - Trust Companies › Article 2 - Name, Powers, Organization, and Capitalization › 3 AAC 04.130 - Public notice of filing of application for certificate of authority

Current through May 31, 2024
(a) A notice
				  required to be published under
				  AS
				  06.26.100 must be published at least once
				  each week for two successive weeks
(1) in the
				  manner required under
				  AS
				  06.26.100 for the community proposed as the
				  trust company's principal place of business; and
(2) in Anchorage, Fairbanks, and Juneau; for
				  each community, the notice must be published in a newspaper of general
				  circulation published in that community.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 04 - Trust Companies › Article 2 - Name, Powers, Organization, and Capitalization › 3 AAC 04.140 - Payment of dividends and use of earnings and net profits

Current through May 31, 2024
(a) The directors
				  of a trust company transacting business in this state may declare a dividend
				  out of the trust company's net profits, subject to restrictions under
				  AS
				  06.26.120,
				  06.26.130, and this
				  chapter.
(b) The department may
				  require a trust company to suspend the payment of any dividends until the trust
				  company has complied with all orders or requirements of
				  AS
				  06.26.120,
				  AS
				  06.26.130, and this chapter.
Authority:
AS
						06.26.120
AS 06.26.130
AS 06.26.900
AS
						06.26.960
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 04 - Trust Companies › Article 3 - Investments, Loans, Deposits, and Trust Assets › 3 AAC 04.210 - Investments

Current through May 31, 2024
A trust company may invest for its own account
(1) in the investments authorized for a bank
				  by
(A)3 AAC 02.205(a) (1) - (8), (10), and (11), subject to the
				  limitations in
				  3 AAC 02.205(b); or
(B) an order issued under
				  AS
				  06.01.020; or
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 04 - Trust Companies › Article 3 - Investments, Loans, Deposits, and Trust Assets › 3 AAC 04.220 - Deposit of trust assets

Current through May 31, 2024
(a) The security
				  fund required by
				  AS
				  06.26.370 may be comprised of securities that
				  are permitted under
				  3 AAC 04.210 for the trust company's own account. Market
				  values of the securities must be determined by quotations based upon actual
				  transactions on an auction or similarly available daily bid-and-ask price
				  market. The security fund must at all times have a readily ascertainable market
				  value equal to or in excess of the trust money or assets retained for deposit
				  by the trust company.
(b) The trust
				  company shall maintain adequate policies, procedures, and records to readily
				  identify the depositor and the dollar amount of the trust money or trust assets
				  deposited with the trust company.
(c) A deposit of trust money may be secured
				  by a pledged certificate of deposit at a depository institution if
(1) the identity of the depository
				  institution is clearly evident; and
(2) the beneficial interest of each customer
				  of trust money accepted for deposit by the trust company is clearly identified
				  and fully insured by the Federal Deposit Insurance Corporation.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 04 - Trust Companies › Article 3 - Investments, Loans, Deposits, and Trust Assets › 3 AAC 04.230 - Investment and management fees and costs

Current through May 31, 2024
Fees charged by a trust company for investing and managing
					 trust assets must be fully and clearly disclosed to the customer. Fees that
					 must be disclosed under this section include fees charged by third parties
					 which are passed on to the customer by the trust company.
Authority:
AS
						06.26.390
AS
						06.26.900
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 04 - Trust Companies › Article 4 - Ownership › 3 AAC 04.310 - Change in control if required by the department

Current through May 31, 2024
(a) If the
				  department, acting to reorganize a trust company under
				  AS
				  06.26.770, requires a change in control of a
				  trust company, the department may waive the requirements of
				  AS
				  06.26.450-06.26.470.
(b) In a public notice required under
				  AS
				  06.26.770 for the department's reorganization
				  of a trust company, the department will include the information required by
				  3 AAC 04.130 if the subject of that information is
				  affected by the reorganization.
Authority:
AS
						06.26.450
AS 06.26.760
AS 06.26.770
AS
						06.26.900
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 04 - Trust Companies › Article 4 - Ownership › 3 AAC 04.320 - Application for acquisition of control

Current through May 31, 2024
(a) An application
				  for acquisition of control required by
				  AS
				  06.26.460 must contain
(1) the identity, trust experience, and
				  business experience of each person by whom or on whose behalf acquisition is to
				  be made;
(2) the terms and
				  conditions of any proposed acquisition and the manner in which the acquisition
				  is to be made;
(3) the source and
				  amount of the money or other consideration used or to be used in making the
				  acquisition, and, if any part of that money or other consideration
(A) has been or is to be borrowed or
				  otherwise obtained for the purpose of making the acquisition, a description of
				  the transaction and the names of the parties; or
(B) will be the issuance of the trust company
				  capital stock, a list of the names of shareholders and number of shares held by
				  shareholders;
(4)
				  resumes of all
(A) new directors;
(B) new executive and trust officers;
				  and
(C) shareholders or subscribers
				  who own or hold with the power to vote, or will own or hold with the power to
				  vote, 10 percent or more of the voting securities or other capital stock;
				  and
(5) any additional
				  information that the department requires for the protection of trust
				  depositors, trust settlors, trust beneficiaries, shareholders, and the public
				  interest.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 04 - Trust Companies › Article 4 - Ownership › 3 AAC 04.330 - Public notice of filing of application for acquisition of control

Current through May 31, 2024
(a) A notice that
				  is made in accordance with
				  AS
				  06.26.460 must be published once each week
				  for two successive weeks. The notice must state
(1) the date the application was filed with
				  and accepted by the department;
(2)
				  the name and address of each participant in the acquisition of
				  control;
(3) that the names,
				  addresses, and resumes of new directors, subscribers of irrevocable
				  subscriptions to the company's capital stock, and any new executive officers of
				  the acquired company may be obtained from the department;
(4) that a copy of the full application may
				  be obtained from the department;
(5) a request for persons to submit comments
				  and protests to the department; and
(6) the address of the department.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 04 - Trust Companies › Article 5 - Governance › 3 AAC 04.410 - Directors and officers

Current through May 31, 2024
(a) The trust company shall report to the
				  department any change in directors and officers. The trust company shall file
				  with the department a certified copy of the affidavit required by
				  AS
				  06.26.510(e) together with a
				  resume of each new director. The trust company shall file with the department a
				  resume of each new officer.
(b) The
				  board of directors shall appoint annually an examining committee of no less
				  than three directors. A member of the examining committee may not be an officer
				  or employee of the trust company. The committee shall examine or cause to be
				  examined the condition of the trust company. In performing its annual
				  examination of a trust company, the board of directors shall have the books and
				  records of the trust company examined and a report prepared by an independent
				  certified public accountant that does not have an interest, financial or
				  otherwise, in the trust company. A copy of the report shall be submitted to the
				  department within 30 days after receipt by the board of directors after
				  completion of the examination.
(c)
				  Unless prohibited by the articles of incorporation or bylaws of the trust
				  company, the members of the board of directors, or of a committee of the board,
				  may validly conduct a meeting by communicating simultaneously with each other
				  by means of telephone conferences or similar communications
				  equipment.
Authority:
AS
						06.26.510
AS 06.26.520
AS 06.26.530
AS
						06.26.900
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 04 - Trust Companies › Article 5 - Governance › 3 AAC 04.420 - Officers and employees

Current through May 31, 2024
If the department determines that an officer or employee of
					 the trust company has been negligent, dishonest, reckless, or incompetent in
					 the performance of official duties, the department may do one or more of the
					 following:
(1) fine the trust
				  company;
(2) suspend or revoke its
				  certificate of authority.
Authority:
AS
						06.01.030
AS 06.01.035
AS 06.26.150
AS 06.26.530
AS
						06.26.900
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 04 - Trust Companies › Article 5 - Governance › 3 AAC 04.430 - Insurance

Current through May 31, 2024
The board of directors of a trust company shall maintain,
					 in addition to the insurance coverage identified in
					 AS
					 06.26.620, adequate fire and liability
					 insurance coverage for the trust facility and equipment.
Authority:
AS
						06.26.620
AS
						06.26.900
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 04 - Trust Companies › Article 6 - Organic Change › 3 AAC 04.510 - General provisions for conversions

Current through May 31, 2024
(a) A proposed
				  conversion of a national bank whose main office is located in the state or a
				  state bank whose main office is located in the state to a trust company must be
				  accomplished under a conversion plan filed with and approved by the
				  department.
(b) The board of
				  directors of the converting national bank or state bank shall, by resolution
				  adopted by the board, approve a conversion plan that sets out
(1) the name of the bank proposing to
				  convert;
(2) the name of the trust
				  company into which the bank proposes to convert;
(3) the terms and conditions of the proposed
				  conversion;
(4) the manner and
				  basis of converting the shares of the national bank or state bank into shares,
				  other securities, cash, other property, or obligations, in whole or in part, of
				  the proposed trust company;
(5) a
				  statement of any amendments to the institution's articles of incorporation
				  caused by the conversion; and
(6)
				  any additional information requested by the department, and that the department
				  considers necessary to make an informed decision on the proposed
				  conversion.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 04 - Trust Companies › Article 6 - Organic Change › 3 AAC 04.520 - Merger

Current through May 31, 2024
(a) A national bank whose main office is
				  located in the state or a state bank whose main office is located in the state
				  may merge with a trust company, and a trust company may merge with another
				  trust company, under a merger plan filed with and approved by the
				  department.
(b) Each national bank,
				  state bank, and trust company shall approve a merger plan that sets out
(1) the names of the national banks, state
				  banks, and trust companies proposing to merge and the name of the surviving
				  trust company into which they propose to merge;
(2) the terms and conditions of the proposed
				  merger;
(3) the manner and basis of
				  converting the shares of each merging national bank, state bank, and trust
				  company into cash or other property, or into shares, other securities, or
				  obligations of the surviving trust company;
(4) a copy of any amendments to the articles
				  of incorporation of the surviving trust company caused by the merger;
				  and
(5) any additional information
				  requested by the department, and that the department considers necessary to
				  make an informed decision on the proposed merger.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 04 - Trust Companies › Article 6 - Organic Change › 3 AAC 04.530 - Consolidation

Current through May 31, 2024
(a) A proposed consolidation of a national
				  bank whose main office is located in the state or a state bank whose main
				  office is located in the state with a trust company, or of a trust company with
				  another trust company, shall be accomplished under a consolidation plan filed
				  with and approved by the department.
(b) Each national bank, state bank, and trust
				  company shall approve a consolidation plan that sets out
(1) the names of the national banks, state
				  banks, and trust companies proposing to consolidate and the name of the new
				  trust company into which they propose to consolidate;
(2) the terms and conditions of the proposed
				  consolidation;
(3) the manner and
				  basis of converting the shares of each national bank, state bank, and trust
				  company into cash or other property, or into shares, other securities, or
				  obligations of the new trust company; and
(4) any additional information requested by
				  the department, and that the department considers necessary to make an informed
				  decision on the proposed consolidation.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 04 - Trust Companies › Article 6 - Organic Change › 3 AAC 04.540 - Application for merger or consolidation

Current through May 31, 2024
(a) The board of
				  directors of each national bank, state bank, and trust company proposing to
				  merge or consolidate shall jointly or independently submit to the department an
				  application for permission to implement the plan.
(b) The application must include
(1) an analysis by the entities proposing to
				  merge or consolidate of why the proposed merger or consolidation is in the
				  interest of promoting and maintaining a sound and competitive trust system and
				  the security of trust assets and customers;
(2) a copy of the articles of incorporation
				  of the merging or consolidating entities;
(3) copies of the resolutions of each
				  entity's board of directors approving the plan of merger or consolidation, or
				  other evidence that necessary corporate approval was obtained;
(4) copies of the proposed articles of merger
				  or consolidation; and
(5) any
				  additional information requested by the department, and that the department
				  considers necessary to make an informed decision on the proposed merger or
				  consolidation.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 04 - Trust Companies › Article 6 - Organic Change › 3 AAC 04.550 - Authority to purchase assets of another trust company

Current through May 31, 2024
(a) A trust company
				  that purchases all or substantially all of the assets of another trust company
				  shall
(1) document that purchase with a
				  contract that specifies
(A) the items
				  purchased and liabilities assumed;
(B) the monetary consideration; and
(C) all other terms and conditions of the
				  transaction; and
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 04 - Trust Companies › Article 6 - Organic Change › 3 AAC 04.560 - Sale of assets

Current through May 31, 2024
(a) The board of a trust company that sells
				  all or substantially all of the trust company's assets, with or without
				  shareholder approval, must
(1) document that
				  sale with a contract that specifies
(A) the
				  items sold and liabilities assumed;
(B) the monetary consideration; and
(C) all other terms and conditions of the
				  transaction; and
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 04 - Trust Companies › Article 6 - Organic Change › 3 AAC 04.570 - Dissenting shareholder rights

Current through May 31, 2024
If a shareholder of a state bank or of a trust company
					 dissents from a consolidation, merger, or conversion of the bank or trust
					 company, the exercise of the dissenting shareholder's rights is subject to
					 AS
					 10.06.574-10.06.582.
Authority:
AS
						06.26.720
AS
						06.26.900
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 04 - Trust Companies › Article 7 - Interstate State Trust Company and International Trust Company Offices › 3 AAC 04.610 - Interstate state trust company and international trust company reports

Current through May 31, 2024
An interstate state trust company or international trust
					 company shall file reports in the same manner as, and at the times established
					 for, reports required under
					 AS
					 06.26.930.
Authority:
AS
						06.26.870
AS
						06.26.900
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 04 - Trust Companies › Article 7 - Interstate State Trust Company and International Trust Company Offices › 3 AAC 04.620 - Notice of merger, consolidation, or closing of an interstate state trust company or international trust company

Current through May 31, 2024
If an interstate state trust company or international trust
					 company maintains a trust office or a representative office in this state under
					 this chapter, and if that trust company merges or consolidates with another
					 entity or closes, the trust company shall file, with the notice required under
					 AS
					 06.26.890, a copy of the application filed
					 with, and a copy of the approval by, the trust company's primary
					 regulator.
Authority:
AS
						06.26.840
AS 06.26.890
AS
						06.26.900
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 04 - Trust Companies › Article 8 - General Provisions › 3 AAC 04.900 - Retention of records

Current through May 31, 2024
A trust company shall retain a trust agreement, and the
					 records pertaining to that trust agreement, for seven years after the trust is
					 terminated. All other trust company records shall be maintained in accordance
					 with 3 AAC 02.010. Any record required
					 to be retained under this section may be retained on microfilm, on microfiche,
					 or in any other form that preserves a true and accurate reproduction of the
					 original document and that is admissible as evidence in a court of this state
					 and under the Alaska Rules of Evidence.
Authority:
AS
						06.26.900
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 04 - Trust Companies › Article 8 - General Provisions › 3 AAC 04.910 - Procedures for appeals

Current through May 31, 2024
(a) If an appeal is
				  brought under
				  AS
				  06.26.910, or on the department's own motion,
				  the department will refer the appeal in accordance with
				  AS
				  44.64.060 to the office of administrative
				  hearings. However, a person may not obtain a hearing solely due to the person's
				  status as a customer. In accordance with
				  AS
				  44.64.030(a)(5) and
				  44.64.060(a),
(1) the procedures set out in
				  2 AAC 64.100 -
				  2 AAC 64.990 apply to an appeal conducted under this
				  section, unless they conflict with an applicable provision of AS 06;
(2) to the extent that they do not conflict
				  with 2 AAC 64.100 -
				  2 AAC 64.990, the procedures set out in
				  3 AAC 01.010 apply to an appeal conducted under this
				  section; and
(3) to the extent that
				  a provision of
				  2 AAC 64.100 -
				  2 AAC 64.990 conflicts with AS 06, a provision in
				  3 AAC 01.010, if any, addressing the same subject matter
				  as the provision in conflict applies to an appeal conducted under this
				  section.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 04 - Trust Companies › Article 8 - General Provisions › 3 AAC 04.920 - Trust company reports to department

Current through May 31, 2024
(a) A trust company
				  shall prepare the quarterly reports of condition required under
				  AS
				  06.26.930(a) on
(1) the Federal Financial Institutions
				  Examination Council (FFIEC) Consolidated Reports of Condition and Income form,
				  Schedule RC-T (Fiduciary and Related Services); and
(2) a form prepared by the
				  department.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 04 - Trust Companies › Article 8 - General Provisions › 3 AAC 04.990 - Definitions

Current through May 31, 2024
In AS 06.26 and this chapter, unless the context requires
					 otherwise,
(1) "department" means the
				  Department of Commerce, Community, and Economic Development;
(2) "executive"
(A) means
(i) the chair of the board of
				  directors;
(ii) the chief executive
				  officer, the president, the treasurer, the chief financial officer, the
				  secretary, the cashier, and each vice president of the trust company;
				  and
(iii) any person who
				  participates or has authority to participate, other than in the capacity of a
				  director, in major policymaking functions of the trust company, regardless of
				  whether the person has an official title, the person's title designates that
				  person as an assistant, or the person serves without salary or other
				  compensation;
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 06 - Mutual Savings Banks › Article 2 - Banking Practices › 3 AAC 06.105 - Bank investments

Current through May 31, 2024
The provisions of
					 3 AAC 02.205 apply to a mutual savings bank.
Authority:
AS
						06.15.240
AS 06.15.270
AS 44.33.020
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 06 - Mutual Savings Banks › Article 2 - Banking Practices › 3 AAC 06.110 - NOW accounts

Current through May 31, 2024
(a) No bank may offer NOW accounts to its
				  depositors unless NOW accounts are authorized by a bylaw or article of the bank
				  and the bylaw or article is approved by the department.
(b) A bank offering NOW accounts must
				  conspicuously post and must make available to depositors a written description
				  of the conditions under which depositors may open and maintain NOW accounts.
				  All amendments to these conditions must likewise be posted and made available
				  to depositors. All conditions and amendments to them are binding upon holders
				  of NOW accounts.
(c) A bank may pay
				  interest on NOW accounts unless prohibited or limited by applicable federal law
				  or regulation.
(d) On an annual or
				  more frequent periodic basis, a bank offering NOW accounts must issue NOW
				  account statements to holders of NOW accounts.
(e) Repealed 4/22/2010.
(f) In this section, "NOW account" means an
				  account the terms of which provide that one of the methods by which money can
				  be withdrawn is by a negotiable order; the acronym "NOW" means negotiable order
				  of withdrawal.
Authority:
AS
						06.05.075
AS 06.15.010
AS 06.15.230
AS 06.15.350
AS
						06.15.360
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 06 - Mutual Savings Banks › Article 2 - Banking Practices › 3 AAC 06.120 - Alternative mortgage instruments

Current through May 31, 2024
A bank may make, purchase, and participate in alternative
					 mortgage instruments if the legal rate of interest charged by the bank complies
					 with the provisions of
					 AS
					 45.45.010(b) and  12 C.F.R.
					 545.6 - 1, 2, as amended January 1, 1979, and July 1, 1979.
Authority:
AS
						06.01.020
AS 06.05.075
AS 06.15.010
AS 06.15.250
AS
						06.15.360
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 06 - Mutual Savings Banks › Article 3 - Organization and Corporate Functions of Mutual Savings Banks › 3 AAC 06.210 - Organization requirements

Current through May 31, 2024
(a) Certificate of
				  Charter. No bank or proposed bank may conduct the business of a mutual savings
				  bank unless a Certificate of Charter has been issued by the department and the
				  certificate is prominently and publicly displayed in the lobby or equivalent
				  business area.
(b) Notice of
				  Intent. The corporators of a proposed bank shall submit to the division a
				  written notice of intent to organize a bank, which
(1) is signed originally by at least five of
				  the corporators;
(2) contains the
				  proposed name to be reserved for the proposed bank;
(3) indicates the city or otherwise specifies
				  the proposed location of the proposed bank;
(4) indicates the residence address, mailing
				  address, occupation, and amount of deposits subscribed by each corporator;
				  and
(5) indicates the individual
				  elected by the corporators who will accept notice from the department on behalf
				  of all corporators.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 06 - Mutual Savings Banks › Article 3 - Organization and Corporate Functions of Mutual Savings Banks › 3 AAC 06.220 - Application for branch office or change of location

Current through May 31, 2024
The provisions of
					 3 AAC 02.215 apply to an application for a branch or
					 change of location under this chapter.
Authority:
AS
						06.01.010
AS 06.15.010
AS
						06.15.290
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 06 - Mutual Savings Banks › Article 3 - Organization and Corporate Functions of Mutual Savings Banks › 3 AAC 06.230 - Application for a mobile facility

Current through May 31, 2024
The provisions of
					 3 AAC 02.217 apply to an application for a mobile
					 facility under this chapter.
Authority:
AS
						06.01.010
AS 06.15.010
AS
						06.15.290
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 06.310 - Association's conversion to a bank

Current through May 31, 2024
(a) Any conversion
				  of an association to a bank under
				  AS
				  06.15.300 must be accomplished under a
				  conversion plan filed with, as a part of an application for conversion, and
				  approved by the department.
(b) The
				  board of directors of the converting association must by resolution adopt a
				  conversion plan which sets forth
(1) the name
				  of the association proposing to convert and the name of the resulting bank
				  after conversion;
(2) the terms and
				  conditions of the proposed conversion;
(3) a statement of any amendments to the
				  articles of incorporation of the converting association to become effective at
				  the time of conversion, including required articles of incorporation for banks
				  organized under AS 06.15; and
(4)
				  other provisions as required by the department.