reglab/statecodes huggingface dataset:
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 02 - Banking › Article 2 - Banking Practices › 3 AAC 02.145 - Authorized activities for domestic bank holding companies

Current through May 31, 2024
(a) A domestic bank
				  holding company may engage in activities of a financial, fiduciary, or
				  insurance nature, or other activities permitted for subsidiaries of banks under
				  AS
				  06.05.272 and this chapter, and it may
				  invest, without limitation, in the shares of subsidiaries that engage in these
				  activities, subject to the requirements of (c) of this section. The following
				  activities are considered to be financial or fiduciary activities:
(1) mortgage banking;
(2) factoring;
(3) leasing of equipment;
(4) property management;
(5) data processing services;
(6) armored car or messenger services;
				  and
(7) operation of a credit
				  bureau, travel agency, personal finance company, commercial finance company, or
				  trust company.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 02 - Banking › Article 2 - Banking Practices › 3 AAC 02.150 - Permit to operate a bank holding company

Current through May 31, 2024
(a) A domestic and
				  out-of-state bank holding company shall apply for a permit from the department,
				  authorizing the company to operate as a bank holding company in this state. The
				  department will issue a permit if the department determines that its issuance
				  will not disadvantage the public and is not inconsistent with the maintenance
				  of a competitive, safe, and sound banking system.
(b) Before obtaining a permit, and at the
				  close of each accounting year, a bank holding company shall submit a report to
				  the department clearly reflecting its financial condition as of the end of its
				  last accounting year, and a profit-and-loss statement covering operations for
				  the preceding accounting year. The report must disclose the holding company's
				  relationship with and investment in all subsidiaries as well as the nature and
				  financial condition of their respective operations. For domestic bank holding
				  companies, the report must be accompanied by an opinion of an independent
				  certified public accountant.
(c) In
				  addition to the report of financial condition, the department will, in its
				  discretion, require a bank holding company to submit any other reports,
				  accounts, or records the department determines necessary or desirable to ensure
				  financially sound banking organization and practice.
Authority:
AS
						06.05.005(a)
AS 06.05.235
AS
						06.05.570
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 02 - Banking › Article 2 - Banking Practices › 3 AAC 02.155 - Extension of credit by a bank to the bank's holding company or subsidiaries of the holding company

Current through May 31, 2024
A subsidiary bank may not extend credit, secured or
					 unsecured, in excess of the bank's legal lending limit to the bank's holding
					 company or any of the holding company's subsidiaries. In this section, to
					 extend credit includes:
(1)
				  loans;
(2) the purchase of
				  securities or other assets under a repurchase agreement;
(3) the discount of promissory notes, bills
				  of exchange, conditional sales contracts, or other similar paper; and
(4) advances made against collateral security
				  in the form of capital stock, bonds, debentures, or other obligations of the
				  domestic bank holding company or its subsidiaries.
Authority:
AS
						06.05.005(a)
AS
						06.05.205(b)
AS 06.05.235
AS
						06.05.570
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 02 - Banking › Article 2 - Banking Practices › 3 AAC 02.160 - Requirements to form a domestic bank holding company

Current through May 31, 2024
(a) The executive
				  officers, directors, and principal shareholders of a new domestic bank holding
				  company must file, on forms provided by the department, required biographical
				  and financial information before engaging in activities regulated by
				  3 AAC 02.145 -
				  3 AAC 02.180. New or additional directors and officers
				  shall also file on forms provided by the department the information required by
				  this subsection within 30 days after being elected to or hired for the
				  position. Biographical and financial information required under this section is
				  considered confidential by the department and not subject to
				  subpoena.
(b) In this section
				  "principal shareholder" means a person, company, association, or other entity
				  owning 10 percent or more of the outstanding shares of the domestic bank
				  holding company.
Authority:
AS
						06.01.025(a)
AS
						06.05.005(a)
AS
						06.05.235
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 02 - Banking › Article 2 - Banking Practices › 3 AAC 02.175 - Change in control of a bank holding company

Current through May 31, 2024
(a) Before a change
				  of ownership may occur in the outstanding voting shares of a domestic bank
				  holding company that will result in a change of control, the transaction must
				  be approved by the department.
(b)
				  If a change of ownership occurs or is about to occur in the outstanding voting
				  shares of an out-of-state bank holding company, and the change results in or
				  will result in a change of control, the transaction must be reported by the
				  out-of-state bank holding company to the department immediately, but not later
				  than the end of the next state business day.
Authority:
AS
						06.05.005(a)
AS 06.05.235
AS
						06.05.570
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 02 - Banking › Article 2 - Banking Practices › 3 AAC 02.185 - Banking related activities

Current through May 31, 2024
(a) A bank may
				  engage in the activities described in (b) and (c) of this section even though
				  those activities may not be included under the definitions of either "banking"
				  in AS
				  06.05.990(3) or "branch
				  bank" in AS
				  06.05.990(4).
(b) A bank may establish offices that engage
				  in the following activities without a certificate of authority issued under
				  AS
				  06.05.350 or
				  06.05.399:
(1) local representation and assistance to
				  the public concerning banking services performed at the bank;
(2) loan production activities as described
				  in (c) of this section; and
(3)
				  other services or activities related to the bank's business such as tax
				  preparation, insurance, accounting, data processing, and public
				  relations.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 02 - Banking › Article 2 - Banking Practices › 3 AAC 02.190 - Letters of credit

Current through May 31, 2024
(a) Repealed 1/10/94.
(b) All letters of credit are subject to
				  classification in all regulatory reports of examination.
(c) Repealed 1/10/94.
(d) If several banks participate in the
				  issuance of a letter of credit under an agreement that provides that each
				  participant is liable only up to a certain percentage or amount of the total
				  amount of the letter of credit issued, only the amount of a participating
				  bank's potential liability must be considered for purposes of determining
				  compliance with lending limitations; otherwise, the entire amount of the letter
				  of credit must be considered by the department.
(e) No bank may issue a letter of credit
				  unless the credit standing of the account party is the subject of credit
				  analysis equivalent to that applicable to the potential borrower in an ordinary
				  loan situation.
(f) The total
				  amount of all outstanding letters of credit must be fully and adequately
				  disclosed in the bank's published financial statements.
(g) A bank shall maintain records of its
				  letters of credit comparable to the records maintained in connection with the
				  bank's direct loans in order that at all times the bank's potential liability
				  under its letters of credit and the bank's compliance with this section can be
				  readily determined by the department.
(h) A letter of credit is not subject to this
				  section if the letter of credit is secured by cash, or a cash equivalent such
				  as a certificate of deposit issued by the bank that issued the letter of
				  credit.
Authority:
AS
						06.01.015
AS
						06.05.005(a)
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 02 - Banking › Article 2 - Banking Practices › 3 AAC 02.195 - Borrowing

Current through May 31, 2024
(a) Neither a bank's federal funds purchased
				  nor its sale of securities, which a bank may deal in, underwrite, purchase, and
				  sell for its own account without limitation, subject to an agreement that the
				  bank will repurchase at the end of a stated period, constitute "money borrowed"
				  for purposes of
				  AS
				  06.05.255.
(b) The purchase of securities subject to an
				  agreement that the seller will repurchase at the end of a stated period is
				  regarded as a loan from the purchaser to the seller and not as an obligation of
				  the underlying obligor or the security.
(c) The department will consider a bank's
				  written request to allow a percentage larger than 15 percent of the bank's
				  total assets, up to a maximum of 35 percent, under
				  AS
				  06.05.255.
Authority:
AS
						06.05.005
AS
						06.05.255
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 02 - Banking › Article 2 - Banking Practices › 3 AAC 02.200 - Bank subsidiaries

Current through May 31, 2024
(a) A wholly-owned bank subsidiary may engage
				  in business activity that is authorized for the parent bank, including
				  conducting a safe deposit business, engaging in an activity authorized in
				  3 AAC 02.185, and operating a trust company formed under
				  AS 06.25, except that a bank subsidiary may not take deposits. An activity
				  authorized by this subsection must be solely for the benefit of the parent bank
				  and may be performed by the subsidiary on the bank's premises by bank
				  personnel.
(b) In addition to those
				  activities authorized under (a) of this section and subject to the prior
				  approval of the department and compliance with any conditions placed on the
				  bank or its subsidiary by the department, a bank may invest in bank
				  subsidiaries engaged in the following:
(1)
				  activities expressly authorized by
				  AS
				  06.05.272;
(2) activities authorized under (a) of this
				  section, when the subsidiary is not wholly-owned by the bank; and
(3) any other activity approved in advance by
				  the department.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 02 - Banking › Article 2 - Banking Practices › 3 AAC 02.205 - Bank investments

Current through May 31, 2024
(a) In addition to
				  loans, subsidiaries, and acquisitions expressly authorized by AS 06.05 and this
				  chapter, a state bank may deal in, underwrite, and invest in for its own
				  account
(1) direct or guaranteed obligations
				  of the United States, either directly or in the form of securities of, or other
				  interests in, an open-end management type investment company or investment
				  trust registered under  15
				  U.S.C. 80a -1 -
				  80a-64 (Investment
				  Company Act of 1940), if
(A) the portfolio of
				  the investment company or investment trust is limited to obligations of the
				  United States government and repurchase agreements fully collateralized by the
				  obligations; and
(B) the investment
				  company or investment trust takes delivery of the collateral directly or
				  through an authorized custodian;
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 02 - Banking › Article 3 - Organization and Corporate Functions of Banks › 3 AAC 02.209 - Application for a certificate of incorporation

Current through May 31, 2024
(a)
Required
				  Application Material.
The incorporators of a proposed bank shall
				  initially submit to the department the following documents, together with
				  supporting materials:
(1) a notice of intent
				  to incorporate a bank;
(2) an
				  application for a certificate of incorporation; and
(3) a request to use written solicitation
				  materials to solicit bank stock subscribers as provided in
				  3 AAC 02.212.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 02 - Banking › Article 3 - Organization and Corporate Functions of Banks › 3 AAC 02.210 - Application for a certificate of authority

Current through May 31, 2024
(a) Repealed
				  1/10/94.
(b) Repealed
				  1/10/94.
(c) Repealed
				  1/10/94.
(d) Repealed
				  1/10/94.
(e) Repealed
				  1/10/94.
(f)
Application for
				  Certificate of Authority.
After receiving a certificate of incorporation
				  under 3 AAC 02.209, the following
				  information must be submitted to the department in support of an application
				  for a certificate of authority:
(1) a
				  statement whether the proposed bank will operate on owned or leased property
				  and, if leased, a copy of all proposed lease documents which must contain a
				  bankruptcy clause;
(2) a statement
				  whether the proposed bank plans to finance any improvements to the property,
				  and whether the property is leased, whether the proposed lessor will be a
				  borrowing customer of the proposed bank;
(3) the amount of fire and liability
				  insurance coverage to be carried for the proposed bank facility and equipment,
				  who will pay the premium for the insurance coverage, and, if to be paid by the
				  proposed bank, the amount of payment, and the annual premium for the coverage
				  at the time of the application;
(4)
				  the total investment in the proposed bank premises and equipment to be
				  reflected on the books of the proposed bank, including the proposed bank's
				  investment in land, building, leasehold improvements, furniture, fixtures and
				  equipment, investment in other assets indirectly representing bank premises,
				  and any proposed amount and method of depreciation;
(5) the amount and type of the proposed
				  bank's fidelity bond and any excess coverage bond to be in force at the time of
				  opening of the proposed bank;
(6)
				  an organization chart of the proposed bank showing the line of authority to be
				  used by the proposed bank in providing its services;
(7) copies, certified by the chief executive
				  officer of the proposed bank, of all documents and information required by
				  AS
				  06.05.350(b);
(8) the total proposed investment in each
				  proposed bank subsidiary; and
(9)
				  additional information requested by the department.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 02 - Banking › Article 3 - Organization and Corporate Functions of Banks › 3 AAC 02.212 - Solicitation materials

Current through May 31, 2024
(a) If a public solicitation of shareholders
				  for a proposed bank or for an increase in capital of an existing bank is
				  contemplated, all written material to be used for solicitation must be
				  submitted to the department for review and approval before use.
(b) The department's review of solicitation
				  materials will be conducted as if the material were submitted for registration
				  under AS 45.55.
(c) Upon approval
				  of the written material by the department, the incorporators of a proposed bank
				  may solicit subscribers until the capital stock is fully subscribed.
(d) Before calling the stock subscriptions or
				  accepting payment for the subscriptions from the subscribers to a proposed
				  bank, the chairperson shall submit to the department, for its approval or
				  disapproval, a list of subscribers which indicates the name, residence address,
				  mailing address, and amount of subscription for each subscriber.
(e) At the time the chairperson calls the
				  stock subscriptions, all funds received from stock subscribers, including
				  paid-in pre-incorporation subscriptions, must be placed in an escrow account
				  approved by the department and over which the department has withdrawal
				  control.
(f) The chairperson shall
				  call the subscriptions and receive payment in full within 30 days from the date
				  of the notice of the call. The chairperson may extend the period of the call if
				  the extension is approved in writing by the department.
(g) When the subscriptions are fully paid and
				  deposited in the escrow account, the incorporators on at least 20 days' written
				  notice shall call the first meeting of subscribers. The agenda for the meeting
				  must include those items required under
				  AS
				  10.06.223 and a shareholder resolution that,
				  upon departmental approval the paid-in subscriptions be converted to stock
				  certificates.
(h) With prior
				  departmental approval, a portion or all of the organizational expenses may be
				  withdrawn and paid out of the stock subscription escrow account. No withdrawals
				  or payments may be made until the stock subscriptions are fully paid into that
				  account and full disclosure is made to subscribers at the first meeting of
				  subscribers.
(i) In this section,
				  "chairperson" means the individual who was appointed by the incorporators to
				  represent them in dealing with the department on the new bank
				  application.
Authority:
AS
						06.05.005(a)
AS 06.05.345
AS 06.05.385
AS
						10.06.223
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 02 - Banking › Article 3 - Organization and Corporate Functions of Banks › 3 AAC 02.215 - Application for a branch bank or change of permanent location

Current through May 31, 2024
(a) A state bank
				  shall apply to the department for a certificate of authority to operate a
				  branch bank or to change the permanent location of an existing branch or the
				  home office. The application must be on a form provided by the department and
				  contain the information required under (b) of this section, including the
				  address of the permanent location at which the state bank or branch bank will
				  operate, to enable the department to determine whether a certificate of
				  authority should be issue.
(b) The
				  following information must accompany a bank's application for a new branch bank
				  or a change of permanent location of an existing branch bank or the home
				  office:
(1) the address of the permanent
				  location at which the home office or existing branch office will
				  operate;
(2) a completed FDIC
				  branch or change of location application which may be obtained directly from
				  the FDIC;
(3) payment of $1,000
				  made payable to the State of Alaska, in a format determined by the department,
				  in partial payment of the investigation expenses incurred by the department
				  under AS
				  06.01.010;
(4) a statement as to whether the proposed
				  office or branch bank will operate on owned or leased property and, if leased,
				  a copy of all proposed lease documents; all proposed lease documents must
				  contain a bankruptcy clause;
(5) a
				  balance sheet and a statement of income and expenses for the bank current as of
				  a date not later than 30 days preceding the application;
(6) a list of the banking services to be
				  offered by the proposed office or branch bank;
(7) a brief economic analysis that supports
				  the need for and feasibility of the proposed office or branch bank;
(8) if an international bank, the information
				  required under
				  AS
				  06.05.555; and
(9) additional information requested by the
				  department.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 02 - Banking › Article 3 - Organization and Corporate Functions of Banks › 3 AAC 02.217 - Application for a mobile facility branch bank

Current through May 31, 2024
(a) The following
				  information must accompany a bank's application for a mobile facility branch
				  bank:
(1) materials and fee required by
				  3 AAC 02.215(b)(2) - (5);
(2) a map of the area to be served drawn to a
				  scale that shows at least the community boundaries and indicating
(A) the locations at which the mobile
				  facility branch bank would provide banking services;
(B) the point of origin of and storage
				  location of the proposed mobile facility branch bank when not in use;
				  and
(C) the location and identity
				  of financial institutions within a 25-mile radius of the area to be served by
				  the proposed mobile facility branch bank;
(3) a list of the banking services to be
				  offered by the proposed mobile facility branch bank;
(4) the proposed schedule indicating the time
				  of day and days of the week that the proposed mobile facility branch bank would
				  provide banking services at the indicated locations and whether the proposed
				  mobile facility branch bank would be operated on a year-round or seasonal
				  basis;
(5) security procedures to
				  be used when the proposed mobile facility branch bank is in use and when it is
				  not in use; and
(6) additional
				  information requested by the department.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 02 - Banking › Article 4 - Liquidation, Dissolution, and Reorganization › 3 AAC 02.310 - Merger

Current through May 31, 2024
(a) A proposed bank merger of an
				  international, national, or state bank with an Alaska state bank must be
				  accomplished under a merger plan filed with and approved by the
				  department.
(b) Each bank shall
				  approve a merger plan that sets out
(1) the
				  names of the banks proposing to merge and the name of the bank into which they
				  propose to merge, referred to in this chapter as the surviving bank;
(2) the terms and conditions of the proposed
				  merger;
(3) the manner and basis of
				  converting the shares of each merging bank into shares, other securities, or
				  obligations of the surviving bank or of any other bank or corporation, in whole
				  or in part, into cash or other property;
(4) a statement of any amendments to the
				  articles of incorporation of the surviving bank caused by the merger;
				  and
(5) other information and
				  reports required by the department.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 02 - Banking › Article 4 - Liquidation, Dissolution, and Reorganization › 3 AAC 02.320 - Consolidation

Current through May 31, 2024
(a) A proposed bank consolidation of an
				  international, national, or state bank with an Alaska state bank must be
				  accomplished under a consolidation plan filed with and approved by the
				  department.
(b) Each bank shall
				  approve a consolidation plan that sets out
(1) the names of the banks proposing to
				  consolidate and the name of the bank into which they propose to consolidate,
				  referred to in this chapter as the new bank;
(2) the terms and conditions of the proposed
				  consolidation;
(3) the manner and
				  basis of converting the shares of each bank into shares, other securities, or
				  obligations of the new bank or of any other bank or corporation, in whole or in
				  part, into cash or other property;
(4) if the new bank will be an Alaska state
				  bank, all of the statements with respect to the new bank required to be set out
				  in articles of incorporation for banks under
				  AS
				  06.05.345; and
(5) other information and reports required by
				  the department.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 02 - Banking › Article 4 - Liquidation, Dissolution, and Reorganization › 3 AAC 02.325 - Conversion

Current through May 31, 2024
(a) A proposed conversion of a national bank
				  to an Alaska state bank must be accomplished under a conversion plan filed with
				  and approved by the department.
(b)
				  The board of directors of the converting national 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 bank
				  into which it proposes to convert, referred to in this chapter as the converted
				  bank;
(3) the terms and conditions
				  of the proposed conversion;
(4) the
				  manner and basis of converting the shares of the national bank into shares,
				  other securities, cash, other property, or obligations, in whole or in part, of
				  the converted bank or of any other bank or corporation;
(5) a statement of any amendments to the
				  articles of incorporation of the converted bank caused by the conversion;
				  and
(6) other information and
				  reports required by the department.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 02 - Banking › Article 4 - Liquidation, Dissolution, and Reorganization › 3 AAC 02.350 - Application for conversion, merger, or consolidation

Current through May 31, 2024
(a) The board of
				  directors of each bank proposing to convert, 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
(A) converting bank, if applicable, of
				  why the proposed conversion is in the best interest of promoting and
				  maintaining a sound and competitive banking system; or
(B) banks proposing to merge or consolidate,
				  if applicable, of why the proposed merger or consolidation is in the interest
				  of promoting and maintaining a sound and competitive banking system, the
				  security of deposits and customers, the preservation of the liquid position of
				  the banks in general, and the prevention of injurious credit expansions and
				  contractions in the state;
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 02 - Banking › Article 4 - Liquidation, Dissolution, and Reorganization › 3 AAC 02.360 - Dissenting shareholder rights

Current through May 31, 2024
If a shareholder of an Alaska state bank objects to a
					 consolidation, merger, or conversion of the bank, the dissenting shareholder's
					 rights shall be exercised under and governed by
					 AS
					 10.06.574-10.06.582.
Authority:
AS
						06.05.005(a)
AS 06.05.075
AS
						06.05.462
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 02 - Banking › Article 5 - Prohibited Practices and Sanctions › 3 AAC 02.410 - 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 state bank, an immediate report must be made by
				  officers of the bank, providing full disclosures of the circumstances under
				  which it occurred, to
(1) the
				  department;
(2) the FDIC and the
				  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 02 - Banking › Article 7 - General Provisions › 3 AAC 02.910 - Definitions

Current through May 31, 2024
In this chapter and AS 06.05,
(1) "bankruptcy clause" means the following
				  statement: Notwithstanding any other provision in this lease, if the tenant or
				  its successors or assigns becomes insolvent or 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 bank to
				  be operated on the demised premises is closed or taken over by a banking
				  authority or the state or other supervisory authority, 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) "department" means the
				  Department of Commerce, Community, and Economic Development;
(3) "division" means the division of banking
				  and securities, within the department;
(4) "FDIC" means Federal Deposit Insurance
				  Corporation;
(5) "FFIEC" means the
				  Federal Financial Institutions Examination Council;
(6) "FHLBB" means the Federal Home Loan Bank
				  Board;
(7) repealed
				  12/27/2023;
(8) "mobile facility
				  branch bank" means a branch bank that
(A)
				  moves from one location to another to provide banking services; or
(B) is located in or serves a remote area of
				  the state not being adequately served by a permanently located bank or bank
				  branch.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 03 - Credit Unions › Article 1 - Powers of the Department › 3 AAC 03.010 - Retention or destruction of records

Current through May 31, 2024
Credit unions are subject to the NCUA records preservation
					 program found at  12 CFR 749, as adopted on May 10, 1973.
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 1 - Powers of the Department › 3 AAC 03.020 - Regulations

Current through May 31, 2024
Regulations adopted under this chapter apply only to credit
					 unions subject to 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 1 - Powers of the Department › 3 AAC 03.030 - Charge-offs

Current through May 31, 2024
The commissioner will, in his discretion, require a
					 state-chartered credit union to
(1)
				  charge-off that portion of an asset classified as loss in the NCUA report of
				  examination or the state report of examination; or
(2) charge-off all debts owed to the credit
				  union in which interest due has been unpaid for a period of six months unless
				  the debt principal is adequately secured and the credit union is in the process
				  of collection.
Authority:
AS
						06.01.020
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 2 - Credit Union Practices › 3 AAC 03.105 - Records and reports

Current through May 31, 2024
Credit union accounting records must be maintained on an
					 accrual basis when practicable, or otherwise on a modified cash basis,
					 consistent with standard accounting procedures. Credit unions must provide the
					 department with a financial statement including a balance sheet and income and
					 expense statement at the end of each quarter in a format prescribed by the
					 department. These reports must be received by the department not later than 30
					 days after the end of the quarter. Penalties for failure to provide complete
					 and timely reports are established in
					 AS
					 06.01.010.
Authority:
AS
						06.45.010(b)
AS
						06.45.010(d)
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 03 - Credit Unions › Article 2 - Credit Union Practices › 3 AAC 03.110 - Loans to members

Current through May 31, 2024
(a) Loan Policies. The board of directors
				  shall establish written loan policies which will be made available to members.
				  The policies must include relevant considerations such as types of loans,
				  security, interest rates and maturities.
(b) Loan Repayment.
(1) Late charges and accrued interest are to
				  be deducted from proceeds of loan payments first, with the remainder, if any,
				  to be applied to the loan principal.
(2) Interest payments will be required on all
				  loans at least annually.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 03 - Credit Unions › Article 2 - Credit Union Practices › 3 AAC 03.115 - Shares

Current through May 31, 2024
(a) Types of Accounts. The board of directors
				  may offer types of share accounts which best meet the needs of the
				  members.
(b) Dividends. Varying
				  dividends may be paid on different types of accounts and at different intervals
				  if sufficient amounts have been accrued to pay dividends earned or contracted
				  for.
Authority:
AS
						06.45.010
AS
						06.45.060(6)
AS
						06.45.190
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 03 - Credit Unions › Article 2 - Credit Union Practices › 3 AAC 03.120 - Loans to other credit unions

Current through May 31, 2024
(a) Written Policy.
				  Loans to other credit unions will be considered investments. However, loans to
				  other credit unions from a corporate credit union will be considered member
				  loans. If a credit union intends to make loans to other credit unions, the
				  board of directors of the lending credit union shall establish written
				  investment policies regarding those loans to other credit unions. The policies
				  will include maximum amounts, rates, terms and other relevant
				  criteria.
(b) Documentation. A
				  lending credit union must require a current financial statement, audit report
				  and other appropriate corporate documents from a borrowing credit
				  union.
Authority:
AS
						06.45.010
AS
						06.45.060(7)
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 03 - Credit Unions › Article 2 - Credit Union Practices › 3 AAC 03.125 - Borrowing

Current through May 31, 2024
The board of directors may authorize the credit union to
					 borrow from any source on competitive terms that the credit union can
					 meet.
Authority:
AS
						06.45.010
AS
						06.45.060(9)
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 03 - Credit Unions › Article 2 - Credit Union Practices › 3 AAC 03.130 - Sales of negotiable checks, travelers checks and money orders

Current through May 31, 2024
Credit unions which sell negotiable checks, travelers
					 checks and money orders must institute proper controls and maintain minimum
					 security measures as required by NCUA regulations found at  12 CFR 748, as
					 adopted on June 5, 1971.
Authority:
AS
						06.45.010
AS
						06.45.060(12)
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 03 - Credit Unions › Article 2 - Credit Union Practices › 3 AAC 03.135 - Purchase or sale of eligible obligations

Current through May 31, 2024
(a) Contract. All
				  purchases or sales of eligible obligations from a credit union's members or
				  purchase from a liquidating credit union of notes made by individual members of
				  the liquidating credit union must be within limitations of written policies
				  established by the board of directors and must be documented by a contract
				  which specifies the items being sold, purchased or pledged, the monetary
				  consideration, and all other terms and conditions of the transaction.
(b) Limitation. Government guaranteed
				  education loans and real estate loans purchased for pooling and resale are not
				  included in determining the aggregate unpaid balance of notes purchased under
				  AS
				  06.45.070(13), and may
				  exceed five percent of the unimpaired capital and surplus of the credit
				  union.
As of Register 160 (January 2002), the regulations
						attorney made a technical revision under
						AS
						44.62.125(b)(6), and in
						accordance with ch. 85, sec. 45, SLA 2001, to change "student loans" to
						"education loans" in 3 AAC 35.135(b).
Authority:
AS
						06.45.010
AS
						06.45.060(13)
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 03 - Credit Unions › Article 2 - Credit Union Practices › 3 AAC 03.140 - Purchase or sale of assets and assumption of liabilities

Current through May 31, 2024
Any purchase or sale of assets must be within the
					 limitations of written policies established by the board of directors and must
					 be documented by a contract which specifies the items sold or purchased and
					 liabilities assumed, the monetary consideration and all other terms and
					 conditions of the transaction. Prior approval by the department is required on
					 any sale or purchase under this section which would constitute 10 percent or
					 more of either credit union's assets.
Authority:
AS
						06.45.010
AS
						06.45.060(14)
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 03 - Credit Unions › Article 2 - Credit Union Practices › 3 AAC 03.145 - Officer compensation

Current through May 31, 2024
(a) Expenses. A credit union may reimburse
				  reasonable expenses incurred by or on behalf of an official to carry out the
				  responsibilities of the position to which the person was elected or appointed.
				  Such reimbursement or expense will not be considered compensation under
				  AS
				  06.45.100.
(b) Insurance. Reasonable health and accident
				  insurance provided at the expense of the credit union is permitted, provided
				  the benefits of such insurance will cease immediately when the insured person
				  leaves office without providing residual benefits other than from pending
				  claims.
Authority:
AS
						06.45.010
AS
						06.45.100
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 03 - Credit Unions › Article 2 - Credit Union Practices › 3 AAC 03.150 - Interest refund

Current through May 31, 2024
The board of directors of a credit union may authorize an
					 interest refund to members at the close of any dividend period after dividends
					 have been declared and amounts have been set aside to pay such dividends. An
					 interest refund may vary and be paid according to reasonable classifications of
					 loans.
Authority:
AS
						06.45.010
AS
						06.45.120(b)(7)
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 03 - Credit Unions › Article 2 - Credit Union Practices › 3 AAC 03.155 - Loan security

Current through May 31, 2024
Insurance obtained under Title 1 of the National Housing
					 Act  (12 U.S.C.
					 1701 -
					 1750(g))  is
					 considered acceptable security for a loan.
Authority:
AS
						06.45.010
AS
						06.45.160
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 03 - Credit Unions › Article 2 - Credit Union Practices › 3 AAC 03.160 - Reserves

Current through May 31, 2024
(a) Use of Reserves. The reserve fund will
				  belong to the credit union and will be used to meet losses, except those
				  resulting from an excess of expenses over income, and will not be distributed
				  except on liquidation of the credit union or in accordance with a plan approved
				  by the department.
(b) Risk Assets.
				  For the purposes of establishing reserves required by
				  AS
				  06.45.180, all assets except the following
				  will be considered risk assets:
(1) cash on
				  hand;
(2) deposits and shares in
				  federally or state insured banks, savings and loan associations, and credit
				  unions;
(3) assets which are
				  insured by, fully guaranteed as to principal and interest by, or due from the
				  U.S. government, its agencies, the Federal National Mortgage Association, or
				  the Government National Mortgage Association;
(4) loans to other credit unions;
(5) loans to students insured under the
				  provisions of Title IV, Part B of the Higher Education Act of 1965 (20 U.S.C.
				  1071), as amended on June 15, 1977, or
				  similar state insurance programs;
(6) loans that are fully or partially insured
				  or guaranteed by the federal or a state government or any federal or state
				  agency;
(7) shares or deposits in
				  corporate credit unions;
(8) common
				  trust investments which deal in investments authorized by FCUA;
(9) prepaid expenses;
(10) accrued interest on nonrisk
				  investments;
(11) furniture and
				  equipment;
(12) land and
				  buildings;
(13) loans fully secured
				  by a pledge of shares in the lending credit union, equal to and maintained to
				  at least the amount of the loan outstanding;
(14) loans which are purchased from
				  liquidating credit unions and guaranteed by NCUA;
(15) National Credit Union Share Insurance
				  Fund Guaranty Accounts established with the authorization of NCUA under the
				  authority of Sec. 208(a)(1) of FCUA (12 U.S.C.
				  1788 as amended on November 10, 1978);
				  and
(16) investments in the NCUA
				  Central Liquidity Facility.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 03 - Credit Unions › Article 2 - Credit Union Practices › 3 AAC 03.165 - Share drafts

Current through May 31, 2024
(a) A credit union may establish share draft
				  accounts if
(1) a summary of the policies and
				  procedures for the accounts is available at the credit union's principal
				  office;
(2) for a program which
				  incorporates truncation of the instruments, the original instruments are
				  maintained on file for at least five years unless other satisfactory means of
				  retrieval of copies of those instruments has been established;
(3) the account holder gives, in writing, at
				  least 15 days before the day of withdrawal, a notice of intent to withdraw
				  money in the account, except that the board of directors may waive or
				  reinstitute this provision at any time;
(4) surety bond coverage is in force;
				  and
(5) those participating in the
				  share draft program receive information which outlines the account holder's and
				  credit union's responsibilities.
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 03 - Credit Unions › Article 2 - Credit Union Practices › 3 AAC 03.170 - Alternative mortgage instruments

Current through May 31, 2024
A credit union may, with the prior approval of the
					 department, make, purchase, and participate in alternative mortgage instruments
					 if the legal rate of interest charged by the credit union is less than or equal
					 to the maximum rate allowed by AS 06.01 or AS 06.45.
Authority:
AS
						06.45.010
AS
						06.45.060(5)
Alaska Administrative Code › Title 3 - Commerce, Community, and Economic Development › Part 1 - Banking, Securities, Small Loans and Corporations › Chapter 03 - Credit Unions › Article 2 - Credit Union Practices › 3 AAC 03.175 - Central liquidity facility

Current through May 31, 2024
A credit union may participate in programs offered by the
					 National Credit Union Central Liquidity Facility under FCUA, subject to
					 regulations issued under it found at  12 CFR 725, as adopted on August 23,
					 1979.
Authority:
AS
						06.45.010
AS
						06.45.270
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 03.210 - Membership

Current through May 31, 2024
(a) A credit union's field of membership must
				  be limited to a group or groups of persons having a common bond, affinity,
				  unifying factor or characteristic which links them together and distinguishes
				  them from the general public.
(b) A
				  credit union may serve diverse groups which possess the characteristics
				  identified in (a) of this section within each group.
(c) Persons may be members of more than one
				  credit union.
(d) A group may wish
				  to spin off from an established credit union and form its own credit union
				  under 3 AAC 03.340.
Authority:
AS
						06.45.010
AS
						06.45.070
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 03.220 - Organization requirements

Current through May 31, 2024
(a) Certificate of
				  Authority to Conduct Credit Union Business. No proposed credit union may
				  conduct the business of a credit union unless a certificate of authority to
				  conduct credit union business has been issued by the department and the
				  certificate is prominently and publicly displayed in the principal
				  office.
(b) Order of Approval. The
				  incorporators of a proposed credit union must submit to the department the
				  following documents, together with supporting materials, which must be reviewed
				  and approved or disapproved in the following order:
(1) notice of intent to incorporate a credit
				  union;
(2) application for a
				  certificate of incorporation;
(3)
				  request for approval of solicitation materials under
				  3 AAC 03.230;
(4) application for certificate of authority
				  to conduct credit union business.