Alaska Statutes
Title 6. Banks and Financial Institutions

Sec. 06.01.020. Department authority to add financial institution powers and limitations. - (a) Notwithstanding other provisions of this title, the department may...

Sec. 06.01.025. Records of department. - (a) Information in the records of the department obtained through...

Sec. 06.01.028. Depositor and customer records confidential. - (a) The records of financial institutions relating to their depositors...

Sec. 06.01.030. Orders and injunctions; notice and hearings. - (a) Whenever it appears to the department that a person...

Sec. 06.01.035. Penalties. - (a) A person who knowingly violates, or causes another person...

Sec. 06.01.040. Examination policy. - It shall be the policy of the department to conduct,...

Sec. 06.01.048. Regulations. - Regulations required or authorized under this title shall be adopted...

Sec. 06.01.050. Definitions. - In this chapter, unless the context otherwise requires, (1) “commissioner”...

Chapter 05. Alaska Banking Code

Article 1. Department Powers, Bank Reports, Prohibited Interests, and Department Standards.

Sec. 06.05.005. Powers of department. - (a) The department shall (1) exercise general supervision over all...

Sec. 06.05.045. Bank reports to the department. - (a) Each state bank shall make at least four reports...

Sec. 06.05.050. Publication of reports. - (a) Condensed forms of all reports of condition required by...

Sec. 06.05.065. Financial institution interest of department officers and employees. - (a) A bank examiner of the department who deals with...

Sec. 06.05.075. Standards. - The department, in the exercise of its authority under this...

Article 2. Banking Practices.

Sec. 06.05.090. Certification of checks. - (a) The check of a depositor may not be certified...

Sec. 06.05.095. Payment of items. - If the balance in an account subject to withdrawal by...

Sec. 06.05.100. Deposit of minor or person under disability. - Where a deposit is made in a bank by or...

Sec. 06.05.120. Notice of charges. - A bank or other financial institution that levies a charge...

Sec. 06.05.145. Adverse claim to bank deposit. - Notice to a bank of an adverse claim to a...

Sec. 06.05.160. Transmitting money and foreign exchange. - A bank may accept for transmission and transmit money, and...

Sec. 06.05.166. Legal holidays and closings. - (a) A bank organized under or doing business under the...

Sec. 06.05.180. Fiduciary and other powers authorized. - Every bank organized under this chapter, subject to the restrictions...

Sec. 06.05.197. Nominees. - (a) A state or national bank or a trust company,...

Article 3. Reserves, Loans, Investments, Bank Service Corporations, Practices, and Services.

Sec. 06.05.200. Reserves against deposits. - (a) A bank shall maintain a reserve fund sufficient to...

Sec. 06.05.205. Loans and extensions of credit. - (a) The total loans and extensions of credit by a...

Sec. 06.05.207. Real estate loans. - (a) A bank may, subject to the requirements of this...

Sec. 06.05.209. Credit cards. - (a) A bank is not prohibited from issuing unsolicited credit...

Sec. 06.05.210. Loans to directors, officers, and employees. - (a) Subject to the same terms and conditions applicable to...

Sec. 06.05.211. Loans secured by forest tracts. - (a) A bank may, subject to the requirements of this...

Sec. 06.05.212. Overdrafts. - (a) A director, officer, or employee of a state bank...

Sec. 06.05.215. Liability of directors and officers for certain loans. - A director, executive officer, managing officer, or issuing officer of...

Sec. 06.05.225. Application of other laws to loans insured under national housing act. - The laws of the state prescribing or limiting interest rates...

Sec. 06.05.230. Investment in property and banking premises. - A bank may acquire, purchase, hold, and convey real and...

Sec. 06.05.231. Bank service corporations. - (a) A bank may invest not more than 10 percent...

Sec. 06.05.235. Bank holding companies. - (a) Except as provided in this section or in AS...

Sec. 06.05.237. Financial holding companies. - Notwithstanding the provisions of AS 06.05.235 and regulations adopted under...

Sec. 06.05.240. Acquisition of property to satisfy or protect previous loan. - A state bank may take property of any kind to...

Sec. 06.05.245. Disposition of property. - All investments in real and personal property, regardless of how...

Sec. 06.05.255. Borrowing. - (a) The aggregate amount of outstanding liabilities of a state...

Sec. 06.05.260. Pledge, assignment, and transfer of assets. - (a) A bank may not give preference to a depositor...

Sec. 06.05.262. Assumption of liability. - Except as expressly permitted in this chapter, a state bank...

Sec. 06.05.270. Investments and customer securities. - (a) In addition to loans and acquisitions expressly authorized by...

Sec. 06.05.272. Bank subsidiaries. - (a) A state bank may purchase or establish, and operate,...

Sec. 06.05.275. Trade and bank acceptances. - (a) [Repealed, § 102 ch 26 SLA 1993.] (b) A...

Sec. 06.05.277. Providing services as agent. - (a) If a state bank complies with this section and...

Sec. 06.05.280. Fees connected with obtaining mortgage loans. - (a) [Repealed, § 102 ch 26 SLA 1993.] (b) [Repealed,...

Article 4. Organization, Incorporation, Certification, Capital Structure, and General Powers, Limitations, and Requirements.

Sec. 06.05.301. Applicability of corporations code. - (a) Except for national banks with a principal place of...

Sec. 06.05.305. Capital structure. - (a) A corporation may not commence and operate a banking...

Sec. 06.05.307. Capital notes or debentures. - (a) A bank organized under the laws of this state...

Sec. 06.05.310. Correction of impairment of capital. - If the department determines that the order is necessary for...

Sec. 06.05.320. Bank purchases of own shares. - Except in accordance with written approval of the department, a...

Sec. 06.05.327. Change in outstanding voting shares. - Before a change may occur in the outstanding voting shares...

Sec. 06.05.340. Certain remuneration prohibited. - A bank may not pay directly or indirectly a fee,...

Sec. 06.05.342. Subscriptions for shares. - (a) Subscription agreements and accompanying prospectuses or offering circulars, whether...

Sec. 06.05.344. Application for approval of state bank. - (a) Before the department issues a certificate of incorporation under...

Sec. 06.05.345. Articles of incorporation. - (a) In addition to those items required under AS 10.06.208,...

Sec. 06.05.350. Certificate of authority. - (a) At any time after receiving a certificate of incorporation,...

Sec. 06.05.355. Deposit insurance required. - (a) The department shall require a state bank, at the...

Sec. 06.05.385. Organizational meeting; bylaws. - (a) A state bank may not call an organizational meeting...

Sec. 06.05.399. Changes of location; branch banks. - A state bank may apply for and establish a branch...

Sec. 06.05.426. Automated teller machines. - (a) A state bank may establish, maintain, and operate an...

Article 5. Conduct of Corporate Affairs.

Sec. 06.05.435. Directors. - (a) The affairs of every bank incorporated under this chapter...

Sec. 06.05.437. Officers. - (a) The officers of a bank shall be chosen by...

Sec. 06.05.438. Directors, meetings, and duties. - (a) The board of directors of each bank shall hold...

Sec. 06.05.440. Authority to declare dividends. - The directors of a bank transacting business in the state...

Sec. 06.05.441. Conditions precedent to dividend declaration and payment. - (a) Before a bank dividend is declared or the net...

Sec. 06.05.442. Excess losses; restoration of surplus; payment of dividends. - A loss sustained by a bank in excess of its...

Sec. 06.05.445. Net undivided profits and dividends. - (a) A bank may not declare or pay a dividend...

Sec. 06.05.450. Shareholders list. - Each bank shall keep a record of the name and...

Sec. 06.05.462. Conversions, mergers, and consolidations. - (a) A national bank located in the state may convert...

Article 6. Dissolution, Reorganization, Liquidation, and Department Possession.

Sec. 06.05.466. Dissolution before commencement of business. - If the department discovers, after it approves the articles of...

Sec. 06.05.468. Department takeover. - (a) A state bank may be closed and the department...

Sec. 06.05.470. Department in possession. - (a) [Repealed, § 102 ch 26 SLA 1993.] (b) When...

Sec. 06.05.471. Reorganization. - (a) If the department decides to reorganize a state bank,...

Sec. 06.05.472. Liquidation. - (a) In liquidating a state bank, the department may exercise...

Sec. 06.05.473. Claims. - (a) As soon as practical after beginning the liquidation of...

Sec. 06.05.474. Federal Deposit Insurance Corporation as receiver or liquidator. - The department may appoint the Federal Deposit Insurance Corporation as...

Article 7. International and Interstate Banks and Out-of-State Bank Holding Companies and Depository Institutions; Relationship with In-State Depository Institutions.

Sec. 06.05.548. Concentration of deposits. - (a) Unless expressly otherwise allowed under this title, an acquisition,...

Sec. 06.05.550. Authority of international bank, interstate state bank, or interstate national bank to branch. - (a) An international bank, an interstate state bank, or an...

Sec. 06.05.555. Certificate of authority for interstate state bank and international bank branching. - (a) Before acquiring a branch bank under AS 06.05.550(a) or...

Sec. 06.05.557. Notice filing for interstate national banks. - An interstate national bank acquiring a branch in this state...

Sec. 06.05.560. Asset requirements for international banks. - (a) An international bank that operates one or more branch...

Sec. 06.05.565. Applicability of title to interstate state banks, interstate national banks, international banks, and bank holding companies. - (a) An interstate state bank or international bank operating a...

Sec. 06.05.570. Out-of-state bank holding companies. - (a) An out-of-state bank holding company may acquire and own...

Article 8. General Provisions.

Sec. 06.05.900. Copies of records for child support purposes. - If a copy of a record concerning an individual who...

Sec. 06.05.910. Construction with subsequent legislation. - No part of this chapter shall be considered to be...

Sec. 06.05.990. Definitions. - In this chapter, unless the context otherwise requires, (1) “automated...

Sec. 06.05.995. Short title. - This chapter may be cited as the Alaska Banking Code.

Chapter 15. Mutual Savings Bank Act

Article 1. Formation and Management of Mutual Banks.

Sec. 06.15.010. Declaration of policy. - In providing authority for the establishment of mutual savings banks...

Sec. 06.15.020. Chartering of mutual banks. - Upon written application by five signatories from among not less...

Sec. 06.15.030. Issuance of charter. - A charter shall be issued if the department finds that...

Sec. 06.15.040. Qualification of corporators. - (a) Each corporator shall be an individual, not of unsound...

Sec. 06.15.050. Corporators. - At their organizational meeting, the corporators shall adopt rules governing...

Sec. 06.15.060. Trustees. - The corporators shall elect a board of trustees from among...

Sec. 06.15.070. Terms of trustees. - The corporators shall, by a majority vote of those present...

Sec. 06.15.080. Management and control of mutual bank; bylaws. - The management and control of the affairs of a mutual...

Sec. 06.15.090. Failure to attend meetings. - The office of a trustee becomes vacant if the trustee...

Sec. 06.15.100. Prohibited conduct of trustees. - A trustee may not (1) receive remuneration as trustee except...

Sec. 06.15.105. Trustee borrowing. - A person may borrow money from the mutual bank for...

Sec. 06.15.110. Trustee as officer or attorney. - Nothing contained in AS 06.15.100 prohibits or limits any right...

Sec. 06.15.120. Exceptions. - Upon application by a mutual bank, an exception may be...

Sec. 06.15.130. Deposit of funds. - A mutual bank may not deposit any of its funds...

Sec. 06.15.140. Commencement of operation. - (a) A mutual bank may not begin operation until the...

Article 2. Banking Practices.

Sec. 06.15.180. Borrowing. - The aggregate amount of outstanding liabilities of a mutual bank...

Sec. 06.15.190. Deposits. - A mutual bank may accept deposits to be held solely...

Sec. 06.15.210. Right to reject, repay, and classify deposits. - A mutual bank may (1) reject any sums offered for...

Sec. 06.15.220. Interest on deposits. - A mutual bank may pay interest on deposits from net...

Sec. 06.15.240. Investments authorized. - (a) In addition to loans and acquisitions expressly authorized by...

Sec. 06.15.250. Investment in first mortgages. - Subject to the provisions of this chapter and the regulations...

Sec. 06.15.260. Investment in bankers' acceptances. - Subject to the provisions of this chapter and regulations under...

Sec. 06.15.270. Investment in corporate securities. - (a) Subject to the provisions of this chapter and regulations...

Sec. 06.15.280. Investment in promissory notes. - Subject to the provisions of this chapter and regulations under...

Article 3. Branches, Conversion, Merger, and Consolidation.

Sec. 06.15.290. Changes of location; branch banks. - A mutual bank may apply for and establish a branch...

Sec. 06.15.300. Conversion of thrift institution to mutual bank. - Any thrift institution other than a mutual bank may, with...

Sec. 06.15.310. Conversion of mutual bank to thrift institution. - A mutual bank may, with the approval of the regulatory...

Sec. 06.15.320. Merger and consolidation of mutual banks. - Two or more mutual banks may, with the approval of...

Sec. 06.15.330. Condition of department approval. - Before approving a merger or consolidation the department shall give...

Sec. 06.15.340. Transfer and exercise of rights. - All rights, franchises, and property interests of the merged or...

Article 4. General Powers of Mutual Banks.

Sec. 06.15.350. General powers. - A mutual bank (1) shall have indefinite succession; (2) may...

Sec. 06.15.360. Additional powers. - The enumeration of powers in AS 06.15.350 does not exclude...

Article 5. General Provisions.

Sec. 06.15.370. Definitions. - In this chapter, (1) “conventional loan” means a loan secured...

Sec. 06.15.380. Short title. - This chapter may be cited as the Mutual Savings Bank...

Chapter 20. Alaska Small Loans Act

Article 1. Licensing.

Sec. 06.20.010. License required. - (a) A person may not engage in the business of...

Sec. 06.20.020. Application for license; disclosure for child support purposes. - (a) Application for a license shall be in writing under...

Sec. 06.20.030. Fees and charges. - (a) Investigation expenses incurred by the department in processing an...

Sec. 06.20.040. Liquid assets required. - An applicant shall prove, in form satisfactory to the department,...

Sec. 06.20.050. Bond. - The applicant shall file with the application a bond to...

Sec. 06.20.060. Issuance of license. - Upon the filing of the application, the payment of the...

Sec. 06.20.070. Form, posting, and transfer of license. - The license must state the address at which the business...

Sec. 06.20.080. Additional bond. - If at any time the department finds that the bond...

Sec. 06.20.090. Places of business. - (a) A licensee may maintain only one place of business...

Sec. 06.20.100. New bond. - On or before December 20 of each year, each licensee...

Article 2. Revocation, Suspension, Surrender, and Reinstatement of Licenses.

Sec. 06.20.110. Grounds for revocation of license. - The department shall, under the Administrative Procedure Act (AS 44.62),...

Sec. 06.20.120. Revocation or suspension where licensee has branches. - Where a licensee holds more than one license, the department...

Sec. 06.20.130. Surrender. - A licensee may surrender a license by delivering written notice...

Sec. 06.20.140. Effect of revocation, suspension, or surrender. - A revocation, suspension, or surrender of a license does not...

Sec. 06.20.150. Status of license; reinstatement. - Every license remains in force and effect until it is...

Article 3. Inspections, Examinations, Records, and Reports.

Sec. 06.20.160. Inspection and examination of licensees. - For the purpose of discovering violations of this chapter or...

Sec. 06.20.170. Periodic examination. - The department shall examine the affairs, business, office, and records...

Sec. 06.20.180. Books and records of licensees. - Each licensee shall keep and use in the licensed premises...

Sec. 06.20.190. Annual reports of licensees. - Each licensee shall, on or before March 15 of each...

Article 4. Business Practices.

Sec. 06.20.200. Advertising of misleading statements prohibited. - (a) A person may not advertise, print, display, publish, distribute,...

Sec. 06.20.210. Use of premises restricted. - A licensee may not conduct the business of making loans...

Sec. 06.20.220. Transactions limited to licensed premises. - A licensee may not transact business or make any loan...

Sec. 06.20.230. Maximum interest permitted. - (a) A licensee may lend any sum of money not...

Sec. 06.20.240. Loans for purpose of obtaining higher interest. - A licensee may not induce or permit a person, or...

Sec. 06.20.250. Payments and interest. - (a) Interest may not be paid, deducted, or received in...

Sec. 06.20.260. Charges prohibited. - (a) A further or other charge or amount for an...

Sec. 06.20.270. Requirements for making and payment of loans. - Except as provided in AS 06.20.285 for open-end loans, every...

Sec. 06.20.280. Maximum charge by licensee. - A licensee may not directly or indirectly charge, contract for,...

Sec. 06.20.285. Open-end loans. - (a) A licensee may make open-end loans not exceeding an...

Sec. 06.20.287. Insurance on open-end loans. - (a) A licensee may obtain consumer credit, credit loss of...

Sec. 06.20.290. Purchase of wages or other compensation for $25,000 or less. - For purposes of this chapter, the payment of $25,000 or...

Sec. 06.20.300. Maximum charges by nonlicensee on loans. - (a) Except as authorized in this chapter, a person may...

Article 5. General Provisions.

Sec. 06.20.310. Effect of illegal interest rate. - A loan of the amount or value of $25,000 or...

Sec. 06.20.320. Civil penalties. - (a) A licensee or lender who, in the making or...

Sec. 06.20.330. Exemptions. - (a) [Repealed, § 55 ch 75 SLA 2002.] (b) This...

Sec. 06.20.340. Regulations, rulings, demands, and findings; service of notice. - (a) The department may adopt general regulations and make specific...

Sec. 06.20.350. Amendment or repeal of chapter. - This chapter may be modified, amended, or repealed so as...

Sec. 06.20.900. Definitions. - In this chapter, unless the context otherwise requires, (1) “commissioner”...

Sec. 06.20.920. Short title. - This chapter may be cited as the Alaska Small Loans...

Chapter 26. Revised Alaska Trust Company Act

Article 1. General Authority.

Sec. 06.26.010. Persons authorized to act as fiduciaries. - (a) Notwithstanding other provisions of law and except as provided...

Sec. 06.26.020. Exemptions. - (a) Notwithstanding any other provision of this chapter, a person...

Sec. 06.26.030. Location of operation. - (a) A trust company may act as a fiduciary in...

Article 2. Name, Powers, Organization, and Capitalization.

Sec. 06.26.040. Name of trust company. - (a) A person may not use the words “trust” or...

Sec. 06.26.050. Powers of trust company. - (a) A trust company may perform any act as a...

Sec. 06.26.060. Organizers. - One or more persons may organize a trust company.

Sec. 06.26.070. Incorporation. - (a) A trust company shall be incorporated under AS 10.06....

Sec. 06.26.080. Amendment of articles or bylaws. - (a) A trust company may amend its articles of incorporation...

Sec. 06.26.085. Certificate of authority required. - A person may not act as a trust company until...

Sec. 06.26.090. Application for certificate of authority. - (a) An application for a certificate of authority shall be...

Sec. 06.26.100. Department notices regarding application. - (a) The department shall notify the organizers of a proposed...

Sec. 06.26.110. Issuance of certificate of authority; required operation. - (a) The department may not deliver a certificate of authority...

Sec. 06.26.120. Required capital; change in outstanding capital and surplus. - (a) A trust company may not act as a fiduciary...

Sec. 06.26.130. Capital notes or debentures. - (a) A trust company may, with the written consent of...

Sec. 06.26.140. Cumulative voting. - Shareholders may not use cumulative voting in the election of...

Article 3. Operation of Offices.

Sec. 06.26.150. Trust company home office. - (a) A trust company shall continuously maintain in this state...

Sec. 06.26.160. Trust company branch offices. - (a) A trust company may establish branch offices anywhere in...

Sec. 06.26.170. Trust company representative offices. - (a) A trust company may establish or acquire representative trust...

Sec. 06.26.180. Offices outside the state. - (a) With the prior written approval of the department, a...

Sec. 06.26.190. Hours of operation. - (a) A trust company and an interstate state trust company...

Article 4. Private Trust Companies.

Sec. 06.26.200. Private trust companies. - (a) Unless the department expressly in writing exempts the person...

Sec. 06.26.210. Requirements to apply for and maintain status as a private trust company. - (a) To obtain an exemption under AS 06.26.200, a person...

Sec. 06.26.220. Transfer of control. - Control of an exempt private trust company may not be...

Sec. 06.26.230. Revocation of exemption. - (a) The department may revoke an exemption under AS 06.26.200...

Sec. 06.26.240. Conversion to trust company. - (a) A private trust company may not offer fiduciary services...

Sec. 06.26.245. Trust company authority. - The provisions of AS 06.26.200 - 06.26.240 may not be...

Article 5. Investments, Loans, and Deposits.

Sec. 06.26.250. Regulations on investments. - The department may adopt regulations to establish limits, requirements, or...

Sec. 06.26.260. Pledge of assets. - (a) A trust company may not pledge or create a...

Article 6. Trust Assets.

Sec. 06.26.370. Deposits of trust assets. - (a) A trust company may deposit trust money or other...

Sec. 06.26.380. Common investment funds. - Subject to regulations adopted by the department, a trust company...

Sec. 06.26.390. Fee determination; investment and management costs. - (a) A trust company shall deal at arm's length with...

Sec. 06.26.400. Disclosure of conflicts of interest. - Before accepting appointment as a trustee, a trust company shall...

Sec. 06.26.410. Requirements for handling trust assets. - A trust company, its representatives, and its appointees shall observe...

Article 7. Ownership.

Sec. 06.26.450. Acquisition of control. - (a) Except as expressly otherwise permitted under this chapter, a...

Sec. 06.26.460. Application for acquisition of control. - (a) A proposed transferee seeking approval under AS 06.26.450 to...

Sec. 06.26.470. Decision on application for acquisition of control. - (a) The department shall approve or deny an application for...

Sec. 06.26.480. Objection to other transfer. - AS 06.26.450 - 06.26.480 may not be construed to prevent...

Article 8. Governance.

Sec. 06.26.500. Voting securities held as trust assets. - (a) Voting securities of a trust company held by the...

Sec. 06.26.510. Board of directors. - (a) The board of directors of a trust company shall...

Sec. 06.26.520. Board meetings and review of reports. - (a) The board of directors of a trust company shall...

Sec. 06.26.530. Officers. - (a) The board shall annually appoint the officers of the...

Sec. 06.26.540. Prohibition of certain action by officer or employee. - Unless expressly authorized by a resolution of the board recorded...

Sec. 06.26.550. Trust committee. - (a) The board may appoint a trust committee to act...

Sec. 06.26.560. Prohibited acts. - (a) A director, an officer, an employee, or a shareholder...

Sec. 06.26.570. Transactions with management and affiliates. - (a) Without the prior approval of a disinterested majority of...

Sec. 06.26.580. Trust asset transactions involving certain securities, assets, or information. - (a) Except as provided in this chapter, or as authorized...

Sec. 06.26.585. Policies and procedures. - A trust company shall adopt written policies and procedures regarding...

Sec. 06.26.590. Fiduciary responsibility. - The board of a trust company is responsible for the...

Sec. 06.26.600. Trust account record keeping. - A trust company shall keep its trust assets records separate...

Sec. 06.26.610. Customer records confidential. - (a) The trust company records relating to customers are confidential...

Sec. 06.26.620. Insurance; bonds. - (a) The board of directors of a trust company shall...

Sec. 06.26.630. Reports of apparent crime. - (a) A trust company that is the victim of a...

Article 9. Organic Change.

Sec. 06.26.650. General provisions for conversions, mergers, and consolidations. - (a) A national bank whose main office is located in...

Sec. 06.26.660. Merger or consolidation. - (a) To merge or consolidate under AS 06.26.650, the merging...

Sec. 06.26.670. Rights of dissenters. - In addition to the dissenter's rights under AS 10.06 for...

Sec. 06.26.680. Authority to purchase assets of another trust company. - (a) A trust company with the prior written approval of...

Sec. 06.26.690. Authority to act as disbursing agent. - A purchasing trust company may hold the purchase price and...

Sec. 06.26.700. Liquidation of selling trust company. - If a selling trust company is at any time after...

Sec. 06.26.710. Payment to creditors. - A purchasing trust company may pay a creditor of the...

Sec. 06.26.720. Sale of assets. - (a) The board of a trust company, with the department's...

Article 10. Dissolution and Liquidation.

Sec. 06.26.730. Voluntary liquidation. - (a) Without department approval, a trust company may not cease...

Sec. 06.26.740. Revocation. - (a) If the department determines that any of the following...

Sec. 06.26.750. Authority to take possession. - If the department revokes a trust company's certificate of authority...

Sec. 06.26.760. Department in possession. - (a) When the department has taken possession of a trust...

Sec. 06.26.770. Reorganization. - (a) If the department decides to reorganize a trust company,...

Sec. 06.26.780. Involuntary liquidation powers. - (a) When liquidating a trust company, the department may exercise...

Sec. 06.26.790. Claims. - (a) As soon as practical after beginning the liquidation of...

Sec. 06.26.800. Federal Deposit Insurance Corporation as receiver or liquidator. - The department may appoint the Federal Deposit Insurance Corporation or...

Article 11. Interstate State Trust Company, Interstate National Trust Company, and International Trust Company Offices.

Sec. 06.26.810. Fiduciary operations at a branch or trust office. - (a) An interstate state trust company, interstate national trust company,...

Sec. 06.26.820. Establishing or acquiring a trust office. - If an interstate state trust company, interstate national trust company,...

Sec. 06.26.830. Requirement of notice. - To establish a new trust office or acquire a trust...

Sec. 06.26.840. Conditions for approval. - (a) An interstate state trust company or international trust company...

Sec. 06.26.850. Representative office business; registration. - (a) An interstate state trust company, interstate national trust company,...

Sec. 06.26.860. Additional trust offices. - If an interstate state trust company or international trust company...

Sec. 06.26.870. Examinations; periodic reports; cooperative agreements; assessment of fees. - (a) When the department considers it necessary to protect the...

Sec. 06.26.880. Enforcement. - (a) Consistent with AS 06.01.030 and regulations adopted by the...

Sec. 06.26.890. Notice of subsequent merger, consolidation, or closing. - If an interstate state trust company, interstate national trust company,...

Sec. 06.26.895. Definitions. - In AS 06.26.810 - 06.26.895, (1) “international trust company” means...

Article 12. Miscellaneous Provisions.

Sec. 06.26.900. Powers of department. - The department may (1) exercise general supervision over trust companies,...

Sec. 06.26.905. Cooperative agreements. - (a) The department may enter into cooperative, coordinating, or information-sharing...

Sec. 06.26.910. Appeals. - (a) A person may appeal to the department (1) a...

Sec. 06.26.920. Civil enforcement. - The department may bring any appropriate civil court action against...

Sec. 06.26.930. Trust company reports to the department; publication of reports. - (a) A trust company shall make at least four reports...

Sec. 06.26.940. Remedy of person damaged by violation. - In addition to any other remedies available under law to...

Sec. 06.26.950. Limitation on powers. - This chapter does not allow a trust company to engage...

Article 13. General Provisions.

Sec. 06.26.960. Application of laws relating to general business corporations. - (a) Unless expressly authorized by this chapter, a trust company...

Sec. 06.26.990. Definitions. - (a) In this chapter, unless the context otherwise requires, (1)...

Sec. 06.26.995. Short title. - This chapter may be cited as the Revised Alaska Trust...

Chapter 35. Uniform Common Trust Fund Act

Sec. 06.35.010. Common trust funds. - (a) A bank or trust company that is qualified to...

Sec. 06.35.020. Accounting to court. - Unless ordered by a court of competent jurisdiction, a bank...

Sec. 06.35.030. Procedure for accounting to court. - When an accounting of a common trust fund is presented...

Sec. 06.35.040. Uniformity of interpretation. - This chapter shall be so interpreted and construed as to...

Sec. 06.35.050. Short title. - This chapter may be cited as the Uniform Common Trust...

Chapter 40. Premium Financing Act

Article 1. Licensing.

Sec. 06.40.010. License required. - Except as provided in AS 06.40.020, a person may not...

Sec. 06.40.020. Applicability. - This chapter does not apply to (1) an insurer authorized...

Sec. 06.40.030. Bond. - (a) The applicant shall file with the application a bond...

Sec. 06.40.040. Annual license fee. - On or before December 20 of each year, each licensee...

Sec. 06.40.050. Application for license; fee; disclosure for child support purposes; interrogatories; refusal to issue or continue license. - (a) Application for a license under this chapter shall be...

Sec. 06.40.060. Place of business. - (a) A licensee may maintain only one place of business...

Sec. 06.40.070. Investigation; qualifications for license. - (a) Upon the filing of an application and payment of...

Sec. 06.40.080. Revocation or suspension of license. - The commissioner may revoke or suspend the license of any...

Article 2. Operations.

Sec. 06.40.090. Misleading statements prohibited; disclosure of interest rate. - (a) A person may not advertise, print, display, publish, distribute,...

Sec. 06.40.100. Record keeping; examination of records; report. - (a) A licensee shall maintain records of its premium finance...

Sec. 06.40.110. Contents of premium finance agreement; deficiency balances. - (a) A premium finance agreement must (1) be dated, signed...

Sec. 06.40.120. Service charge; interest rate; prepayment. - (a) A premium finance company may not charge, contract for,...

Sec. 06.40.130. Delinquency charge; separate financing. - (a) A premium finance agreement may provide for the payment...

Sec. 06.40.140. Cancellation of policy. - (a) When a premium finance agreement contains a power of...

Sec. 06.40.150. Return of unearned premiums. - (a) If a financed insurance policy is cancelled, and provided...

Article 3. General Provisions.

Sec. 06.40.160. Consequences of violations. - (a) A lender who, in the making of any contract,...

Sec. 06.40.170. Filing not required to perfect validity of agreement. - A filing under AS 45.29 of the premium finance agreement...

Sec. 06.40.180. Regulations, orders. - The commissioner shall adopt regulations necessary to carry out this...

Sec. 06.40.190. Definitions. - In this chapter, unless the context otherwise requires, (1) “commissioner”...

Chapter 45. Alaska Credit Union Act

Sec. 06.45.010. Responsibility of commissioner. - (a) The commissioner shall administer this chapter. (b) The commissioner...

Sec. 06.45.020. Formation of credit union. - (a) Seven or more natural persons who desire to form...

Sec. 06.45.030. Approval of articles of incorporation and issuance of certificate of authority. - (a) The articles of incorporation shall be presented to the...

Sec. 06.45.040. Fees. - (a) The commissioner shall assess a credit union a fee...

Sec. 06.45.050. Reports and examinations. - A credit union organized under this chapter is under the...

Sec. 06.45.060. Powers of a credit union; remedy for interest violations. - (a) A credit union has succession in its corporate name...

Sec. 06.45.070. Membership. - Credit union membership consists of the incorporators and other persons...

Sec. 06.45.080. Meetings of members. - The fiscal year of a credit union ends December 31....

Sec. 06.45.090. Management of credit union. - (a) The business affairs of a credit union are managed...

Sec. 06.45.100. Compensation. - A member of the board of directors or of the...

Sec. 06.45.110. Executive officers. - (a) At its first meeting after the annual meeting of...

Sec. 06.45.120. Board of directors. - (a) The board of directors shall meet at least once...

Sec. 06.45.130. Applications for membership. - (a) The board of directors shall establish procedures for the...

Sec. 06.45.140. Powers and duties of credit committee. - (a) The credit committee shall hold meetings to consider applications...

Sec. 06.45.150. Loan restriction. - A loan may not be made to a member if,...

Sec. 06.45.160. Security. - For the purposes of loans made under this chapter, an...

Sec. 06.45.170. Powers and duties of supervisory committee; suspension of committee members. - (a) The supervisory committee shall conduct an annual audit of...

Sec. 06.45.180. Reserves. - (a) At the end of each accounting period the gross...

Sec. 06.45.190. Dividends. - At intervals as the board of directors may authorize and...

Sec. 06.45.200. Expulsion and withdrawal of members. - A member may be expelled by a two-thirds vote of...

Sec. 06.45.210. Minors or trusts. - Shares of a credit union may be issued in the...

Sec. 06.45.220. Suspension, conditional operation, and liquidation. - (a) The commissioner, upon a finding that the credit union...

Sec. 06.45.230. Exemption from taxation. - A credit union organized under this chapter, its property, franchises,...

Sec. 06.45.240. Conversions. - (a) A federal credit union may convert into a credit...

Sec. 06.45.250. Insurance of member accounts. - A credit union organized under this chapter shall, under regulations...

Sec. 06.45.260. Liquidity facility participation. - A credit union organized under this chapter may, under regulations...

Sec. 06.45.270. Conflict of interest. - (a) A member of the board of directors or a...

Sec. 06.45.280. Merger. - (a) A credit union may merge with another credit union...

Sec. 06.45.290. Branch offices. - A credit union may establish a branch office under regulations...

Sec. 06.45.295. Automated teller machines. - (a) A state credit union may establish, maintain, and operate...

Sec. 06.45.300. Unauthorized conduct of credit union business. - It is a class A misdemeanor for a natural person...

Sec. 06.45.310. Transfer of credit union's property to preferred creditor is void. - The transfer of property, money, or assets by a credit...

Sec. 06.45.340. Limitations on credit unions. - A credit union may not acquire control directly or indirectly...

Sec. 06.45.400. Definitions. - In this chapter, (1) “commissioner” means the commissioner of commerce,...

Chapter 50. Deferred Deposit Advances

Article 1. Licensing.

Sec. 06.50.010. License required. - A person, including a person doing business from outside this...

Sec. 06.50.020. Qualifications for license. - (a) To qualify for a license, an applicant shall (1)...

Sec. 06.50.030. Application. - (a) An application for a license must be in writing...

Sec. 06.50.040. Bond. - (a) An applicant for a license shall file with the...

Sec. 06.50.050. Investigation by department. - Within 60 days after an applicant files a completed application,...

Sec. 06.50.060. Conditions precedent to license. - The requirements of AS 06.50.030 - 06.50.050 are conditions precedent...

Sec. 06.50.070. Duration of license. - A license issued under this chapter is valid for two...

Sec. 06.50.080. Renewal of license. - A license issued under this chapter shall be renewed on...

Sec. 06.50.090. Denial of license or renewal. - (a) If the department determines that an applicant is not...

Article 2. License Transfer, Assignment, Control, and Change.

Sec. 06.50.200. Transfer or assignment. - Except for the transfer of a license to a new...

Sec. 06.50.210. Change in control. - The prior written approval of the department is required for...

Sec. 06.50.220. Change in location or name. - A licensee shall notify the department in writing at least...

Sec. 06.50.230. Conduct of other business. - A licensee may conduct other business at a location where...

Article 3. Department Supervision.

Sec. 06.50.300. Suspension or revocation of license. - (a) The department may suspend or revoke a license under...

Sec. 06.50.310. Reports to department. - (a) On or before March 15 of each year, a...

Sec. 06.50.320. Records. - (a) A licensee shall maintain all records relating to this...

Sec. 06.50.330. Examinations and investigations. - (a) The department shall examine the business records of a...

Article 4. Licensee Practices and Recipient Rescission and Payment.

Sec. 06.50.400. Advance agreement. - (a) An advance shall be documented in a written agreement...

Sec. 06.50.410. Maximum amount of advances. - A licensee, including a licensee with more than one location,...

Sec. 06.50.420. Prohibition on dividing advance amount or increasing number of advances. - A licensee may not induce or permit an advance recipient...

Sec. 06.50.430. Prohibition on collateral and services. - The licensee may not accept collateral or services as security...

Sec. 06.50.440. Duration of advances. - The minimum duration of an advance is 14 days.

Sec. 06.50.450. Prohibition on advances on behalf of another. - A licensee may not make an advance to a person...

Sec. 06.50.460. Fees. - (a) Notwithstanding any other provision of law, except for the...

Sec. 06.50.470. Renewal of advance. - (a) The minimum term of a renewal of an advance...

Sec. 06.50.480. Rescission. - A person who receives an advance may rescind an advance...

Sec. 06.50.490. Prohibited arbitration requirement. - A licensee may not require a recipient to agree to...

Sec. 06.50.500. Posted fee notice. - A licensee shall post a notice in each business location...

Sec. 06.50.510. Required disclosures before disbursement. - (a) Before disbursing funds under an advance, a licensee shall...

Sec. 06.50.520. Payment by licensee. - (a) A licensee may give an advance recipient the amount...

Sec. 06.50.530. Payment by advance recipient. - (a) An advance recipient may repay an advance (1) in...

Sec. 06.50.540. Default fees. - If a payment received from an advance recipient is returned...

Sec. 06.50.550. Collection or court action after default. - (a) If an advance recipient defaults, before assigning the payment...

Sec. 06.50.560. Threat of criminal action prohibited. - A licensee may not threaten an advance recipient with criminal...

Article 5. Miscellaneous Provisions.

Sec. 06.50.600. Regulations. - The department may adopt regulations under AS 44.62 (Administrative Procedure...

Sec. 06.50.610. Relationship to federal and other state law. - (a) If a provision of this chapter is preempted by...

Article 6. General Provisions.

Sec. 06.50.900. Definitions. - In this chapter, unless the context requires otherwise, (1) “advance”...

Chapter 55. Alaska Uniform Money Services Act

Article 1. Money Transmission Licenses.

Sec. 06.55.101. License required. - (a) A person may not engage in the business of...

Sec. 06.55.102. Application for license. - (a) A person applying for a money transmission license shall...

Sec. 06.55.103. Approval to engage in money transmission when licensed in another state. - (a) A person who is licensed to engage in money...

Sec. 06.55.104. Security. - (a) Except as otherwise provided in (b) of this section,...

Sec. 06.55.105. Issuance of license. - (a) When an application is filed under AS 06.55.102, the...

Sec. 06.55.106. Renewal of license. - (a) A money transmission licensee shall pay an annual renewal...

Sec. 06.55.107. Net worth. - A money transmission licensee shall maintain a net worth of...

Article 2. Currency Exchange Licenses.

Sec. 06.55.201. License required. - (a) A person may not engage in currency exchange or...

Sec. 06.55.202. Application for license. - (a) A person applying for a currency exchange license under...

Sec. 06.55.203. Issuance of license. - (a) When an application for a currency exchange license is...

Sec. 06.55.204. Renewal of license. - (a) A currency exchange licensee shall pay a biennial renewal...

Article 3. Authorized Delegates.

Sec. 06.55.301. Relationship between licensee and authorized delegate. - (a) A contract between a money services licensee and an...

Sec. 06.55.302. Unauthorized activities. - A person may not act as an authorized delegate for,...

Article 4. Examinations, Reports, Records.

Sec. 06.55.401. Authority to conduct examinations. - (a) The department may conduct an annual examination of a...

Sec. 06.55.402. Cooperation. - The department may consult and cooperate with other state money...

Sec. 06.55.403. Reports. - (a) A money services licensee shall file with the department...

Sec. 06.55.404. Change of control. - (a) A money services licensee shall (1) give the department...

Sec. 06.55.405. Records. - (a) A money services licensee shall maintain the following records...

Sec. 06.55.406. Money laundering reports. - (a) A money services licensee and an authorized delegate shall...

Sec. 06.55.407. Confidentiality. - (a) Except as otherwise provided in (b) of this section,...

Article 5. Permissible Investments.

Sec. 06.55.501. Maintenance of permissible investments. - (a) A money services licensee shall maintain at all times...

Sec. 06.55.502. Types of permissible investments. - (a) Except to the extent otherwise limited by the department...

Article 6. Enforcement.

Sec. 06.55.601. Suspension and revocation; receivership. - (a) The department may suspend or revoke a money services...

Sec. 06.55.602. Suspension and revocation of authorized delegates. - (a) The department may issue an order suspending or revoking...

Sec. 06.55.603. Orders to cease and desist. - (a) If the department determines that a violation of this...

Sec. 06.55.604. Consent orders. - The department may enter into a consent order at any...

Sec. 06.55.605. Civil penalties. - The department may assess a civil penalty against a person...

Sec. 06.55.606. Criminal penalties. - (a) A person who intentionally makes a false statement, misrepresentation,...

Sec. 06.55.607. Unlicensed persons. - (a) If the department has reason to believe that a...

Article 7. Administrative Procedures.

Sec. 06.55.701. Administrative proceedings. - All administrative proceedings under this chapter shall be conducted under...

Sec. 06.55.702. Hearings. - (a) Except as otherwise provided in AS 06.55.603 and 06.55.607...

Sec. 06.55.703. Investigative powers. - (a) In its investigations under this chapter, the department may...

Article 8. Miscellaneous Provisions.

Sec. 06.55.801. Uniformity of application and construction. - In applying and construing this chapter, consideration shall be given...

Sec. 06.55.802. Exclusions. - This chapter does not apply to (1) the United States...

Sec. 06.55.810. Notices required. - (a) A money services licensee shall display a sign at...

Sec. 06.55.820. Transmission. - Within 10 business days after receiving the money or equivalent...

Sec. 06.55.830. Receipt. - (a) A money transmission licensee who receives money or equivalent...

Sec. 06.55.840. Refunds. - Within 10 days after receiving a written request for a...

Sec. 06.55.850. Establishment of fees and other charges. - (a) The department shall adopt regulations that establish the amount...

Sec. 06.55.890. Definitions. - In AS 06.55.820 - 06.55.840, (1) “fees” does not include...

Article 9. General Provisions.

Sec. 06.55.990. Definitions. - In this chapter, unless the context indicates otherwise, (1) “authorized...

Sec. 06.55.995. Short title. - This chapter may be cited as the Alaska Uniform Money...

Chapter 60. Mortgage Licensing

Article 1. Licensing.

Sec. 06.60.010. Mortgage lender or mortgage broker license required. - (a) Unless exempt under AS 06.60.015, a person may not...

Sec. 06.60.012. Mortgage loan originator license required. - (a) Unless exempt under AS 06.60.015, an individual may not...

Sec. 06.60.013. Loan processors or underwriters. - (a) A loan processor or underwriter who is an independent...

Sec. 06.60.014. Registered depository institutions. - (a) A depository institution may sponsor a mortgage loan originator...

Sec. 06.60.015. Exemptions. - (a) The following persons are exempt from the mortgage lender...

Sec. 06.60.016. Registry. - (a) The department may participate in the registry and pay...

Sec. 06.60.020. Application for license. - (a) An application for a license under this chapter must...

Sec. 06.60.026. Transfer of mortgage loan originator license. - A person who holds a mortgage loan originator license may...

Sec. 06.60.027. Background checks. - (a) To apply for a mortgage loan originator license or...

Sec. 06.60.030. Investigation. - The department shall investigate an applicant for a license to...

Sec. 06.60.035. Fees and expenses. - (a) When an applicant submits an application for a license...

Sec. 06.60.038. Prelicensing and relicensing education of mortgage loan originators. - (a) Before being licensed as a mortgage loan originator, an...

Sec. 06.60.040. Testing of mortgage loan originators. - (a) Before being licensed as a mortgage loan originator, an...

Sec. 06.60.045. Bonding. - (a) An applicant for a mortgage license shall file with...

Sec. 06.60.050. Decision on application. - (a) Within 30 days after the date the department determines...

Sec. 06.60.060. Determinations before licensing. - Before granting a license under this chapter, the department shall...

Sec. 06.60.077. Authority to issue provisional license. - (a) Subject to (b) of this section, the department may...

Article 2. License Duration, Renewal, Inactivity, and Surrender.

Sec. 06.60.080. Duration of license. - Except for a provisional license issued under AS 06.60.077, a...

Sec. 06.60.085. Renewal of license. - (a) If a licensee intends to renew a license, the...

Sec. 06.60.087. Standards for license renewal. - (a) After a licensee complies with AS 06.60.085, the department...

Sec. 06.60.090. Inactive license. - (a) A license may become inactive under this section. (b)...

Sec. 06.60.095. Reactivation of inactive license. - (a) A person who has an inactive license certificate under...

Sec. 06.60.097. Surrender of license. - (a) A licensee may surrender a license issued to the...

Article 3. Licensee Obligations.

Sec. 06.60.100. Annual report. - (a) Annually, on or before a date established by the...

Sec. 06.60.110. Location of business. - A mortgage licensee may not maintain the mortgage licensee's principal...

Sec. 06.60.112. Branch office application. - A mortgage licensee shall submit an application to register a...

Sec. 06.60.115. Change of place of business. - If a mortgage licensee wishes to change the mortgage licensee's...

Sec. 06.60.120. Transfer of business. - A mortgage licensee may only transfer or assign the licensee's...

Sec. 06.60.130. Change in business control or business operations. - (a) The prior approval of the department that is made...

Sec. 06.60.135. Records of mortgage licensee. - (a) The requirements of this section apply to the business...

Sec. 06.60.140. Availability of out-of-state records. - A mortgage licensee who or registered depository institution that operates...

Sec. 06.60.155. Restriction on mortgage loan originator licensee's work. - A mortgage loan originator licensee may only work as a...

Sec. 06.60.157. Restrictions on mortgage licensee's performance of mortgage loan originator activities. - A mortgage licensee may not perform mortgage loan originator activities...

Sec. 06.60.159. Mortgage licensee's employment of, contract with, and liability for mortgage loan originator. - (a) A mortgage licensee may not employ or enter into...

Sec. 06.60.160. Continuing education requirements for mortgage loan originators. - (a) Each calendar year, a licensed mortgage loan originator shall...

Article 4. Discipline and Investigation.

Sec. 06.60.200. Disciplinary action. - (a) In addition to other disciplinary action allowed under this...

Sec. 06.60.210. Suspension, revocation, or renewal related to fund. - (a) When an award is made from the fund, the...

Sec. 06.60.230. Divestment. - If the department revokes a mortgage license, the mortgage licensee...

Sec. 06.60.240. Reinstatement. - The department may reinstate a suspended license if the licensee...

Sec. 06.60.250. Investigation and examination authority. - (a) For the purpose of initial licensing, license renewal, license...

Sec. 06.60.260. Revocation, removal, or suspension of mortgage loan originator licensee. - If the department finds that a mortgage loan originator licensee...

Sec. 06.60.270. Removal by entity. - A mortgage licensee shall remove a mortgage loan originator licensee...

Sec. 06.60.280. Department list. - The department shall make available to the public a list...

Sec. 06.60.290. Report to the registry. - Notwithstanding AS 06.01.025, the department shall regularly report violations of...

Article 5. Business Duties and Restrictions.

Sec. 06.60.320. False, misleading, or deceptive advertising prohibited. - A person may not advertise, print, display, publish, distribute, broadcast,...

Sec. 06.60.325. Display of unique identifier. - A person operating as a mortgage lender, mortgage broker, or...

Sec. 06.60.330. Compliance with federal requirements. - A person subject to this chapter shall conduct the person's...

Sec. 06.60.340. Prohibited activities. - A person who is required to be licensed under this...

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Alaska Statutes Title 6. Banks and Financial Institutions

Alaska Statutes
Title 6. Banks and Financial Institutions