Alaska Administrative Code

(a) Setting Hearings. When the department intends to issue or has issued an order directing a person to stop an act or practice considered by the department to be unsafe or unsound, or in violation of or likely to violate an order of the department, the provisions of AS 06, or re…

Notes 3 AAC 01.020 Eff. 4/4/79, Register 70; am 1/10/94, Register 129; am 3/29/2008, Register 185; repealed 12/27/2023, Register 248, January 2024 State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent vers…

Notes 3 AAC 01.030 Eff. 4/4/79, Register 70; repealed 1/10/94, Register 129 State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be a…

(a) The department will assess a state-chartered deposit institution a regulatory fee based on total assets shown in the December 31 and June 30 report of condition. The assessment will be collected semiannually and will be computed using the following schedule: (1) up to $20,000…

(a) A creditor may not communicate with a debtor regarding the collection of a debt without the prior written consent of the debtor or pursuant to an order by a court of competent jurisdiction (1) after written notification from an attorney representing the debtor that all furthe…

A creditor may not use any false, deceptive or misleading representation or means in connection with the collection of any debt, including but not limited to the following: (1) any false representation (A) that the lender is vouched for, bonded by, or affiliated with the United S…

(a) The records, reports, and correspondence files of the division with respect to financial institutions are not public documents, are not subject to subpoena, and are not open for inspection by the public. Neither the commissioner, the director, nor a member of their respective…

In this chapter, unless the context requires otherwise (1) "communicating" means conveying information regarding a debt, directly or indirectly, to any person through any medium; (2) "creditor" means a financial institution with a certificate of authority or license issued by the…

A bank shall maintain records of administration, cash, deposits, collections, United States Savings Bonds, and data processing for a minimum of 5 years, or longer if required by 31 C.F.R. 1010.410(d), revised as of October 26, 2010, and as amended from time to time. Notes 3 AAC 0…

(a) A bank shall prepare the quarterly reports of condition required under AS 06.05.045(a) on the FFIEC Consolidated Reports of Condition and Income form and, if the bank is required to file the form with the FDIC or the Federal Reserve Bank, the report to the department must be …

The examinations required under AS 06.01.015 may be conducted in alternate years, as appropriate, if the department determines that an examination of the financial institution conducted by the FDIC or other federal agency that regulates financial institutions, during the interven…

(a) In order to protect liquidity, a state bank shall comply with the reserve requirements imposed upon depository institutions by 12 C.F.R. 204, revised as of November 16, 2009, and adopted by reference. (b) If a bank fails to maintain the reserve required in (a) of this section…

In meeting the requirement of AS 06.05.120 that a bank post a schedule of charges for certain accounts, a bank may make available upon request pamphlets, brochures, or other documents that clearly set out the required information and post a sign, readily visible, indicating the e…

Notes 3 AAC 02.115 Eff. 3/29/80, Register 73; repealed 1/10/94, Register 129 State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be …

(a) The purpose of this section is to encourage the board of directors to review larger loans to ensure that lending practices are consistent with the bank's established lending policies, but not to require the reporting of the aggregate liability of a borrower. (b) In each repor…

An officer of a state bank may have an uncollateralized credit card balance of up to $10,000 as a loan with that bank. For purposes of AS 06.05.210(a), such a loan must be approved by the board of directors of that bank only at the time the credit card is issued and the unpaid ba…

A bank may not make a loan unless the bank has determined and documented, in the loan file, the type, amount, purpose, and repayment provisions of the loan and an analysis of the credit worthiness of the borrower. Notes 3 AAC 02.122 Eff. 1/10/94, Register 129 Authority:AS 06.05.0…

(a) For purposes of determining compliance with the loan lending limits in AS 06.05.205, the department will consider a loan fully secured if the fair market value of the collateral for the loan exceeds the total principal, interest, and other charges owed to or incurred by the b…

A financial institution organized under AS 06.05 or AS 06.15 may make loans on terms consistent with the provisions of AS 06.20.230-06.20.310 and 3 AAC 12.100 - 3 AAC 12.210 without obtaining a license under AS 06.20.010. Notes 3 AAC 02.129 Eff. 10/23/94, Register 132 Authority:A…

Notes 3 AAC 02.130 Eff. 1/17/69, Register 28; am 4/6/79, Register 70; repealed 1/10/94, Register 129 State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comp…

(a) The time limit for disposing of real estate not necessary for the convenient transaction or promotion of a banking business, including property acquired to satisfy loans, is two years from the date the bank receives title to the property. Real property not disposed of within …

Notes 3 AAC 02.140 Repealed 4/6/79. State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare…

Notes 3 AAC 02.141 Eff. 3/29/80, Register 73; repealed 1/10/94, Register 129 State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be …

(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 enga…

(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 t…

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 as…

(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 …

Notes 3 AAC 02.165 Eff. 7/31/69, Register 31; am 4/6/79, Register 70; repealed 1/10/94, Register 129 State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comp…

Notes 3 AAC 02.170 Eff. 7/31/69, Register 31; am 4/6/79, Register 70; repealed 1/10/94, Register 129 State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comp…

(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 …

Notes 3 AAC 02.180 Repealed 4/6/79. State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare…

(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 …

(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 on…

(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 borrowe…

Notes 3 AAC 02.197 Eff. 1/10/94, Register 129; am 10/23/94, Register 132; repealed 12/27/2023, Register 248, January 2024 State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarter…

(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 sub…

(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 securit…

(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) 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 depart…

(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…

(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 u…

(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…

Notes 3 AAC 02.219 Eff. 6/8/76, Register 58; am 11/18/76, Register 60; repealed 1/10/94, Register 129 State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More com…

Notes 3 AAC 02.220 Repealed 10/2/83. State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compar…

Notes 3 AAC 02.230 Repealed 4/6/79. State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare…

(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 me…

(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 …