Alaska Administrative Code

(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 applica…

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. Notes 3 AAC 02.360 Eff. 4/6/79, Register 70; am 5/1/80, Register 74; am 1/1…

(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…

Notes 3 AAC 02.420 Eff. 4/6/79, Register 70; repealed 1/10/94, Register 129 State regulations are updated quarterly; we currently have two versions available.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 comparison features will be a…

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…

Credit unions are subject to the NCUA records preservation program found at 12 CFR 749, as adopted on May 10, 1973. Notes 3 AAC 03.010 Eff. 1/21/81, Register 77 Authority:AS 06.45.010 State regulations are updated quarterly; we currently have two versions available. Below is a co…

Regulations adopted under this chapter apply only to credit unions subject to AS 06.45. Notes 3 AAC 03.020 Eff. 1/21/81, Register 77 Authority:AS 06.45.010 State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most re…

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 inter…

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 incom…

(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 acc…

(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 dividend…

(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 lend…

The board of directors may authorize the credit union to borrow from any source on competitive terms that the credit union can meet. Notes 3 AAC 03.125 Eff. 1/21/81, Register 77 Authority:AS 06.45.010 AS 06.45.060(9) State regulations are updated quarterly; we currently have two …

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. Notes 3 AAC 03.130 Eff. 1/21/81, Register 77 Author…

(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 di…

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 con…

(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.…

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 class…

Insurance obtained under Title 1 of the National Housing Act (12 U.S.C. 1701 - 1750(g)) is considered acceptable security for a loan. Notes 3 AAC 03.155 Eff. 1/21/81, Register 77 Authority:AS 06.45.010 AS 06.45.160 State regulations are updated quarterly; we currently have two ve…

(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…

(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 o…

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. Notes 3 AAC 03.1…

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. Notes 3 AAC 03.175 Eff. 1/21/81, Register 77 Authority:AS 06.45.010 AS…

Notes 3 AAC 03.180 Eff. 9/20/92, Register 123; am 4/16/2000, Register 154; repealed 10/16/2003, Register 168 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. M…

(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 p…

(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 …

(a) All written material which may be used for solicitation of shares or share subscriptions in a proposed credit union must be submitted to the department for review and approval before use. (b) All subscribers must be provided with a copy of the material approved under (a) of t…

Credit unions must obtain insurance of accounts under programs offered by the NCUA under FCUA, subject to regulations issued under it found at 12 CFR 741.1 et seq., as adopted on March 31, 1980. Notes 3 AAC 03.240 Eff. 1/21/81, Register 77 Authority:AS 06.45.010 AS 06.45.260 Stat…

Credit union surety bonds must meet minimum surety bond requirements prescribed by NCUA as found at 12 CFR 701.20 as adopted on July 18, 1979. Notes 3 AAC 03.250 Eff. 1/21/81, Register 77 Authority:AS 06.45.010 AS 06.45.120(b) State regulations are updated quarterly; we currently…

(a) A credit union must apply to the department for a certificate of authority to operate a branch office, including a mobile facility branch, or to change the location of the principal office or a branch office. (b) The department may require the following before it approves an …

(a) Any proposed credit union merger of a state chartered or federally chartered credit union with a credit union established under AS 06.45 must be accomplished under a merger plan filed with and approved by the department. (b) A merger may be accomplished if the following proce…

(a) A federal credit union may convert to a credit union incorporated under AS 06.45 if it completes the following steps: (1) adoption of a conversion plan; (2) notification to the department; (3) investigation by the department and notice of intent; (4) approval by membership, i…

(a) A credit union incorporated under AS 06.45 may convert to a federal credit union if it completes the following steps: (1) adoption of a conversion plan by the board of directors; (2) notification to the department; (3) implementation. (b) Adoption of Conversion Plan. A conver…

(a) A group of members of an existing credit union may choose to undertake an equitable division of assets, liabilities and capital and form a new credit union and shall be referred to in this chapter as the "spinoff group." The department will determine whether a sufficient numb…

(a) If an embezzlement or mysterious disappearance of cash, securities, notes, or other assets is discovered in a credit union, an immediate report must be made by officers of the credit union, which fully discloses the circumstances under which it occurred. The disclosure shall …

The debt collection procedures and requirements as set out at 3 AAC 01 apply to credit unions regulated under AS 06.45. Notes 3 AAC 03.420 Eff. 1/21/81, Register 77 Authority:AS 06.45.010 State regulations are updated quarterly; we currently have two versions available. Below is …

In this chapter and in AS 06.45, unless otherwise specified (1) "bankruptcy clause" means the following statement: Notwithstanding any other provision in this lease, if the tenant or its successors or assigns becomes insolvent, bankrupt, or makes an assignment for the benefit of …

Credit unions may pay dues or fees and participate in credit union associations which provide educational or operational assistance or promote the interests of credit unions. Notes 3 AAC 03.920 Eff. 1/21/81, Register 77 Authority:AS 06.45.010 AS 06.45.400(3) State regulations are…

The following procedures must be used for communications between members that involve credit union matters: (1) a member interested in communicating with other members must submit to the department the text of the communication and notify the credit union that a submission has be…

The following fees are established for trust companies, with respect to the following applications, filings, renewals, and exemptions: (1) filing fee for establishing a branch office, inside or outside the state, $2,000; (2) filing fee for establishing a representative office, in…

(a) For purposes of the exemptions set out in AS 06.26.020(a)(1) and (9), the maximum number of trusts may not exceed 25 for each person who qualifies for one or more of the exemptions set out in AS 06.26.020(a)(1) and (9), unless the person who otherwise qualifies under one or m…

The amount of capital required by AS 06.26.120 is exclusive of organizational expenses incurred either in establishing a trust company or in preparing it to commence business. Notes 3 AAC 04.110 Eff. 3/29/2008, Register 185 Authority:AS 06.26.120 AS 06.26.900 State regulations ar…

(a) An application for a certificate of authority to act as a trust company may be filed with the application for incorporation required under AS 10 or afterwards. An applicant must submit(1) the proposed name and location of the trust company; (2) a statement whether the applica…

(a) A notice required to be published under AS 06.26.100 must be published at least once each week for two successive weeks (1) in the manner required under AS 06.26.100 for the community proposed as the trust company's principal place of business; and (2) in Anchorage, Fairbanks…

(a) The directors of a trust company transacting business in this state may declare a dividend out of the trust company's net profits, subject to restrictions under AS 06.26.120, 06.26.130, and this chapter. (b) The department may require a trust company to suspend the payment of…

A trust company may invest for its own account (1) in the investments authorized for a bank by (A)3 AAC 02.205(a) (1) - (8), (10), and (11), subject to the limitations in 3 AAC 02.205(b); or (B) an order issued under AS 06.01.020; or (2) in accordance with AS 13.36.225-13.36.290 …

(a) The security fund required by AS 06.26.370 may be comprised of securities that are permitted under 3 AAC 04.210 for the trust company's own account. Market values of the securities must be determined by quotations based upon actual transactions on an auction or similarly avai…