Alaska Administrative Code

The provisions of 3 AAC 02.217 apply to an application for a mobile facility under this chapter. Notes 3 AAC 06.230 Eff. 8/22/79, Register 71 Authority:AS 06.01.010 AS 06.15.010 AS 06.15.290 State regulations are updated quarterly; we currently have two versions available. Below …

(a) Any conversion of an association to a bank under AS 06.15.300 must be accomplished under a conversion plan filed with, as a part of an application for conversion, and approved by the department. (b) The board of directors of the converting association must by resolution adopt…

(a) The board of directors of the converting association, after approving the conversion plan and receiving the department's approval of its application to convert, shall by resolution direct that the plan be submitted to a vote at a meeting of the members. The meeting may be eit…

Upon approval of the conversion plan, amended articles of incorporation must be executed in duplicate by the chairperson, president, or a vice president of the converting association and its secretary or an assistant secretary, and verified by one of the officers of the convertin…

(a) The chairperson shall apply to the department for permission to implement the proposed conversion plan. The application must include (1) a completed FDIC new bank application using forms which may be obtained directly from FDIC; (2) an analysis of why the proposed conversion …

In secs. 310 - 399 of this chapter (1) "association" means a mutual savings and loan association; (2) "chairperson" means the chairperson of the board of directors of a converting association; and (3) "member" means a person holding an account in the converting association or to …

(a) When an embezzlement or mysterious disappearance of cash, securities, notes, or other assets is discovered in a bank, an immediate report must be made by officers of the bank, providing full disclosure of the circumstances under which it occurred, to (1) the department; (2) t…

The debt collection procedures and requirements as set forth at 3 AAC 01 apply to banks regulated under AS 06.15. Notes 3 AAC 06.420 Eff. 8/22/79, Register 71 Authority:AS 06.15.010 State regulations are updated quarterly; we currently have two versions available. Below is a comp…

In this chapter, unless otherwise specified (1) "articles of incorporation" means rules of corporators adopted under AS 06.15.050; (2) "bank" means a mutual savings bank; (3) "department" means the Department of Commerce, Community, and Economic Development; (4) "division" means …

(a) A person wishing to do business as a premium finance company is required to be licensed for this activity and must submit to the division, as conditions to licensure, the following: (1) an application on the department's application form; (2) a bond in the face amount of $5,0…

(a) The department will conduct an investigation of the applicant and will issue a premium finance company license if all requirements for licensure are met and the department has been reimbursed the full cost of its investigation of the applicant. (b) If the department finds tha…

The license fee submitted with the application is the annual fee for the calendar year in which the application is approved. Notes 3 AAC 07.030 Eff. 4/28/79, Register 70 Authority:AS 06.40.040 AS 06.40.180 State regulations are updated quarterly; we currently have two versions av…

Each licensee shall maintain a permanent file for all communications to and from the department. Notes 3 AAC 07.110 Eff. 4/28/79, Register 70 Authority:AS 06.40.180 State regulations are updated quarterly; we currently have two versions available. Below is a comparison between ou…

Each licensee shall establish in its place of business and maintain in a manner which will readily lend them to inspection, examination, and audit by the department all books, accounts, and records of loans made to Alaska borrowers. Notes 3 AAC 07.120 Eff. 4/28/79, Register 70 Au…

A licensee who discontinues the business of entering into premium finance agreements but continues to service outstanding accounts remains subject to the jurisdiction of the department until all outstanding accounts are transferred or closed. Notes 3 AAC 07.130 Eff. 4/28/79, Regi…

(a) A sale or transfer of assets or outstanding accounts by a licensee constitutes discontinuance of business. At least 30 days before discontinuing business, the licensee shall notify the department of the proposed sale or transfer and the identity of the proposed purchaser. The…

A licensee shall, upon request by the department, submit reports containing the information requested for examination of records. The reports must be received by the department within 30 days after the receipt of the request. Notes 3 AAC 07.150 Eff. 10/16/2003, Register 168 Autho…

(a) All advertising, including but not limited to, premium finance agreements and examples or tables of fixed periodic payment plans must include all charges to the borrower as well as interest and principal. A statement of the annual percentage rate must be clearly disclosed in …

(a) All advertisements, whether printed or spoken, must be truthful and must not be misleading or deceptive. In determining whether an advertisement violates the provisions, intent, or spirit of AS 06.40, the department will consider the layout of written copy and the inference o…

The statement of the loan, acknowledgment by the borrower, and receipt for proceeds of the loan may be incorporated into one instrument. Notes 3 AAC 07.310 Eff. 4/28/79, Register 70 Authority:AS 06.40.100 AS 06.40.180 State regulations are updated quarterly; we currently have two…

(a) A premium finance company may not charge, contract for, receive, or collect a service charge other than as permitted in AS 06.40. (b) Repealed 11/14/80. (c) If the service charge is to be computed monthly, the licensee may only charge up to 1.25 percent interest on the unpaid…

(a) If a premium finance agreement is terminated because of a borrower's default, the refund of the unearned service charge must be computed by the licensee from the date that the borrower's balance was paid in full. (b) A refund credit of the unearned service charge made under t…

(a) A borrower may prepay the outstanding balance on a premium finance agreement in full at any time before the due date of the final installment. If a borrower does prepay the outstanding balance in full, the borrower is entitled to receive a refund credit of the unearned servic…

Refunds must be computed by the licensee on the total amount of precomputed service charges. Notes 3 AAC 07.340 Eff. 4/28/79, Register 70; am 4/16/2000, Register 154 Authority:AS 06.40.120 AS 06.40.180 State regulations are updated quarterly; we currently have two versions availa…

Notes 3 AAC 07.350 Eff. 4/28/79, Register 70; repealed 4/16/2000, Register 154 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 b…

(a) If a borrower is assessed delinquency charges, the licensee shall give the borrower written notice of the amount of the assessment within 10 days of the assessment. (b) If a licensee assesses the allowable delinquency charges under AS 06.40.130, the licensee shall disclose th…

In this chapter (1) "commissioner" means the commissioner of the Department of Commerce, Community, and Economic Development; (2) "department" means the Department of Commerce, Community, and Economic Development; (3) "division" means the division of banking and securities in the…

(a) The applicable provisions of 3 AAC 08.005 - 3 AAC 08.070 set out the regulatory standards for registration, exemption to registration, renewal of registration, qualification and examination requirements, required fees, effective dates of registration, and related matters for …

For purposes of determining whether, by providing to clients who are natural persons the services described in AS 45.55.990(15)(A)(i), the supervised person of a state investment adviser is an investment adviser representative subject to the requirements of AS 45.55 and this chap…

(a) A broker-dealer, an agent, an investment adviser representative, or a state investment adviser may be registered or have the registration renewed under AS 45.55, if the administrator finds that the applicant (1) is qualified; (2) has sufficient training, knowledge and experie…

(a) This section sets out the regulatory requirements for submitting initial applications for broker-dealers, issuers, agents, state investment advisers, and investment adviser representatives. This section also sets out requirements for the administrator's acceptance of filing o…

The administrator will, in the administrator's discretion, exempt an applicant or a class of applicants from passing a qualifying examination required by AS 45.55 or this chapter, if granting the exemption is consistent with the purposes intended by policy and AS 45.55. Notes 3 A…

(a) Except as provided in (b) of this section, a person applying for registration as an investment adviser representative shall provide the administrator with proof that the applicant has successfully passed (1) for an application filed on or before December 31, 1999, (A) the NAS…

(a) The administrator will, in the administrator's discretion, renew a registration of a broker-dealer, agent of a broker-dealer, or agent of an issuer as follows: (1) an issuer or a broker-dealer that is also not registered with NASD or required by federal law to be registered w…

(a) The following fees are established for registration of broker-dealers, agents, and investment adviser representatives, and state investment advisers, and for filing of notices of federal covered advisers: (1) application fee for an initial or annual renewal registration or no…

(a) A broker-dealer or an issuer may apply to the administrator to transfer its agent's registration in order to transfer the business of the agent to other registered broker-dealers or issuers. The agent may not conduct the business of an agent after transfer until the transferr…

(a) Notwithstanding any contrary provision of 3 AAC 08.005 - 3 AAC 08.070, if the administrator approves a central registration depository system for filing notices or applications for registrations under this chapter, a person shall file a notice or an application under this cha…

(a) A person registered under this chapter shall promptly file with the administrator amendments to the person's filings to ensure that information remains current and correct in the files of the administrator. The amendments required to be filed with the administrator under this…

Notes 3 AAC 08.020 Eff. 2/20/72, Register 41; am 3/24/76, Register 57; am 4/4/76, Register 58; repealed 4/19/2000, Register 154 State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior q…

(a) A broker-dealer registered or required to be registered under AS 45.55 shall comply with the net capital requirements for brokers and dealers set out in 17 C.F.R. 240.15c3 - 1, the rules on use of customer free-credit balances set out in 17 C.F.R. 240.15c3 - 2, and the custom…

Notes 3 AAC 08.023 Eff. 3/24/76, Register 57; repealed 4/19/2000, Register 154 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 b…

(a) A state investment adviser registered or required to be registered under AS 45.55 that has custody of client funds or securities shall be bonded in the amount of $35,000. (b) A state investment adviser registered or required to be registered under AS 45.55 that has discretion…

(a) A state investment adviser registered or required to be registered under AS 45.55 that is not required to be bonded under 3 AAC 08.025 shall maintain a positive net worth at all times. (b) A state investment adviser registered or required to be registered under AS 45.55 that …

(a) A state investment adviser may not take custody of client funds or securities unless (1) the state investment adviser notifies the administrator in writing that the state investment adviser has or may have custody; notification may be given on SEC Form ADV; (2) the securities…

(a) Unless otherwise provided by order of the SEC, a broker-dealer registered or required to be registered under AS 45.55 shall make the following books and records and keep them true, accurate, and current: (1) copies of confirmations of transactions required by 17 C.F.R. 240.10…

Notes 3 AAC 08.031 Eff. 3/24/76, Register 57; repealed 4/19/2000, Register 154 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 b…

(a) A state investment adviser registered or required to be registered under AS 45.55 shall make the following books and records and keep them true, accurate, and current: (1) journals, including cash receipts and disbursements records, and any other records of original entry for…