Title 06 — Banks and Financial Institutions
16 chapters · 580 sections in this title.
AS 06.65.010 Program authorized.
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The Alaska savings program for eligible individuals is created in the department. The department shall implement and administer the program under this chapter and as required by the federal authorizing law.
AS 06.65.020 General department duties.
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(a) To implement and administer the program, the department shall, in addition to the other powers and duties provided to the department under this chapter, (1) develop, set, and approve the terms and conditions of the program, consistent with this chapter and the federal authori…
AS 06.65.030 Modification of program.
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Consistent with this chapter and the federal authorizing law, the department may modify the terms and conditions of the program as the department considers necessary or desirable for the effective and efficient operation of the program.
AS 06.65.040 Additional department powers.
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The department may (1) set fees the department considers necessary or desirable for program transactions and services; and (2) develop marketing plans and materials to promote the benefits of the program that are available to contributors under the program and to beneficiaries un…
AS 06.65.050 Contracting authority; procurement exemption.
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(a) The department may contract with a person to advise and assist in the implementation and operation of the program. (b) The department may contract with a person to provide services for the program. (c) The department may enter into a contract with other states to obtain or pr…
AS 06.65.060 Investment oversight.
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The department shall (1) oversee and approve the selection of investment managers and advisors for the program; (2) oversee all aspects of the program's investments and investment performance and decisions regarding the investment of program assets; and (3) oversee all investment…
AS 06.65.070 Financial contractor obligations.
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In addition to any other obligations imposed by the contract with the department, if the department enters into a contract with a person to provide program accounts, the financial contractor shall (1) provide program accounts that comply with the federal authorizing law; (2) take…
AS 06.65.080 Additional audits.
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In addition to the annual audit required by AS 06.65.020(a)(5), the department may require a financial contractor to have an audit conducted of the financial contractor's operations and financial position when the department is concerned about the financial position, the record-k…
AS 06.65.090 Contract termination; nonrenewal.
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The department may terminate or fail to renew a financial contract. If the department terminates or does not renew a contract with a financial contractor, the department shall take custody of the program accounts held by the financial contractor and transfer the program accounts …
AS 06.65.100 Eligible individuals.
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To be eligible for a program account, when an individual or the individual's representative establishes the program account or makes a distribution to another program account under AS 06.65.200, the individual must be (1) entitled to benefits based on blindness or disability unde…
AS 06.65.110 Representative of eligible individual.
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(a) A person may act as the representative of an eligible individual under this chapter if the eligible individual is a minor or lacks decision-making capacity and if the person is (1) a parent, guardian, or conservator of the eligible individual; in this paragraph, (A) “conserva…
AS 06.65.120 Program account ownership.
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(a) The owner of a program account is the designated beneficiary of the program account. (b) If a representative of an eligible individual establishes a program account for an eligible individual, the representative is not an owner of the program account and does not have or acqu…
AS 06.65.130 Number of program accounts.
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An eligible individual may not be the designated beneficiary on more than one program account.
AS 06.65.140 Program account application.
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The application for a program account must be in the form established by the department and contain (1) the name, address, and social security number of the program account owner and, if applicable, the representative who opens the program account for the eligible individual; and…
AS 06.65.150 Program account establishment fee.
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The financial contractor may charge an eligible individual a nonrefundable fee for establishing a program account. The department shall establish the amount of the fee by contract with the financial contractor or by regulation.
AS 06.65.160 Program account contributions.
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(a) As provided by the federal authorizing law, a person may make a contribution to a program account for the designated beneficiary. A person may also make a contribution to a program account under AS 14.40.802(f)(3). (b) A person may not make a contribution to open or add to a …
AS 06.65.170 Limited investment direction.
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A designated beneficiary or the designated beneficiary's representative may not, directly or indirectly, direct the investment of a program account, including the earnings on the program account, more than twice in one calendar year.
AS 06.65.180 Change of designated beneficiary.
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A designated beneficiary or the designated beneficiary's representative may change the designated beneficiary of a program account to an eligible individual who is a member of the family of the previous designated beneficiary.
AS 06.65.190 Distributions for qualified expenses.
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Except as allowed under AS 06.65.200, a designated beneficiary or the representative of the designated beneficiary may not make a withdrawal or other distribution from a program account unless the withdrawal or other distribution is used to pay for the qualified expenses of the d…
AS 06.65.200 Rollover distribution.
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(a) Subject to the restrictions in the federal authorizing law for rollover distributions, a designated beneficiary or the designated beneficiary's representative may make a distribution of the money in a program account to another (1) program account if the designated beneficiar…
AS 06.65.210 Statements.
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(a) A financial contractor shall provide program account statements to the designated beneficiary or the designated beneficiary's representative of each program account established with the financial contractor at least four times each year and at the times the department establi…
AS 06.65.220 Preparation and filing.
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In addition to the other reporting requirements of this chapter, a financial contractor shall prepare and file the statements, program account information, and other information as required by state and federal law and state and federal agencies.
AS 06.65.230 Separate accounting.
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A financial contractor shall provide separate accounting for each program account established with the financial contractor.
AS 06.65.240 Annual fee.
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A financial contractor may impose an annual fee as may be established by the department on the program account owner for the maintenance of a program account.
AS 06.65.250 Use as security.
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A person may not use a program account or an interest in a program account as security for a loan. If a person pledges a program account or an interest in a program account as security for a loan, the pledge is void.
AS 06.65.260 No state obligation.
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(a) This chapter may not be construed to create an obligation of the state, the department, or an agency or instrumentality of the state to guarantee for the benefit of a designated beneficiary (1) the return of the principal deposited in the program account; (2) a rate of intere…
AS 06.65.270 Confidentiality.
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The department, the Department of Health, and another state agency that receives information under AS 06.65.280 shall maintain the confidentiality of the information they receive or exchange under this chapter about eligible individuals, designated beneficiaries, and program acco…
AS 06.65.280 Exchange of information.
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The department may exchange information with the Department of Health and other state agencies to determine whether an individual is an eligible individual.
AS 06.65.290 Treatment under means test programs.
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(a) Notwithstanding a contrary provision of law, a state agency may not consider a program account amount in this or another state when determining the eligibility of the designated beneficiary of the program account to receive state assistance or state benefits or when determini…
AS 06.65.300 Deposit from permanent fund dividend.
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A person who is eligible under AS 43.23 to receive a permanent fund dividend may make a deposit into the program account of a designated beneficiary from and up to the amount of the person's permanent fund dividend.
AS 06.65.310 Program expense fund.
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(a) The program expense fund is established as a separate fund of the state in the general fund. (b) The program expense fund consists of money appropriated to the fund to pay the expenses of the program. (c) The department shall pay the expenses incurred by the department to imp…
AS 06.65.320 Medicaid claims.
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This state or another state may file a claim against the amount remaining in the program account of a deceased designated beneficiary to recover medical assistance payments if the payments were made for the designated beneficiary, were made under that state's Medicaid program aut…
AS 06.65.330 Governing law.
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If a provision of this chapter conflicts with the requirements of the federal authorizing law for the program, the federal authorizing law governs to the extent of the conflict.
AS 06.65.340 Regulations.
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The department may adopt regulations under AS 44.62 (Administrative Procedure Act) to implement this chapter.
AS 06.65.350 Annual report.
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The department shall evaluate the program each year. The department shall submit an annual report containing the evaluation to the senate secretary and chief clerk of the house of representatives on or before the first day of each regular session of the legislature and shall noti…
AS 06.65.390 Definitions.
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In this chapter, (1) “department” means the Department of Revenue; (2) “designated beneficiary” means the eligible individual for whom a program account for qualified expenses is established under this chapter; (3) “eligible individual” means an individual who is eligible under A…